HomeMy Public PortalAboutResolution - 73-30- 19731010 - Resolution of Intention f.•. RESOLUTION 73-30
RESOLUTION OF INTENTION
TO APPROVE CONTRACT PROVIDING FOR
PARTICIPATION IN
PUBLIC EMPLOYEES; RETIREMENT SYSTEM
WHEREAS, the Public Employees' Retirement Law permits the participation of
public agencies in the Public Employees' Retirement System, making
their employees members of said System, and sets forth the procedure
by which participation may be accomplished; and
WHEREAS, one of the steps required in the procedure is the adoption by the
Governing Body of the Public Agency of a resolution giving notice of
intention to approve a contract for such participation between said
Governing Body and the Retirement System Board of Administration,
which resolution shall contain a summary of the major provisions of
the proposed retirement plan; and
WHEREAS, attached is a summary of the major provisions of the proposed plan;
NOV, THEREFORE, BE IT RESOLVED, that the BOARD OF DIRECTORS of the NIDPENINSULA
REGIONAL PARK DISTRICT gives, and it does hereby give notice of inten-
tion to approve a contract between said BOARD OF DIRECTORS and the
Board of Administration of the Public Employees' Retirement System,
providing for participation of said MIDPENINSULA REGIONAL PARK DISTRICT
in said Retirement System, a copy of said contract and a copy of the
summary of the major provisions of the proposed plan being attached
hereto, marked Exhibits "A" and "B" respectively, and by this refer-
ence made part hereof.
BOARD OF DIRECTORS
OF THE
MID -PENINSULA REGIONAL PARK DISTRICT
(Title)
October 10, 1973
(Date adopted and approved)
ATTEST: c C - �L
(Name)
ReT . or)m 122
EXHIBIT A
CONTRACT
BETWEEN THE
BOARD OP ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
BOARD OF DIRECTORS
OF THE
MIDPENINSU.LA REGIONAL PARK DISTRICT
In consideration of the covenants and agreement hereafter contained and on
the part of both parties to be kept and performed, the BOARD OF DIRECTORS of the
IIDPENINSULA REGIONAL PARK DISTRICT, hereafter referred to as "Public Agency",
and the Board of Administration, Public Employees' Retirement System, hereafter
referred to as "Board", hereby agree as follows:
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 60 for .
miscellaneous members.
2. Public Agency shall participate in the Public Employees' Retirement System
from and after , 19..�._., 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 such as by express
provision thereof apply only on the election of contracting agencies.
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. Employees other than local firemen and local policemen (herein
referred to as Miscellaneous Members) .
The following employees shall be excluded from membership in said Retire-
ment System:
NO ADDITIONAL EXCLUSIONS
4. The fraction of final compensation to be provided for each year of credited
prior and current service as a miscellaneous -member upon retirement at
normal;retirement.age shall be applied as -provided in Section 21251.) r.v•�u:-=
of said Retirement Law.
5. Public Agency shall contribute to said Retirement System as follows:
a. With respect to miscellaneous members, the public agency shall
contribute the following percentages of monthly salaries earned
as miscellaneous members of said System:
Ret. Form 126-1
(1) A lump sum of $619.00 payable on or within 30 days following the
effective date of this contract on account of the liability for
prior service benefits.
(2) 7.67 percent of monthly salaries earned as miscellaneous members
of said System on account of the liability for current service
benefits.
b. A reasonable amount per annum, as fixed by Board to cover the cost
of administering said System as it affects the employees of Public
Agency, not including the costs of special valuations or of the
periodical investigation and valuation required by law.
c. A reasonable amount as fixed by the Board, payable in one install-
ment as the occasions arise, to cover costs of special valuations on
account of employees of Public Agency, and costs of the periodical
investigation and valuation required by law.
6. 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 experience under .the Retirement System,
as determined by the periodical investigation and valuation required by
said Retirement Law.
7. Contributions required of Public Agency and its employees shall be paid
by Public Agency to the Retirement System within thirty days after the
end of the period to which said contributions refer. If more or less'
'than the •correct -amount .ot contribution is paid for any period, proper
adjustment shall be made in connection with subsequent remittances, or ad-
justment on account of errors in contributions required of any employee
may be made by direct cash payments between the employee and Board. Pay-
ments by Public Agency to Board may be made in the form of warrants, bank
checks, bank drafts, certified checks, money orders, or cash.
