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HomeMy Public PortalAboutResolution 90-2985 Contract between Board of Administration for Public Employees' Retirement System and City1 1 1 RESOLUTION NO. 90 -2985 A RESOLUTION OF INTENTION OF THE CITY COUNCIL. OF THE CITY OF TEMPLE CITY TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF TEMPLE CITY 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 con- tract, 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 procedure 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 change: WHEREAS, the following is a statement of the proposed To remove the exclusion of "City Treasurer" and to provide Section 21382.4 (Third Level of 1959 Survi- vor Benefits) for local miscellaneous members. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TEMPLE CITY AS FOLLOWS: SECTION 1. The governing body of the above agency does hereby give notice of intention to approve an amendment to the . contract between the said governing body and the Board of Admini- stration 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. SECTION 2. The City Clerk shall certify to the passage and adoption of this Resolution. ADOPTED AND APPROVED THIS 21ST DAY OF AUGUST, 1990. Mayor Resolution No. 90 -2985 Page 2 ATTEST: ity Clerk I hereby certify that the foregoing Resolution, Resolution No. 90 -2985 was duly adopted by the City Council of the City of_ Temple City at a regular meeting held on the 21st day of August, 1990 by the following vote: AYES: Councilmember- Froehle,Manning,Wilson,Breazeal NOES: Councilmember -None ABSENT: Councilmember- McGowan 1 1 1 1 1 1 AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF TEMPLE CITY 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 October 1, 1965, and witnessed September 20, 1965, and as amended effective July 1, 1974, October 1, 1981, January 1, 1984 and April 11, 1990, which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 10 are hereby stricken from said contract as executed effective April 11, 1990, and hereby replaced by the following paragraphs numbered 1 through 11 inclusive: 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 local miscellaneous members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after October 1, 1965 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. 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 safety members (herein referred to as local miscellaneous members). 4. 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 Retirement System: a. APPOINTIVE COMMISSIONS, BOARDS AND COMMITTEES; b. PERSONS COMPENSATED ON AN HOURLY BASIS; c. CITY ATTORNEY; AND d. ALL SAFETY EMPLOYEES. 5. The percentage of final compensation to be provided for local miscellaneous members for each year of credited prior and current service shall be determined in accordance with Section 21251.13 of said Retirement Law, subject to the reduction provided therein for service prior to June 30, 1974, termination of Social Security, for members whose service has been included in Federal Social Security (2% at age 60 Full and Modified). 6. Public Agency elected to be subject to the following optional provisions: a. Sections 21380 -21387 (1959 Survivor Benefits) including Section 21382.4 (Third Level of 1959 Survivor Benefits). b. Section 20024.2 (One -Year Final Compensation). c. Section 20862.8 (Credit for Unused Sick Leave). d. Section 20930.3 (Military Service Credit as Public Service), Statutes of 1976. 7. Public Agency, in accordance with Government Code Section 20740, ceased to be an "employer" for purposes of Section 20759 effective on October 1, 1981. 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. 8. 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 of said Retirement System. 9. Public Agency shall also contribute to said Retirement System as follows: a. Public Agency shall contribute $2.50 per employee, 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 be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members. b. A reasonable amount, as fixed by the Board, payable in one in- stallment 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. 1 1 1 1 1 1 c. A reasonable amount, as fixed by the Board, payable in one in- stallment 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. 10. 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. 11. 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 CITY COUNCIL OF THE CITY OF TEMPLE CITY BY BY CHIEF, CONTRACT SERVICES DIVISION Presiding Officer PUBLIC EMPLOYEES' RETIREMENT SYSTEM PERS- CON -702 (AMENDMENT) (Rev. 6/88) Witness Date Attest: Clerk