HomeMy WebLinkAboutResolution No. 3424�, C 0 r I
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RESOLUTION OF INTENTION TO APPROVE
AMENDMENT TO CONTRACT PROVIDING FOR $SROLUTION
PARTICIPATION IN NO.
STATE EMPIJ-PEES► RETIREAir'NT SYSTEM 3424
rrlHEREAS, The State Employeest Retirement Law permits the participa-
of public agencies in the State Employee's Retirement System, by the
execution of a contract making their employees members of said System,
and sets forth the procedure by which said public agencies may elect
to subject themselves and their employees to amendments to said law,
providing for a guarenteed percentage of final compensation for each
year of service as °Member", and providing for the portion of compen-
sation to be included in computations under said law; and
iffiREAS., one step in said procedure is the adoption by the legisla-
tive body of the public agency, of a resolution giving notice of its
intention to approve an amendment to a contract between said governing
board and the Hoard of Administration of said Retirement System, pro-
viding for said participation, which said resolution shall contain a
summary of the major provisions of the proposed Retirement Systema; and
FHEREAS, the following is a summary of the major provisions of the
proposed Retirement System:
1, The System is administered by a board of eight members,composed
of three members of the System, an official of a bank, an official of
a life insurance company, the Director of Finance, a member of the
State Personnel Board, and an 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 elec-
tion of the Public Agency, by other employees, and completion of twen-
ty years of service for the Public Agency, and is compulsory at age 65
for'local firemen and local policemen. and at age 70 for other employ-
ees,
3, The monthly retirement allowance payable upon retirement for
service is dependent upon such factors as age, sex, salary and years
of service. For local firemen and local policemen, retiring at age 55
in paragraph 2, or at a higher age with 20 years of service, the month-
ly allowance is approximately one-half the average monthly salary dur-
ing the three years immediately preceding retirement, unless the Pub-
lic Agency elects to provide prior service benefits at less than the
full amount, For other Agency employees, the monthly allowance, upon
retirement at age 65 if the Agency elects 60 as the lowest optional
service retirement age, is approximately 1/70th of the average monthly
salary during the three years immediately preceding retirement, for
each year of service after the effective date of participation, plus
approximately 1/70th, or less as may be provided in said contract by
the Pablic Agency for its employees, of "Final Compensation" or of the
average monthly salary during the three years immediately preceding th
the effective date of participation, for each year of service prior to
that date, Upon retirement at age 60:, if the agency elects 55 as the
lowest optional service 'retirement agey the fraction is approximately
.1/60th instead of 1/70th, "Final Compensation" shall mean the highest
average annual compensation earnable by a member during any period of
three consecutive years during his membership in the System and shall
apply to all employees who become members of said. Retirement System,
4. A minimum service retirement allowance of $40 per month is guar-
anteed upon retirement at age 70 with credit for service render-
ed prior to said effective date, if the Public Agency elects agb
60 as the lowest optional service retirement age, or a minimum
allowance of $60 per month upon retirement at age 65 or over with
twenty years of service, or upon retirement at age 70 with cred-
it for prior service, if the Public Agency elects age 55 as the
lowest optional service retirement age.
5, Retirement for disability, except in the case of local firemen
and local policemen disabled from injury arising out of and in
the course of employment, is permitted only after ten years of
service and upon proof of incapacity for the performance of duty.,
6, The monthly retirement allowance payable upon disability retire-
ment, described in preceding item 5, is dependent upon such
factors as age, salary and years of service, but generally is
equal to W. of 1/70th, o 1/60th as the case may be, of the aver-
age monthly salary during the three years immed:ia f -..1:y preceding
roti:^,iment, for each year of service, with e. gua�:entee of 05%, of
Bald salary, subject to certain restrictions a.nd modifications,
7. Disability .-.-tirenent of local firemen and :.octal policemen, in
event of disability arising out of and in the coarse of employ-
ment, is permitted regardless of age and ser,Ji-cis, the monthly
retirement a?lowance being one-half the avarage monthly salary
during the t'I.ree years immediately pr.oceding retirement,
8,The benefit payable at death before .r•;'.._.- eme:.it except 3.n the
case o= local firemen and local palac :: i• ,. dying from :aQuzy. .
