HomeMy Public PortalAbout2523 (11-03-53) �: � . . F -, . -. . . . . . ���Z3 . .. .
Resolution No 2523
RESOLUTIOTI U� Ii1TE:dTIO:V TO APiROVE
AI,IENDP'fEi�IT TO CO1dTR�CT i'ROVIDP'G FOR
PART�CIt'P.TION I�1
STATE E'ii'rL01'rES� :�ETIREi��:IT S�'SiT'1',i
4V?LrF�;AS, the State Smployees' Retirement Lava permits the participation of public
a,r,enci�s in tl:e State L'anployees' Retirement System, by the execution o£ a contract
;lakir.� t:ieir emp'_oyees members of said Systen� and sets £orth the procedure by ivhich
sai.d �;�;U19.c a�;encies may elect to subject themselves and their employees to a;iendments
to said la::�, providing £or a guaranteed percentage of final coispensation for each
year o� service as "�.4ember"� and providing for the portion of compensation to 'ae in-
cluded i.n cor.iputations under said la;v; and
��:tER��S, one step in said procedure is the adoption b,y the legislative body of
the public agency, of a resolution giving notice of its intention to approve an anend-
!nent to a contract Uetiveen said governing board and the Eoard oF Administration of
said Retire�r.ent Syste^�� providing for said participation, which said resolution shall
contain a swnmary of the major provisions the proposed Retirement S,yster,�; and
WfiE4yAS, the follo is a summary o£ the major provisions of the proposed
Retirement S�rstem:
1, The System is administered by a board o£ eightmembers, composed of
three members oi the System, an of£icial of a bank� an o££icial of a
- life insurance companj�, the Director o£ Finance, a member of the State
Perso*.uiel Board, and an o£ficial of the liniversity of Cali£ornia.
2. P.etirement £or service is optional upon attairLment o£ age 55 by lo-
cal firemen and local nolicemen, and age 60 or a�e [5 at t.he election
o£ the Public A�ency, t�y other emplcyees, and co:naletion of t�•renty
years o£ service £or tLe rublic .lgency, ar.d is compulsor5• at a�e G�
for local firemen and local policemen, anci ut age 70 for ctiier enploy-ees.
3. Tl:e monthl}� x•etirement allowance pa;/able upon retirement £or service
is dependent upon such factors as age, sex� salary and y�ears of ser-'
vice. For iocal £ire:�en and local policemen, retiring at aee K5 in
paragraph 2� or at a higi;er age with 2C ,years of service� the nonth-
ly allovrance is approximately one-hal£ the average monthiy salary
dt:ring the £ive years invnediately oreceding retirement, unless tne
i'ubiic Agency elects to provide prior service benefits at less than
t.".e Sull asnount. For other Agency employees� the monthly allorrance,
upon retirement at age 65 i£ the Agency elects 60 as the lov�est op-
tional Gervice retirement a�e, is approximately 1/�Oth o£ the aver-
age moathly salary during the five ,years immediately �recedin�
retirenent, £or each year of service a£ter the effective date of
participation, plus appror.imately 1/�Oth� or less as may be pro-
vided in said contract by the Public Agency £or its employees, o£
"final compensation" or of the average monthly salary during the �
three years immediately precedi:�g the effective date of partici-
pation, £or each year o£ service prior to that date. Upon retire-
r�ent at age G0� i£ the agency elects �$ as the lowest optional
service retirement age� the fractiun is approximatel,y 1/bOth instead
of 1/�Oth.
�- - F iz2a - i (cuar. 9 ?� Comp.) io-5o
. ' ' ,
1�. A mininum service retirement allovrance of ",�1;0 per month is guaranteed
upon retirement at age 70 ro�rith credit for service rendered prior to
said e£fective date� if the ftiblic Agenc�� elects age 60 as the lovrest
optional service retirement age� or a mi:.imw^� alloti•rance of �60 per
month upon retirement at age 65 or over �^:�ith twenty ye3rs of service,
or upon retirement at age 70 with credit £or prior service� if the I�b-
lic A�ency elects age 55 as the lolvest optional service retirement age.
