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Home My WebLink About95-077 - Public Employee's Retirement SystemRESOLUTION NO. 95-077 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF SANTA ANA. WHEREAS, the Public Employees' Retirement Law permits the participation of public agencies and their employees in the Public Employees' Retirement System by the execution of a contract, and sets forth the procedure by which said public agencies may elect to subject themselves and their employees to amendments to said Law; and WHEREAS, one of the steps in the procedures to amend this contract is the adoption by the governing body of the public agency of a resolution giving notice of its intention to approve an amendment to said contract, which resolution shall contain a summary of the change proposed in said contract; and WHEREAS, the following is a statement of the proposed change: To provide 2% @ 55 Full formula (from 2% @ 60 Full formula) for local miscellaneous members, including an extension of the funding period to the year 2016. NOW, THEREFORE BE IT RESOLVED, that the governing body of the above agency does hereby give notice of intention to approve an amendment to the contract between said public agency and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto, as an "Exhibit" and by this reference made a part hereof. ADOPTED this 6th ATTEST: /.~L~IRK OF THE COUNCIL day of _.4Ng~ember .~'~995. APPROVED AS TO FORM: CITY ATTORNEY Councilmembers PULIDO Aye_ ESPINOZA Aye LUTZ Aye McGUIGAN Aye MILLS Aye MORENO Ay~ RICHARDSON Aye 29O CERTIFICATE OF ORIGINALITY & PUBLICATION State of California County of Orange I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution ~;}~'"~l~) '7 7 to be the original resolution adopted by the City Council of the City of Santa Ana on Date: Clerk of ~e Council City of Santa Ana RESOLUTION 95-077 AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY COUNCIL OF THE CITY OF SANTA ANA EXHIBIT The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of above public agency, hereinafter referred to as Public Agency, having entered into a contract effective July 1, 1947, and witnessed November 25, 1946, and as amended effective October 1, 1951, February 1, 1954, September 1, 1956, July 1, 1959, November 1, 1960, September 1, 1963, April 1, 1964, February 1, 1965, January 16, 1969, November 1, 1970, June 1, 1974, December 16, 1976, December 1, 1978, October 1, 1981, July 1, 1984, December 1, 1984, July 1, 1985, February 1, 1990, July 1, 1990, December 5, 1991, April 15, 1993, June 16, 1994 and January 1, 1995, which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: Paragraphs 1 through 12 are hereby stricken from said contract as executed effective January, 1, 1995, and hereby replaced by the following paragraphs numbered 1 through 12 inclusive: 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 50 for local safety members. Public Agency shall participate in the Public Employees' Retirement System from and after July 1, 1947 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. 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); Employees other than local safety members (herein referred to as local miscellaneous members). RESOLUTION 95-077 PLEASE DO NOT SIGN "EXHIBIT ONLY" 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 Retiremem System: NO ADDITIONAL EXCLUSIONS The percentage of final compensation to be provided for each year of credited prior and current service as a local miscellaneous member shall be determined in accordance with Section 21251.132 of said Retirement Law (2% at age 55 Full). The percentage of final compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21252.01 of said Retirement Law (2% at age 50 Full). Public Agency elected and elects to be subject to the following optional provisions: a. Sections 21263 and 21263.1 (Post-Retirement Survivor Allowance). b. Section 20930.3 (Military Service Credit as Public Service), Statutes of 1974, for those local miscellaneous members and local safety members entering membership prior to October 1, 1981. c. Section 20461.6 (Different Level of Benefits). Section 20930.3 (Military Service Credit as Public Service), Statutes of 1974, is not applicable to local miscellaneous members and local safety members entering membership on or after October 1, 1981. d. Section 20024.2 (One-Year Final Compensation). e. Section 20818 (Two-Years Additional Service Credit). f. Section 21382.4 (Third Level of 1959 Survivor Benefits), pursuant to Article 6, (commencing with Section 21380). Public Agency, in accordance with Government Code Section 20740, ceased to be an "employer" for purposes of Section 20759 effective on December 16, 1976. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20759, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20759. 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. RESOLUTION 95-077 10. Public Agency shall also contribute to said Retirement System as follows: Public Agency shall contribute $2.00 per member, per month on account of the liability for the 1959 Survivor Benefits provided under Section 21382.4 of said Retirement Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall he pooled ~n a single account, based on term insurance rates, for survivors of all local miscellaneous members and local safety members. 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. 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. 11. 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. 12. 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 , 19 BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM CHIEF'AJLZiI'UARY ACTUAP,'f~L~D. FFICE PUBLIC EIvrI~YEES' RETIREMENT SYSTEM AMENDMENT PERS-CON-702A (Rev. 3/95) CITY COUNCIL OF THE CITY OF SANTA ANA Presiding Witness Date Attest: Clerk