1946 (#3429-3537) - Laserfiche WebLink

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TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN STATE E~LOYEES~ RETIREMENT SYSTEM WHEREAS, the State Employees~ Retirement Law permit~$he participation of Public ~gencies in the State Employees~ Retirement System, makiD~ their employees members of said System, and sets forth the procedure by which participation may be accomplished; and WHEREAS, one step in said procedure is the adoption by the legislative body of the Public Agency of a resolution giving notice of intention to approve a contract between said Governing bo~v and the Board of Administration of said Retirement System, providing for said participation, which said resolution shall contain a summary of the major provisions of the proposed Retirement System; and WHEREAS, the following is a szunmary of the major provisions of the proposed Retirement System: 1. The System is administered by a board of eight members, composed of three members of the System, an official of a bank, an official of a life insurance company, the Director of Finance, a member of the State Personnel Board, and an official of the University of California. 2. Retirement for service is optional upon attainment of age 58 by local firemen and local policemen, and age 60 or age $5 at the election of the Public Agency, by other employees, and completion of twenty years of service for the Public Agency, and is comoulsory at age 65 for local firemen and local policemen, and at age 70 for other employees. The monthly retirement allowance payable upon retirement for service is deoendent upon such factors as age, sex, salary and years of service. For local firemen and local policemen, retiring at age 55 in paragraph 2, or at a higher age with 20 years of service, the monthly allowance is ~pproximately one-half the average monthly salary during the five years immediately preceding retirement, unless the Pu~ltc Agency elects to provide prior service benefits at less than the full amount. For othmr Agency employees, the monthly allowance, upon retirement at age 65 if the Agency elects ~0 as the lowest optional service retirement age, is approximately 1/?0th of the average monthly salary during the five years immediately oreceding retirement, for each year of service after the eff~ctiw~ date of participation, plus approximately 1/?0th, or less as may be provided in said contract by the Public Agency for its employees, of the average monthly salary during the three years immediately preceding the effective date of participation, for each year of service prior to that date. Upon retirement at age 80, if the Agency elects 5~ as the lowest optional service retirement age, the fraction is approximately 1/B0th instead of 1/?0th. F122a-1 10-45 200