$. Retirement £or disability� except in the case o£ local £iremen and lo-
cal policemen disabled from injury arising out of and in the course
o£ employment, is nermitted cn15- after ten years o£ service and upon
proo£ o£ incapacity £or the performance of duty.
b. The monthly retirement allol-rance payable upon disabilit,y retirement, i
described in precedin� item 5� is dependent upon such factors as age,
salax^,� and years o£ service� but generally is equal to 90;b of 1/70th,
or 1/60th as the case may be� of the average monthly salary during
the five Jears immediately preceding retirement� for each year of
service� writh a guarantee o£ 25� of said salary, subject to certain
restrictions and modifications.
7. Disability retire*�ent of local firemen an3 local policemen� in the
event o£ disability arising out o£ and ir, the course of employment,
is permitted regardless of age and service� the monthl,y retirement
allowance being one-hal£ the average montnly salary during the five
years immediately preceding retirement.
8. The bene£it payable at death before ret�rement� except in the case o£
local £iremen and local policemen dying from injury arising out of
and in the course of'employment, consists of the contributions o£ the
member plus interest� and plus 1/12th of the mernber's annual salar�f
during the year immediately preceding death, £or each year� not ex-
ceeding six years, o£ service as.a member of the S;/ste�n. Upon death
after retirement, and at the election of tlie Public Agency� a bene-
fit o£ �300 is payable.
9. The monthly allowance payable to the rridoo•r and children, at the death
of local firemen and local policemen ari.sing out of and in the course
cf employment� is one-half the average monthl;T salary during the five
years immediately preceding death.
10. 'Phe benefit upon separation from service by other cause than death
or retirement, is the refund oS' the member�s contributions� tirith in-
terest. i"'!embers having accumulated contributions of at least $500
- upon resignation or discharge, may elect irrevocably, tivithin ninety
days, to leave contributions in the Hetirement Fund� and then upon
reaching the lowest optional service retirement age or becor�ing dis-
abled� to be entitled to receive such retiremerit allowancE as vrill
be provided b;� their and the �gency's contributions and their
credited service, regardless o£ service rendered.
P� 122d - 2 (Guar. `� & Comp.) 10-50
. , � ... � ' .
r ' •
11, Contributions required of local firemen and local policemen, without .
credit for prior service� depend upon salary and upon age o£ entry into
the 3etirement System� the contributions per �100 of salary varying
from $7.63 at'entry age 21, to �1l�.35 at entry age 35• Contributions -
o£ firemen and policemen having credit for prior service depend on
salary, entry age, and amoimt of prior service, the amount of contribu-
tions per �100 being $�16.33 for example� at entry age 51�, with 19 years
o£ prior service.
� ,
12, For other Agency emplo'yees� the contributions depend upon salary� sex
and age o.f entry into the Retirement S�jstem, the contributions per �100
' of salary -raz�rin� from $�4.62 at age 20� to ��.99 at age 61�� for rsen�
and from $5.36 at age 20� to �p9.1t5 at age 61t, £or ,romen, all based on
the Public A�ency�s election o£ age 60 as the loti^rest optional service
retirement age: If the Public Agency elects age 55 as the lowest op-
tional service retirement age� the contributions per �100 of salary
vary from w7.36 at age 20� to ° �10.88 at age $9� for men� and from
�8.3� at age 20� to �12.81 at age 59� £or yvomen. '
13, The Agency is required to contribute the balance of funds necessary to
- meet the cost of the bene£its provided uader the Retirement System for. .
the Agency eraplo-*ees. The Agency also i.s required to pay its propor-
tionate share of the administrative costs of the System.
- 11�. hbility o£ the Retirenent System to pa�r benefits is safe�uarded by a
._. , provision authcrizing the Roard o£ z,dministration to revise contribu-, ,
tions of both employees an3 the P�ency, in the light o£ experience
under the System.
