HomeMy WebLinkAbout12-10 - Voluntary Employee CALPERS Retirement ContributionsRESOLUTION NO. 12-10
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, APPROVING
VOLUNTARY EMPLOYEE CALPERS RETIREMENT
CONTRIBUTIONS FOR FULL-TIME UNREPRESENTED
EXECUTIVE CITY EMPLOYEES.
THE CITY COUNCIL OF THE CITY OF COSTA MESA HEREBY RESOLVES
AS FOLLOWS:
WHEREAS, Unrepresented Executives (miscellaneous) presently contribute the
maximum allowed 2.469% CalPERS cost sharing and are already contributing an
additional 6.051 % of employee compensation to fund their retirement plan.
WHEREAS, Executive Managers (miscellaneous) seek to individually fund the
maximum employee contribution to CalPERS that is allowable by law, and whereas that
amount is presently 2.469% for employee sharing of employer CaIPERS contributions
and an additional 8% employee funding of the statutorily allowable individual employee
contribution to CaIPERS.
WHEREAS, the Chief of Police (safety) presently contributes 5% CaIPERS cost
sharing and seeks to increase the employee contribution to CalPERS by 2% to fund his
retirement plan.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
COSTA MESA that upon the declaration by Council Resolution as follows:
SECTION 1. In addition to the maximum allowed 2.469% employee sharing of
employer CalPERS cost, Unrepresented Executive employees (miscellaneous) shall by
their individual agreements contribute 8% of their individual compensation to fund their
CaIPERS benefit, resulting in individual Unrepresented Executives (miscellaneous)
CaIPERS funding to be 10.469% of compensation.
SECTION 2. The Chief of Police by individual agreement shall contribute an
additional 2% of his individual compensation to fund his CaIPERS benefit, resulting in
his CalPERS funding to 7% of compensation effective February 12, 2012. Effective the
first payroll period commencing in February, 2013, the Chief of Police by individual
agreement shall increase his contribution an additional 2% for a total of 9%. Effective
the first payroll period commencing in February 2014, the Chief of Police by individual
agreement shall increase his contribution an additional 1.5% for a total of 10.5%.
SECTION 3. Upon hire, newly appointed Unrepresented Executives shall pay 100%
of the maximum allowable employee member retirement contribution, as that amount
may from time -to -time exist by statute.
The effective date for the above additional employee contributions shall be
February 12, 2012.
PASSED AND ADOPTED this 7t' day of February, 2012.
ATTEST:
Julig Folcik, City Clerk
C-) L .') (-, - �-
Gary Wfi` han, ayor
APPROVED AS TO FORD:
/1M
Thordas Du ,C* Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, JULIE FOLCIK, City Clerk of the City of Costa Mesa, DO HEREBY CERTIFY
that the above and foregoing is the original of Resolution No. 12-10 and was duly
passed and adopted by the City Council of the City of Costa Mesa at a regular meeting
held on the 7th day of February, 2012, by the following roll call vote, to wit:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS
ABSENT: COUNCIL MEMBERS:
MONAHAN, RIGHEIMER, BEVER, LEECE,
MENSINGER
NONE
i►Eel 01'�
IN WITNESS WHEREOF, I have hereby set my hand and affixed the seal of the
City of Costa Mesa this 8th day of February, 2012.
PA .
UTY CLERK
(SEAL)