HomeMy WebLinkAbout65A - PERS-TWO YR SERVICE CREDIT
CITY COUNCIL MEETING DATE:
REQUEST FOR
COUNCIL ACTION
CLERK OF COUNCIL USE ONLY:
NOVEMBER 20, 2006
TITLE:
PUBLIC EMPLOYEES' RETIREMENT
SYSTEM (PERS) - TWO YEAR
SERVICE CREDIT (PUBLIC NOTICE)
APPROVED
D As Recommended
D As Amended
D Ordinance on 151 Reading
D Ordinance on 2nd Reading
D Implementing Resolution
D Set Public Hearing For
CONTINUED TO
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CITY MANAGER .
FILE NUMBER
RECOMMENDED ACTION
Receive and file.
DISCUSSION
On October 7, 1991, the City Council amended its contract with the
California Public Employee's Retirement System (CaIPERS) providing
eligible members Two-Years Additional Service Credit Option pursuant to
Government Code Section 20903.
To comply with California Government Code Section 20903, the City of
Santa Ana hereby makes a two-week notice public that it intends to offer
employees in designated classifications a two-year retirement credit as
part of the budget reduction process for fiscal year 2006-2007. This
offer is available to eligible members for a designated period starting
November 21, 2006, and continuing through February 20, 2007.
All eligible members in the designated classifications must retire within
the window period to qualify for this provision. The designated
classifications are as follows:
Executive Director of Community Development
Redevelopment Project Manager III
According to California Government Code Section 7507, the average cost as
determined by the California Public Employees Retirement System actuarial
formulas is approximately $65,630 per applicant. CalPERS will amortize
the cost for this retirement credit over an amortization period of thirty
years.
65A-1
PERS Two Year Service Credit
November 20, 2006
Page 2 of 2
The Request for Council Action and Resolution to authorize this action
will be on the next City Council Agenda.
FISCAL IMPACT
At the time the City offers this retirement credit, funds will be secured
in the Community Development Agency, by a reduction in their budgeted
position allocations.
APPROVED AS TO FUNDS AND ACCOUNTS:
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Francisco Gutierrez
Executive Director
Finance & Management Services Agency
65A-2