Witness our hands this day of
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
BY
BOARD OF DIRECTORS
OF THE
MIDPENINSULA REGIONAL PARK DIS-
BY
William E. Payne, Executive Officer Presiding Offi e'
Attest: `' :�,►
Clerk
Ret. Form 126-2
' r f
EXHIBIT B
.SUMMARY OF MAJOR PROVISIONS
2% at 60 (1/50) Retirement Program
Local Miscellaneous Members
MEMBERSHIP
Membership is compulsory for all employees, other than elected officials, who
are employed one-half time or more except those excluded under the contract.
SERVICE RETIREMENT
The earliest retirement age is 55; the normal retirement age is 60; and the
.compulsory retirement age is 67. An employee may retire any time between these ages,
5S and 67, provided he meets the minimum requirements that he either have 5 years of
service or have attained the compulsory retirement age of 67.
The monthly income is determined by age at retirement, years of credited service,
and "final compensation". The basic benefit will be 2% of "final compensation" for
each year of credited service upon retirement at age 60. If retirement is deferred
beyond age 60, the percentages of "final compensation" for each year of service are
increased actuarially up to age 63 but not beyond. If retirement is earlier than age
60, the percentages of "final compensation" for each year of service are actuarially
decreased.
"Final compensation" is average monthly salary (full time rate) earned during
that period of three consecutive years of highest earnings, excluding overtime
compensation.
A minimum service retirement allowance of $100 per month is guaranteed upon
compulsory retirement with credit for prior service.
DISABILITY RETIREMENT
An employee becoming disabled to the extent that he is incapable of performing
his duties shall be eligible for disability retirement provided he has at least 5 years
of service. The monthly retirement allowance is 1.50% of "final compensation" for each
year of service, with a minimum guarantee of one-third of final compensation for most
employees who have rendered at least 10 years of service. The disability retirement
allowance shall under no circumstances exceed the service retirement allowance payable
upon retirement for service at age 60 if employment could be continued to that age.
DEATH* BENEFITS
Death Before Retirement
Basic Death Benefit This benefit is a refund of the member's accumulated
contributions plus six months' salary provided he has been a member
for six years or more. For those who die before completing six years
of membership, the benefit is one month's salary for each year of
membership plus refund of contributions. The salary referred to is
that earned during the year preceding death. Prior service does not
count toward this benefit.
1957 Survivor Benefit Employees with S or more years of service who have
reached the minimum age for service retirement have further death
protection under this item. Here the surviving widow can elect to
receive either the basic death benefit or a monthly income equal to
one-half the unmodified retirement allowance the employee was eligible
for on the date of his death. The monthly income lasts until the
widow's death or remarriage with a guarantee that the System will pay
as much as under the basic death benefit.
Death After Retirement
The death benefit is $S00 if death occurs after retirement. This amount
will be in addition to any payments which might be made under an
optional retirement benefit chosen by the member at his retirement.
TERMINATION OF EMPLOYMENT
Upon termination ..of employment, an employee .with S or more years of service may
either leave his contributions with the System and receive, upon attaining retirement
age, the retirement benefit he has earned, or he may withdraw his contributions (plus
interest), thus, terminating his membership in the System and receiving no retirement
benefits. Except, (1) a member with less than S years of service shall not have the
privilege of leaving his contributions with the System, but shall automatically have
his contributions, plus interest, refunded upon termination of employment and (2) a
member who is transferring to employment with another agency which is covered under
the System shall not have the right of withdrawing his accumulated contributions.
EMPLOYEE CONTRIBUTIONS
Each miscellaneous member, whether a new member or a member with years of member-
ship, will start contributing at the uniform rate of 7% of salary earned, exclusive of
overtime, on the date this formula becomes effective.
The employer also contributes toward the cost of the benefits. The amount con-
tributed by the employer for current service retirement benefits will, on the average,
exceed the cost to the employee. In addition, the employer bears the entire cost of
prior service benefits and disability benefits.
All contribution rates are subject to revision by the Board of Administration.