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Home My Public Portal About1934 (05-07-46) — � . \ r . = Z ,ZS�#� ' \ .. y . a RESOLUTIOPI�OF INTENTION , 1934 . TO APPROVE CON:RACT PROVIDING FOR PAt�TICIPATION IN � STATE EbfPI,OYEES� RETIREtdENT SYSTEM WF�REAS, the State Employees� Retirement I.au� permit�,rLhe participation of Public Pgencies in the State Employees� Retirement System, making their employees , members of'said System, and sets forth the procedure by which participation may be.accomplished; and 41HEREAS, one step in said procedure is the adoption by the legislative body of the Public Agency of a resolution giving notice of intention to approve a contract between said Governing bod;� and the Board of Administration of said Retirement System, providin� for said participation, which sa.id resolution shall contain a swnmary of thc ma.,ior provisions oF the nroposed Retirement System; and • ��I�FtEAS, the follouiing is a summary of the ma,jor provisions of the proposed Retirement Sl�stem: 1. The System is administered by a board of e,ight membere, composed of � three r�embFrs of the SWstem, an official of a bank, ar: official of a � life insurnnc� companv, the llirector of ?'inance, a me:mber of the State Personnel Board, and �zn official of the University of California. 2. Retirement for service is optional upon attainment of age 55 by local ' firemen and local policemen, and age 60 or age 55 at the election of . tne Public Agen4y., b,y other employees, and completion of twenty years _ of service for the Public Agency, znd_is compulsor,y at age 65 for local firenen and local policemen, and at age 70 £or other employees. 3. The monthly retiremer.t allowance payable upon retirenent for service is dependent upon such factors as age, sex, salary and pears of service. For loca.l firemen 1nd local policemen, retiring at age 55 in paragr�.pn ' 2, or at s higher age urith 20 years of service, the monthly a1loNian�e is approximately one—half the average monthly sala.ry during the fi years immed.iatelv prece.ding retirement, unless the Public Agency ei_ects ,. to provide prior service benefits at less than the full amount. For othPr Agency Pr.cployees, the monthly allowance, upon retirement at age 65 1f tha Agency elects 60 as the lowest optional service retirement age, is approximat'ely 1�70th of the average monthly salary during the five years immediately precnding retirement, for ea.ch year of service after the effr.btive• date of participation, plus approximate3y 1�70th, or less a.s ma;� be provide�d in said con+ract by the Public Agency for ita emPloyees, of the average monthly salary during thr three years immediately precnding the effective date of pa.rticipation, for ea.ch ,year of service prior to that da.te.. Upon retirenent at age 60, d£ _ the_ Agency elects 55 as the loa�est optional service retirement age, the fraction ie approximately 1�60th instead of 1�70th. . , F122a-1 10-45 200 � , M • .Y ��'�' ' . �, 4. A minimum service retireMent alloa�ance of` $40 per month is guaranteed • upon retirement at age 70 with credit for service rendered prior to , said effective date, if the Public Agency elects age 60 as the lowest optional service ratirement age, or a minimum allo�•�ance of $60 per month upon retirenent at age 65 or over with twenty ,yea.rs of service, or upon retirement at age 70 urith credit for prior service, if the Public AgeacS• elects �e 55 as the lowest eptional service retirement age• %''S. Retirement for disability, exce+pt in the case of local firemen a.nd ' loca.l policc�r�en disabled from'in,�ury arising out o: and in the course of employment, is permitted only after ten years of service and upon� _ • proof of incapacity for th� performance of duty. 6. The nonthlv rc�tirement a.11owance pa,yable upon disabilitp retirement, described in preceding item 5, is depe-nd�nt uoon such £actors as age, sa.lary and y�ars of service, but grnerally is equal to 90j of 1�70th, or 1�60th as the case may be, of the average mont':ly salarv during the fivc ,vears imme•dis+.t�lv preceding retiremFnt, for sach year of ser- vice, �aith a gu�rantee of 250 of said salar,v, stibiect to certain re- strictions 1nd nodific�tions. 