HomeMy WebLinkAbout55A - 2 YR ADD SERVICE ELIGIBLE MEMBERS
REQUEST FOR
COUNCIL ACTION
CITY COUNCIL MEETING DATE:
CLERK OF COUNCIL USE ONLY:
DECEMBER 4, 2006
TITLE:
RESOLUTION TO PROVIDE
TWO YEARS ADDITIONAL SERVICE
CREDIT TO ELIGIBLE MEMBERS
APPROVED
o As Recommended
o As Amended
o Ordinance on 151 Reading
o Ordinance on 2nd Reading
o Implementing Resolution
o Set Public Hearing For
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elty MANAGER
CONTINUED TO
FILE NUMBER
RECOMMENDED ACTION
Adopt a resolution to provide a designated time period for
granting Two-Years Additional Service Credit pursuant to
Government Code Section 20903 to eligible members retiring in the
Public Employees Retirement System.
DISCUSSION
On October 7, 1991, the City Council adopted a resolution that amended the
Ci ty' s contract with the California Public Employees Retirement System
(CalPERS) to provide Two Years Additional Service Credit to eligible
members under Section 20903 of the California Government Code. The
criteria required for offering this benefit to employees is that they must
be eligible to retire, have at least five years of service with CalPERS and
must retire within the period designated by the City Council. Additionally,
the program requires the City to provide public notice of the potential
cost based on CalPERS actuarial formula. Notice of the costs was made
public at the City Council meeting of November 20, 2006, for employees in
the following two classifications:
Executive Director of Community Development
Redevelopment Project Manager III.
Adoption of this resolution will provide that option to eligible members
retiring between the dates of December 5, 2006 through March 6, 2007.
55A-1
Resolution Authorizing Two Years Service Credit
December 4, 2006
Page 2
FISCAL IMPACT
The average cost as calculated by using the California Public Employees
Retirement System actuarial formula is approximately $65,630 per applicant.
CalPERS will amortize the cost for this retirement credit over an
amortization period of thirty years.
APPROVED AS TO FUNDS AND ACCOUNTS:
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Francisco Gutierrez
Executive Director
Finance & Management Services
55A-2
RESOLUTION
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA DESIGNATING AN ADDITIONAL WINDOW
PERIOD FOR GRANTING TWO-YEARS ADDITIONAL SERVICE
CREDIT OPTIONS FOR DESIGNATED CLASSES AND POSITIONS IN
THE CITY COVERED BY THE PUBLIC EMPLOYEES'
RETIREMENT SYSTEM
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS
FOLLOWS:
Section 1: The City Council hereby finds, determines and declares as follows:
A. On October 7, 1991 the City Council amended its contract with the Public
Employees' Retirement System (PERS) to provide for a Two-Year Additional
Service Credit Option pursuant to Government Code Section 20903. The
amendment allows the City to offer the Service Credit Option to eligible PERS
members retiring during a designated window period.
B. It is now desired to offer the Service Credit Option to eligible employees in
specified classifications who agree to retire during the designated window period.
Section 2: That the designated window period authorized by this Resolution will be
from December 5,2006 through March 6, 2007.
Section 3: That the eligible members who may exercise the Service Credit Option
within this designated window period are in the following classifications within the
identified department:
Classification
Department
Executive Director
Redevelopment Project Manager III
Community Development
Community Development
Section 4: That except as stated otherwise above, this Resolution shall be
operative from and after December 5,2006.
55A-3
ADOPTED this 4th day of December ,2006.
Miguel A. Pulido
Mayor
APPROVED AS TO FORM:
Joseph W. Fletcher, City Attorney
By:
Joseph Straka
Assistant City Attorney
AYES:
Councilmembers:
NOES:
Councilmembers:
ABSTAIN:
Councilmembers:
NOT PRESENT
Councilmembers:
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Clerk of the Council, do hereby attest to and certify the
attached Resolution No. to be the original resolution adopted by
the City Council of the City of Santa Ana on
Date:
Clerk of the Council
City of Santa Ana
55A-4