arising out of and in the course of employment, consists o£ the
contributions of the member plus interest and plias l; 12th of the
member's annual salary during the year immedAa%„iy preceding
death, for each year, not exceeding six years;, of service as a
member of the System. Upon death 4W Iafter
retirement, and at the election of the Public Agency, a benefit
of $400 is payable,
9, The monthly allowance payable to the widow and children, at the
death of local firemen and local policemen arising out of and in
t:ae course of employment, is one-half the average mon.:.t•.ly salary
d'a.ing the three years immediately preceding death,
3.0, The benefit upon separation from service by other cause than
death or retirement, is the refund of the member's contributions
with interest. Members having accumulated contributions of at-
1?ast $500 upon resignation or discharge, may elect irrevocably,
wJ.thin ninety days, to leave contributions in the Retirement
F`;.nd_ and then upon reaching the lowest optional service retire-
mcnt- age or becoming disabled, to be entitled to receive svrh
7 etirament allowance as will be provided by their and t:.e wgercbr
ALeracy's contributions and their credited service, regardless of
service rendered:
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11. Contributions required of local firemen and local policemen,
without credit for prior service, depend upon salary and upon
age of entry into the Retirement System, the contributions per
$100 of salary varying from $7.63 at entry age 21, to $14.35 At r
entry age 35. Contributions of firemen and policemen having
credit for prior service depend on salary, entry age, and amo*t
of prior service, the amount of contributions per $100 being
$16.33 for example, at entry age 54, with 19 years of prior
service.
12. For other Agency employees, the contributions depend upon sal-
ary, sex and age of entry into the Retirement System, the con-
tributions per $100 of salary varying from $4.62 at age 20, to
$7.99 at age 64, for men, and from $5.36 at age 20, to$9..45 at
age 64 for women, all based on the Public Agency's election of
age 60 as the lowest optional service retirement age. If the
Public Agency elects age 55 as the lowest optional service re,.
tirement age, the contributions per $100 of salary vary from
$7.36 at age 20, to $10.88 at age 59, for men, and from '8.35
at age 20, to $12.81 at age 59, for women„
13, The Agency is required to contribute the baianc-_ of funds ne-
cessary to meet the cost of the benefits provided under the Re-
tirement System Yor the Agency employees, The Agency sa also is
required to pay its'pro ortionate share of the administrative
costs of the System. A11 amendments to become effective June 1,1956
1.4. Ability of the Retirement System to pay benefits is safeguard-
ed by a provision authorizing the BoF_rd of Administration to
revise contributions of both employees and the Agency, in the
light of experience under the System.,
BE IT RESOLVED, that the _ CITY CCUNCIL _ _ _ _ of
CITY OF AZUSA (Name of Governing BodyT
_ _ _ _, g�.ve, and it hereby gives notice
(Name of Public AgencyT
of intention to approve an amendment to the contract between said
_ _ovCITY COUNCIL and the Board of Administration
(Name of Gerning BodyS _ _ _ _
of the State Employees' Retirement System, providing for the partic-
ipation of said _ CITY OF AZUSA _ in said Retirement
(Name of Public Agency}
System; a copy of said amendment being attached hereto, marked
,1�b.ibit A", and by reference made a part hereof.
APRIL 17, 1956.
(DATE APPROVED AND ADOPTED)
—gCITY COUNCIL
(Name of Governing .BodyS
C_I^1Y OF AZUSA_ _ _ _
(Name of Public Agency4 Q
(Title?
• 0
I hereby certify that the foregoing resolution was
duly and regularly adopted by the City Council of
the City of Azusa at a regular
meeting of said Council of said City held in the
regular council chambers of said City Council in
said City.
April 17 195 6 and that the same
was passed by the following vote of the Council:
AYES: COUNCILMEN: Fawcett, Ortuno, Romero,
Memmesheimer
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: JOhnsOJI
ai+M-e'er
James hiller
City 1 rk, City of Azusa