HomeMy WebLinkAboutResolution No. 36411
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RESOLUTION OF INTENTION
TO PROVIDE MODIFICATION OF BENEFITS
UNDER STATE EMPLOYEES' RETIREMENT SYSTEM
IN CONNECTION WITH COVERAGE UNDER FEDERAL
OLD -AGE AND SURVIVORS INSURANCE
WHEREAS, Section 21702, Government Code, provides that a contract between a
public agency and the Board of Administration may be amended to modify
benefits and adjust contributions if the California State Social
Security Agreement of March 9, 1951 is modified to include employees
of the public agency in positions covered by the System; and
1:HEREAS, Section 21250.5, Government Code, provides that a public agency so modi-
fying its contract may elect to subject itself to a provisions for pay-
ment of an additional annual pension based on age at retirement and
credited service until the retired member attains or would attain age
65; and
11.l1EREAS, one step required in procedures for amendment is the adoption by the
governing body of a public agency of a Resolution of Intention giving
notice of intention to amend its contract with the Board of Administra-
tion, which Resolution shall contain a summary of the major changes to
be made in the retirement plan; and
WHEREAS, the following is a summary of the major modifications to be accomplished:
1. The retirement allowance per year of service for a miscellaneous
member upon retirement at age 60 shall be:
a. 1/90 of "final compensation" up to and including .x350.00 per
month and 1/60 of such "final compensation" as is in excess of
;350.00 per month insofar as such allowance is based on service
on and after the effective date of the amendment to the contract;
b. 1/60 of "final compensation" insofar as such allowance is based
upon service before the date of the amendment to the contract.
2. Any member retiring for service before age 65 who is fully insured
under Old -Age and Survivors Insurance may elect to have the actuarial
equivalent of his unmodified service retirement allowance paid in two
parts as follows:
(a) A temporary annuity which shall not exceed the primary Social
Security benefit which it is anticipated the member will be
entitled to receive at age 65, plus
(b) A life income such as may be provided by the remaining actuarial
value of his service retirement allowance.
3. The contributions to be made by a miscellaneous member with respect
to service rendered after the effective date of the amendment and
compensation for such service equal to or less than x350.00 per
month (or its equivalent for other than monthly pay periods) shall
be two-thirds of the rate which would otherwise apply to such members.
4. Benefits payable for death and disability shall not be affected
or modified by modifications in the retirement allowances payable
upon retirement for service.
NGJ, THEREFORE, BE IT RESOLVED, That the City Council of the City of Azusa gives,
and it does hereby give notice of intention to amend its contract
between said City Council and the Board of Administration of the
State Employees' Retirement System to provide for a modification of
benefits and adjustment of rates, a copy of said amendment being
attached hereto marked "Exhibit A", and by this reference made a
part hereof.
CITY COUNCIL OF THE
CITY OF AZUSA
BY ��� , k,-/
_ . �_a.
Name
M or
Title
Dae Adopted and Approved
CERTIFICATION OF GOVERNING BODY'S ACTION
I hereby certify that the foregoing is a true and correct
copy of a Resolution of Intention with attachment thereto adopted
by the City Council of the Cit
Governing Body (Name oP Public Agency
on August 15 , 19_17 , appearing at Page ,
Volume of the (Minutes)(Official Records) of the
Governing Body
James Miller_
CITY CLERK or
J
secretary of the Board
Form 949 (4/57) 150