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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.