7. Disrtibility retlrement of loc�.l firemen a.nd loc�l policemen, in the ev�nt of disability arisir.g out of and in th? course of.emplo,yment, is permittc�d reg2rdless of agr and service, the monthlv retirement allownnce bc.ing one-h2.lf the aver<:ge monthly salary during the five years immediatoly prec�ding retirement. i 8. The bc�nefit paya.ble 1t dE,�th before retirement, except in the ca.se of , local firemrn and local policemen c�,yir.g from iniur,y a.rising out of ��nd _ in thF cours� of err,ployment, consists of the contribution�'of the mem- bc:r plus int�rest, a.nd plus 1�12th of thr memoer�s annua.l sala.ry during the yc:ar ir�medic�.tely preceding death, for each ,year, not ex- ceedin�; six pears, of service as a member of the system. Upon death after retirement, a.ad a.t the election of the Rzblic Agenc,y, a. benefit of $�0� is �1�7`'Rb1P.. , 9. mhe monthlyr a.11ovrance payable to the widoH� ar.d children> at the death of loca.l firemen and local policenen arising out of and in the course o£ employment, is'one-half the average monthly sa.larv during the £ive years imr.?�di2t�lv precFC�in� death. 10. The benefit unon sepflration from service by other cause than death or retir�ment, is the refund of the member�s contributions, with interest. idembers haying accumulated contributions of at least $500 upon resig- na.tion or dischar�;e, ma.,� Flect irrevocably, within ninety da.ys, to leavr- contr3butions in thP Retir?ment Fund, and then uroon reaching the lou optional service retir�mFnt age or becomin� disabled, to be en- titl�d tn receive such retirement allou�ance as will be provided by their and the Agrncp�s contributions and their credit�d service, re- � gasdleass of scrvice rr�ndered. - ' '' - F122a-2 10-45 200 � ; �,Ai„ 11. Contributions reauire.d of local firemen and local policemen, u�rithout credit for prior service, depend upon salary and upon age of entry , into the� retirenent system, the contributions per $100 of salary vary- ing from $7.63 at entry age 21 to v�14.35 at �ntry agr 35. Contri- butions of firemen a.r_d policemen having credit for prior service depend on salary, entry flgF, 2.nd amount of prior servicP, the amount of con- tribution per $100 being $16.33 for example, at entry age 54, with 19 years of prior service. 12. For other Agnncy employees, the contributions depend upon salary, sex and a_ge of Fntry into the retir�ment evstem, the contributions per $100 of salary varying from $4:83 at age 20, to $7.45 at age. 64, for men, and fror� �5.83 at age 20, to $8.50 a.t age 64, for women, wll ' , based on the Public Agericyls election of ag�. GO as the ]OWE9t optional s�rvice retir�ment agF. If the Public Agency elects �+ge 55 as th«� ' lowest optional service retirement age, the contributions per �100 of salary vary from $7.22 at �.ge 20, to $10•26 at age 59, £or mer., and ' from $8.51 a.t age 20, to �11.61 at age 59, for women. 13. The Agency is required to contribute the balance of the funds neces- sary to meet the cost of the benefits Provided under the retirement system for the Agency employeFS. The Agency also is required to pay its proportion�te share of the admir.istrative costs of the sS�ster!. 14. Ability of the F.etiremsnt SystFm to pay benefits is safeguarded by a provision authorizing the Boasd of AcL�ninistration to revisn contribu- tions of both employees and the Agency. in the light of e�cperience under the system. BE I^ RESOLVED, tha.t the CitP Cnut�iCil (Piame of Governing Body) of the CltV oP L`lntvood ,give, and it does (Name of Public Agenc,y) hereby give notice of intention to approve a contract between said ( idame C1 ty Covnoi 1 and the Board of ddministration of of Governing 3ody) the State Emolo,vees� Retirement System, providing for tha participation of said C�'t of L Vntvood ' in sa.id Retirement System, a (tlame of Public �ency) ��'copy of said contract being attached hereto, marked "ExhiUit A,'� and by � ' �- � refeience made a part hereof. tiv ' . '' � f ;� ' 1 Citv Conncll ;� `�_` � � - (Name of Governing Body) o£ � r ' ; � � `' �.`- Citv of Lvmvood ' ` � � ti , � (Na,m� of Public A�ency) o� �J /J . . �/-/� /� / �y � - B��l� ,�i� /.%�� O/ GJ�/l,/P,/�_ , Y y e///�'I � � 19� Clerk or cr ry �ate�A�d and Approved) ' F122a-3 10-45 200 STATE OF CALIFORNIA ) � ' COUNTY OF LOS ANGELEB) se CITY OP LYNWOOD ) ' 2, the undersigned C1ty Clerk of the Clty of Lynvaood, do hereby certify that the abeve and feregoing Resdlution was duly adopted by the City Council of said City at a ' - - - -,; - - - re�ular meetin� thereof ��.�.�....o4held in the Ci.ty Hall of said City, on the 7Yh day oP :� ��; _- ,'1 `'�-`• ''=�:1 rR— �_,.. v____, 194 6, and ;%a.�oed by the following votet %,� ,•, > �., _= , ,�. �t*,- � � � � �n. '�W � � � � � �--�`r _ -. �YES: COUNCILMEN_ Jensen, Dotv, Shrock, .... .. �. . , '�; �_ < i�� s � � a�i��ins and Willi � - - �� NOES: COUiVCZLiviEN ;�.: None: � �' ABSENT: COUPdCILIviEN P1one. • . , , L�.'Nj�J6-d,D