BE IT RESOL�F'D, that the Cit,y Council of
�ame of Governin� �ody
The City oP Lynwood , give, and it hereby gives notice o£ inten-
Name of PuUlic Aeenc�
tion to approve an anendsnent to the contract bettiReen said C t oun i
Name of Governing Bo y
' and the Board of I�dministration of the State LSnploJees' Retirement System, providing
_ for the participation of� said Cit of L nwood in said P.etire-
Ivar�e ef �lic A�ency
ment System, a cop;� of said ariendment being attached hereto� marlced °Exhibit A'�, and
by re£erence Made a part hereof.
Cit Council of
,��``-��`°'�'�, ' tdame o£ Governing T�ody "'
_, _ ,
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,�,_ � � ����� : w � .� ;��,� ; - _� � . _ ,. _ _ , . Lynwood =-� - °- --
�, ,^" j'�,,�; �,'� Pda o£ Fublic A�encyj
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X '� i �. ..�� }. -, i'J l. 'l� / V ���` d
r � f ''���'y,i�ovember'3 , z953 a or f the City (
Da e"A opte d,�p rov � �,
At�e t
City Clerk, it oP ,ynwood �
F1�2d - 3 (Guar. % & Comp.) .
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� - � ' � AtdEIIDMEFIT TO C�NTR4CT BET41Er2� THE � . , :?:_. • . , , , , .
. . BOART? OP ADtdIL1ISTRATION ',: : . ,` �; �' � -.. ' � .
• . . . � ' ' �S`PA'Pt; :�7F?LOYF�ES�' A73TIRtiw'dEi"Ji 5Y3TEki:' '`�� r r. '� . � , .,� i_ , , '.
` . ; . •' 'AND THE .CITY �CDUNGIL � ; �. - . .
, s _ Tl�:. CITY QP LY1Nll00D �j ` � .
. . . , ,- � . .
,_ ' ' . `., � . . . � •. r' .. ` ; .:. : . ,
'i'he Hoerd oY �Admi'nieEretlon; Statia"'Em lo ees�'Retirei�ent'' � ' �� � `''�' n -.
.? , . Y SY,Qtem; :. ESad �the . ,
` � CITY COUiTCIL 'of . ths :CI�'Y OF LY1�t700D,: herainafter: reforrefl 'to�,as�A�;eaep, ; , .
, ' .2iaving' enteied .into 'e contract un8er date ot- Mcay �,� ,i946,-.eYfective.July ,l, .. . ��
� ':'19!+6. whlch nronido,a.�for" the;,j�articinatlon,.of ,aaid.,Agency.,in,said IIetiiement ,. '
,.°_ _. 9qetem�,and said� Contrnat, being .baeod on the &etirement:Lav.excluslve oY
,,,,.* � . 'amendmeate. .Lhereto, mhich changgd;beaefi�te and retirement. esid ` • . �' '` � -� '
� ,-Board oY';Adainistration.end �a4d City CopnoiL hereby a�ree �s 'Yoll'owes' . ,.� �
� . • � . .. •. .i:1 • .4.r ... �. " •. � _
- " " 1. - T'era�rarh`':9 eBall De'mnd' ia'`hei�eby'"etrieken from eald."Contract:, .. ' � . .
'� .: . . , c. . -' ' . . . : , � ,.��'. .:• ..- -: . : � ,' ;; ` :, :
_ . � . . . . . '. � . . . .� : . • . . 1 .�, r ' 'IV��� .�ern�� �� .
: . .'.'� • .2c ,T1ie following;p}ira�raphs eha.11�b',e',and e.re'hereDy_.added'to.Aaid.,ConEznct,:-, , •
, -. .,,�. � � .:.: e :.. . �, ; . ��..: _ . ,; � , ..,�., , . • �, i - . . . .
