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Home My WebLink About01-15 Contract Between City and Board of Admin of CALPERSORDINANCE N0. Q) -10 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, AUTHORIZING AN AMEND- MENT TO THE CONTRACT BETWEEN THE CITY OF COSTA MESA AND THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM. THE CITY COUNCIL OF'THE CITY OF COSTA MESA DOES HEREBY ORDAIN AS FOLLOWS: SECTION 1. That an amendment to the contract between the City of Costa Mesa and the Board of Administration, California Public Employees' Retirement System is hereby authorized, a copy of, said amendment being attached hereto, marked "Exhibit", and by such reference made a part hereof as though herein set out in full. SECTION 2. The Mayor of the City of Costa Mesa is hereby authorized, empowered, and directed to execute said amendment for and on behalf of said Agency. SECTION 3. This Ordinance shall take effect and be in full force and effect thirty (30) days from and after its passage. Before the expiration of fifteen (15) days after its passage, this ordinance shall be published once in a newspaper of general circulation, printed and published in the City of Costa Mesa. In the alternative, the City Clerk may cause to be published a summary of this ordinance and a certified copy of the text of this Ordinance shall be posted in the office of the City Clerk five (5) days prior to the date of adoption of this ordinance. Within fifteen (15) days after adoption, the City Clerk shall cause to be published the aforementioned summary and shall post in the office of the City Clerk a certified copy of this ordinance together with the names of the members of the City Council voting for and against the same. PASSED AND ADOPTED this 16th day of April, 2001. ATTEST: Deputy City lerk th ity of Cost Mesa STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF COSTA MESA 1 .��i►�;:moi= , V the City of Costa Mesa APPROVED AS TO F RM iTY ATTO y I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council of the City of Costa Mesa, -hereby certify that the 'above and foregoing. Ordinance No. was introduced and considered section by section at a regular meeting of the City Council held on the 19th day of March, 2001, and thereafter passed and adopted as a whole at a regular meeting of the City Council held on the 16th day of April, 2001, by the following roll call vote: AYES: 1:6W�� _)1lX6N1, 000 0-4", Vz&14S.00, S71E_F_ .. NOES: ABSENT: IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City of Costa Mesa this 17' day of April, 2001. - Deputy City Clerk and -officio CI rk f = the City Council of the Cfty of Costa Mesa 2.. Ca1PER5 California Public Employees' Retirement System Between the ]hoard of Administration EXHIBIT California Public Employees' ][retirement System and the City Council City of Costal Mesa The Board of Administration, California Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of the above public agency, hereinafter referred to as Public Agency, having entered into a contract effective August 13, 1978, and witnessed August 7, 1978, and as amended effective Jusy 15, 1979, October 25, 1987, October 30, 1992, September 18, 1994, January 4, 1996, June 22, 1998, June 16, 2000 and December 31, 2000 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 14 are hereby stricken from said contract as executed effective December 31, 2000, and hereby replaced by the following paragraphs numbered 1 through 15 inclusive: 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 55 for local miscellaneous members and age 55 for local fire members, and age 50 for local.police members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after August 13, 1978 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 those, which by express provisions thereof, apply only on the election of a contracting agency. 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. Local Fire Fighters (herein referred to as local safety members); b. Local Police Officers (herein referred to as local safety members); C. Employees other than local safety members (herein referred to as local miscellaneous members). 4. In addition to the classes of employees excluded from membership by said Retirement Law, the following classes of employees shall not become members of said Retirement System: NO ADDITIONAL EXCLUSIONS 5. Assets heretofore accumulated with respect to members in the local retirement system have been transferred to the Public Employees' Retirement System September 18, 1994 and applied against the liability for prior service incurred thereunder. That portion of the assets so transferred which represent the accumulated contributions (plus interest thereof) required of the employees under said local system has been credited to the individual membership account of each such employee under the Public Employees' Retirement System. 6. Benefits paid to pensioners or annuitants under the local system on or prior to September 18, 1994 shall be continued and paid at their existing rates by the public Employees' Retirement System as authorized by Section 20481 of the Government Code. 7. The percentage of final compensation to be provided for local miscellaneous members for each year of credited prior service is 0% and the percentage of final compensation to be provided for each year of credited current service. is 100% and determined in accordance with Section 21354 of said Retirement Law (2% @ age 55 Full). 8. The percentage of final compensation to be provided for each year of credited prior and current service as a local police member shall be determined in accordance with Section 21362.2 of said Retirement Law (3% at age 50 Full). The required member contribution rate is 9% of reportable compensation. 9. The percentage of final compensation to be provided for each year of credited prior and current service as a local fire member shall be determined in accordance with Section 21363.1 of said Retirement Law (3% at age .55 Full). The required member contribution rate is 9% of reportable compensation. 10. Public Agency elected and elects to be subject to the following optional provisions: a. Section 20042 (One -Year Final Compensation). b. Section 20965 (Credit for Unused Sick Leave). C. Sections 21624 and 21626 (Post -Retirement Survivor Allowance). d. Section 21573 (Third Level of 1959 Survivor Benefits) for local miscellaneous members only. e. Section 20903 (Two Years Additional Service Credit) for local miscellaneous members only. f. Section 20938 (Limit Prior Service to Members Employed on Contract Date) for local safety members only. g. Section 21536 (Local System Service Credit Included in Basic Death Benefit) for local safety members only. h. Section 21427 (Improved Nonindustrial Disability Allowance) for local fire members only. Section 21031 (Public Service Credit for Limited Prior Service) for local miscellaneous members only. 11. Public Agency, in accordance with Government Code Section 20834, shall not be considered an "employer" for purposes of the Public Employees' Retirement Law. Contributions of the Public Agency shall be fixed and determined as provided in Government Code Section 20834, and such contributions hereafter made shall be held by the Board as provided in Government Code Section 20834. 12. Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to local miscellaneous members and local safety members of said Retirement System. 13. Public Agency shall also contribute to said Retirement System as follows: a. Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21573 of said Retirement Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members and local safety members. b. A reasonable amount, as fixed by the Board, payable in one installment within 60 days of date of contract 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 periodic 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 employees of Public Agency, and costs of the periodic investigation and valuations required by law. 14. 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 periodic investigation and valuation required by said Retirement Law. 15. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within fifteen 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 subsequent remittances. Adjustments on account of errors in contributions required of any employee may be made by direct payments between the employee and the Board. B. This amendment shall be effective on the day of BOARD OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF COSTA MESA BY BY KENNETH W. MARZION, CHIEF PRESIDING OFFICER ACTUARIAL & EMPLOYER SERVICES DIVISION PUBLIC EMPLOYEES' RETIREMENT SYSTEM Witness Date Attest: Clerk AMENDMENT PERS-CON-702A (Rev. 8196)