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HomeMy WebLinkAbout78-73 - Approving Public Employees Retirement System ContractRESOLUTION NO. 78-73 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, TO APPROVE A CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIRMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF COSTA MESA. THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS FOLLOWS: WHEREAS, the Public Employees' Retirement Law Permits the parti- cipation of public agencies in the Public Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished; and WHEREAS, one of the steps required in the procedure is the adop- tion by the Governing Body of the Public Agency of a resolution giving notice of intention to approve a contract for such participation between said Governing Body and the Retirement System Board of Administration, which resolution shall contain a summary of the major provisions of the proposed Retirement Plan; and WHEREAS, attached is a summary of the major provisions of the proposed plan; NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Costa Mesa, who is the Governing Body of the above Agency, does hereby give notice of intention to approve a contract between said Governing Body and the Board of Administration of the Public Employees' Retirement System, providing for participation of said Agency and certain of its employees in said Retirement System, a copy of said contract and a copy of the summary of the major provisions of the proposed plan being attached hereto, as an "Exhibit", and by this reference made a part hereof. PASSED AND ADOPTED this 17th day of July, 1978. Mayor of the ity of Costa Mesa ATTEST: (1? City Clerk of the City 4of Costa sa STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF COSTA MESA ) I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City Council of the City of Costa Mesa, hereby certify that the above and foregoing Resolution No. 78-73 was duly and regularly passed and adopted by the said City Council at a regular meeting thereof, held on the 17th day of July, 1978. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City of Costa Mesa this 18th day of July, 1978. p City Clerk and ex -officio Clerk of #e City Council of the City of Costa sa CONTRACT BETWEEN THE BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF COSTA MESA In consideration of the covenants and agreement hereafter contained and on the part of both parties to be kept and performed, the governing body of above public agency, hereafter referred to as "Public Agency", and the Board of Administration, Public Employees' Retirement System, hereafter referred to as "Board", hereby agree as follows: 1. All words and terms used herein which are defined in the Public Employees' Retirement Law shall have the meaning as defined therein unless otherwise specifically provided. "Normal retirement age" shall mean age 60 for miscellaneous members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after , making its employees as hereinafter provided, members of said System subject to all provisions of the Public Employees' Retirement Law except such as apply only on election of a contracting agency and are not provided for herein and to all amendments to said Law hereafter enacted except such as by express provisions thereof apply only on the election of contract- ing agencies. 3. Employees of Public Agency in the following classes shall become members of said Retirement System except such in each such class as are excluded by law or this agreement: a. Employees other than local safety members (herein referred to as miscellaneous members). In addition to the classes of employees excluded from mem- bership by said Retirement Law, the following classes of employees shall not become members of said Retirement System: 4. The fraction of zero percent of final compensation for each year of creditable prior service and the fraction of 100% of final compensation for each year of accumulated current service as a miscellaneous member shall be determined in accordance with Section 21251.13 of said Retirement Law. Service credited under local system of Public Agency prior to the effective date of contract shall be treated as cur- rent service in accordance with Section 20930.7 (2% at age 60). 5. The following additional provisions of the Public Employees' Retirement Law which apply only upon election of a contract- ing agency shall apply to the Public Agency and its employees: a. Section 20024.2 (defining "final compensation" on the basis of average compensation earnable during the year immediately preceding retirement or any other one-year period elected by the member). b. Section 20862.8 (providing service credit at retirement for unused sick leave). EXHIBIT ONLY (Page 1) Resolution No. 78-73 6. Public Agency, in accordance with Section 20759.1, Government Code, shall not be considered an "employer" for purposes of Chapter 6 of the Public Employees' Retirement Law. Contribu- tions of the Public Agency shall be fixed and determined as provided in Section 20759, Government Code, and such con- tributions hereafter made shall be held by the Board as provided in Section 20759, Government Code. 7. Public Agency shall contribute to said Retirement System as follows: a. With respect to miscellaneous members, the agency shall contribute the following percentages of monthly salaries earned as miscellaneous members of said Retirement System: (1) 7.758 percent on account of the liability for current service benefits. b. A reasonable amount per annum, as fixed by the Board to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or of the periodical investigation and valuations required by law. C. A reasonable amount as fixed by the Board, payable in one installment as the occasions arise, to cover the costs of special valuations on account of em- ployees of Public Agency, and costs of the periodical investigation and valuations required by law. 8. Contributions required of Public Agency and its employees shall be subject to adjustment by Board on account of amendments to the Public Employees' Retirement Law, and on account of the experience under the Retirement System as determined by the periodical investigation and valuation required by said Retirement Law. 9. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within thirty days after the end of the period to which said contributions refer or as may be prescribed by Board regulation. If more or less than the correct amount of contributions is paid for any period, proper adjustment shall be made in connection with sub- sequent remittances, or adjustments on account of errors in contributions required of any employee may be made by direct cash payments between the employee and the Board. Payments by Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certified checks, money orders, or cash. WITNESS our hands this BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM day of , 19 CITY COUNCIL OF THE CITY OF COSTA MESA BY BY Carl J. Blechinger, Executive Presiding Officer Officer Approved as to form: Legal Office, PERS Attest: Clerk EXHIBIT ONLY (Page 2) Resolution No. 78-73