HomeMy Public PortalAboutResolution 02-41241
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RESOLUTION NO. 02 -4124
A RESOLUTION AUTHORIZING A CORRECTION TO THE
AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF
ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES'
RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF
TEMPLE CITY
WHEREAS, the City Council of the City of Temple City hereinafter referred to as Public Agency,
and the Board of Administration of the Public Employees' Retirement System entered into a contract
effective October 1965 providing for the participation of Public Agency in the Public Employees'
Retirement System: and
WHEREAS, due to an inadvertence, paragraph "5" read:
"The percentage of final compensation to be provided for each year of credited prior and current
service as a local miscellaneous member shall be determined in accordance with Section 21354.4 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 (2.5% at age 55
Full and Modified).
[Note that a future legislative proposal is being considered which could amend Government Code
Section 21354.4 to make the 2.5% at 55 benefit formula applicable to both active members and inactive
members who have not yet retired. If enacted, this amendment could have an effect on your agency's
actuarial valuation and employer contribution rates in future years.]; and
WHEREAS, Section 20472 of the Government Code provides that corrections may be made
through amendments approved by the adoption of suitable resolutions by the contracting parties;
NOW, THEREFORE, BE IT RESOLVED that said governing body of Public Agency authorizes,
and it does hereby authorize, a correction to the amendment to the contract effective August 23, 2002, as
follows:
A. Paragraph 5 of said contract shall be changed as follows:
"The percentage of final compensation to be provided for each year of credited prior and current service
as a local miscellaneous member in employment before and not on or after August 23, 2002, shall be
determined in accordance with Section 21354 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 55 Full and Modified) ", and
B. Paragraph 6 of said contract shall be added as follows:
"The percentage of final compensation to be provided for each year of credited prior and current service
as a local miscellaneous member in employment on or after August 23, 2002, shall be determined in
accordance with Section 21354.4 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 (2.5% at age 55 Full and Modified) ", and
C. Paragraph numbers "6 through 11 "; shall be renumbered paragraph numbers "7 through 12 ".
PASSED, APPROVED AND ADOPTED this 1st day of October, 2002.
ATTEST:
Resolution No. 02 -4124
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I, City Clerk of the City of Temple City, do hereby certify that the foregoing resolution, Resolution
No. 02 -4124, was adopted by the City Council of the City of Temple City at a regular meeting held on the
1st day of October, 2002, by the following vote:
AYES: Councilman - Souder, Wilson, Zovak, Vizcarra, Gillanders
NOES: Councilman -None
ABSENT: Councilman -None
ABSTAIN: Councilman -None
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