u . . ; 9. :'•Tho,� rovisi�ne� of .Sectio 2196 51 of �,the,,,St'ste' lo eoe' `' • , ` 5 .' � •
p „ .., � Y• .. �P....Y. �
., . . Retirement:Law� grovidirig,s $400'.deaLh benefiC�'eftrr reElre- � ,� •
' • � � _ ment'ssh.FSll aoply. tp flersnni� who�ere membera `becauee' of enploy- � . ' "
. . S . 'ment by PuDllc',3gnricq. •� , • , . ' , �,`,, .. ; .. .-
: ... :<�: ,,,�., _�r.:::,
�'°' '� : 14."' The provieions�of Sec,;:2 o2D:01 �f tHe Stete, Emnloyeee� H '�
- ". •'meat Law. whlch�nrovide that� Ufinal-componsstlonP sLa2l,meaa the - •
;��. ., r hi�;hest,avera�e anrival.coApeneation eernuble Dy.a memDer during. '
; ' - '- 8na! Feriod oY,thiee coasecutive'yeazs�during:hie�aenber'shin in,..".. � •"i� ��
:, . SysEem, . _SIiALL,A2PI,Y .to' omoloyeea oY Public •'n�ncy: who_ � ' • • �
the ,
. ... . : , . _
. " - . " become,:membe=s' said` �tfrement Syetem; , r ' ,+•_. . ;
. ., . . � . . � . . �� ' . , ... .. _ ' . �- ..1��f^ � . . '
, ' - ,ly.�'The°�rovisions;of.See:+"2p952.:5 of the Stia4e'Fca�lo�ees'�Iiotirement, '. ', "
' � "' •• � ` � -. � -Law which' provide age• .the minlmum�voluntar9:reti�ement age�., ;
'; , , :, ., , -,';. ; �-, • '.for: �Local Fireinen end: Local .Polioe�em. $HALL APPLY Lo employeee . - ,' ' ' � `'
, .. ,: `oY �PaDlic„Ag9racy. viio �become -pe�bara of the EetirAm4nt`� Syetem, ae '-. -�. . `� M •
,.. . .:;, .: , - � _ .
' Local Firemen'"or Local Policemen. ':� � ' ' -'"'.' ` ,r. . • .
• . , . . ., . , ' , ' ,� . � .. . �. :�, ..
." j. ^she •Dercenti etate8'in.'psragraph 12D shsll..be amended:to:readt ., '
. , . • . � ,
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� ^ � 4,. ,,,.Thie, amAndment,.�hall . be ettached' to , �aid ',CnntrACt snd ,ehRll De , • � -
,. , t _: . . effeetive. e.e of . � . 19 . . . .
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. t � � t�itneed"oui hand'thi'e flaq of' ,.';' ' , 19 ' ,. ' .
' r.,- Ht)ARD,OF`A2M12277SY'I3ATt013.. .�' : . . CIi"Y'.CAtJ9CIL dF�TAS.:.'; . • . -
STATt7 EF2PI,nYFPsS� Rfi;'IRP'4 �?�T SY9TkTd� ': e ��� . �.' � CI,'�"7t. Qa LYNVOOD :. . , . . � .
. . . i. � . , , . . , ; , ; 1,; � . e .- .. . . .
, . ` BY ;, . . , _ , . `� .• . . ' BY . . .
. President' , ;; ,'`' ' '.' ' :Preaidin; ,.
.. . . - , . . . , :. _ ' : � • . �� ..
. A'ttorstt . . „ :' � , , Atteatr � - ;� -
.� � ... _. . .. `. . � . , " �: ., ,. , . �-"
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�- ... .. � � • _ • ,., ,
� ,. �Executive Offlcer. ' ,. ' � i' i 'C1Ark � . , `
. .. . .. . , � , ,EXHIBIT•�iiAn . .. , , ;��. -
' .: . . .:,' , , . . , , .. . • ' , ..,, . r . . ..... ' . ',' '.
! : :� . .. 4 ...
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STATE OF CALIFORNIA )
` COIINTY OF L08 ANaELESo es
CITY OF LYNWOOD
� I, the undersigned, City Clerk of the
C3ty of Lynwood do hereby certify that the above
and foregoing resolution was duly adopted by the
Citq Council of said City at a ___� regular
meeting thereof held in the C1"tv Fiall of said City,
on the � day of �,; lq�, and paeeed
by the following votes
AYESo COUNCILMEN �, �
°-s��se�, �ne�c�en-�—'1#}lard.
NOEBo COUNCILMEN �,
ABSENTo COUNCILMEN ��
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; � ' CIT L , T LYNWOOD
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