HomeMy WebLinkAbout75-61 - Amending Retirement Plan357
RESOLUTION NO. 75-61
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA AMENDING CERTAIN SECTIONS OF THE RE-
TIREMENT PLAN FOR EMPLOYEES OF THE CITY OF COSTA
MESA.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
WHEREAS, the Retirement Plan for Employees of the City of Costa
Mesa established as of July 1, 1962, and amended in its entirety as of
July 1, 1973, by the City of Costa Mesa, a city incorporated and exist-
ing under the laws of the State of California, for the benefit of
certain of its employees participating in said plan, is hereby amended
as follows:
3.2 Early Retirement Date
In lieu of receiving a monthly retirement benefit commencing on his
Normal Retirement Date, a participant may elect to receive a
monthly retirement benefit commencing on an Early Retirement Date,
which date may be the first day of any calendar month subsequent to
the date of election and subsequent to his fifty-fifth (55th)
birthday (for Non -Safety Members) or fiftieth (50th) birthday (for
Safety Members).
4.2 Early Retirement Benefits
The monthly amount of benefit payable to a participant commencing
on his Early Retirement Date shall be the amount of normal retire-
ment benefit accrued to him on such Early Retirement Date if his
retirement occurs within five (5) years of his Normal Retirement
Date. If retirement occurs more than five (5) years prior to
Normal Retirement Date, the monthly amount of benefit payable to a
participant commencing on his Early Retirement Date shall be the
Actuarial Equivalent of the benefit specified in the first sentence
of this Section based upon the amount of normal retirement benefit
accrued to the participant on such Early Retirement Date.
4.7 Special Payment to Retired Employees
Effective July 1, 1975, the monthly amount of retirement benefits
payable to participants then retired and living on that date and
receiving benefits under Sections 4.1, 4.2, or 4.3 shall be in-
creased by one percent for each full calendar quarter so retired
from July 1, 1973, to July 1, 1975.
BE IT RESOLVED THAT the effective date of these amendments shall be
July 1, 1976, for Sections 3.2 and 4.2, and July 1, 1975, for Section
4.7.
BE IT FURTHER RESOLVED THAT nothing contained in these amendments
to the restated Retirement Plan shall be held to alter or affect any of
the provisions of this plan other than as herein specifically provided.
PASSED AND ADOPTED this 3rd day of June, 1975.
ATTEST:
City Clerk of the City of Costl Mesa Mayo of the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
:`58
I, EILEEN P. PEINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa hereby certify that the above and
foregoing Resolution 75-61 was duly and regularly passed and adopted
by the said City Council at a regular meeting thereof, held on the 3rd
day of June, 1975.
IN WITNESS WHEREOF I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 4th day of June, 1975.
City Clerk and ex -officio ClerJ of the
City Council of the City of CVL to Mesa