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Home My WebLink AboutResolution No. 7814RESOLUTION NO. 7814 A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF AZUSA TO APPROVE AN AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY WHEREAS, the Public Employees' Retirement Law permits the participation of public agencies and their employees in the Public Employees' Retirement System by the execution of a contract, and sets forth the procedure by which said public agencies may elect to subject themselves and their employees to amendments to said Law; and WHEREAS, one of the steps in the procedure to amend this contract is the adoption by the governing body of the public agency of a resolution giving notice of its intention to approve an amendment to said contract, which resolution shall contain a summary of the change proposed in said contract; and WHEREAS, the following is a statement of the proposed change: To provide 2% @ 50 to Full formula (from 1/2 @ 55 Full formula and 2% @ 55 Full formula) for local Police members only. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Azusa does hereby give notice of intention to approve an amendment to the contract between the said Council and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto, and identified as "Exhibit All and by this reference made a part thereof. ADOPTED AND APPROVED THIS 18th day of November, 1985. n i T 4/=-- i I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Azusa at a regular meeting hereof held on the 18th day of November, 1985, by the following vote of Council: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: CRUZ, COOK, CAMARENA, MOSES ABSENT: COUNCILMEMBERS: a TY CLERK NONE LATTA 0 0 EXHIBIT 'A' AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE PlEASe Op 1 Or � CITY OF AZUSA The Board of Administration, Pi7154.'i/S/ Emnloyeest Retirement System, hereinafter referred to as Board, and the governi: above public agency, herein- after referred to as Public Agency, having en lwointo a contract effective January 1, 1949, and witnessed December 20, 1948, and as amended effective July 1, 1956, September 1, 1958, March 2, 1959, May 1, 1960, September 3, 1967, December 22, 1968, July 15, 1973, April 20, 1975, January 18, 1981 and July 1, 1984, which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 13 are hereby stricken from said contract as executed effective July 1, 1984, and hereby replaced by the following paragraphs numbered 1 through 12 inclusive: 1. All words and terms used herein which are defined in the Public Employees' Retirement Law shall have the meaning as defined therein unless otherwise specifically provided. "Normal retirement age" shall mean age 60 for local miscellaneous members, age 55 for local fire members and age 50 for local police members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after January 1, 1949 making its employees as herein- after provided, members of said System subject to all provisions of the Public Employees' Retirement Law except such as apply only on election of a contracting agency and are not provided for herein and to all amendments to said Law hereafter enacted except those, which by express provisions thereof, apply only on the election of a contracting agency. 3. Employees of Public Agency in the following classes shall become members of said Retirement System except such in each such class as are excluded by law or this agreement: a. Local Fire Fighters (herein referred to as local safety members); b. Local Police Officers (herein referred to as local safety members); C. Employees other than local safety members (herein referred to as local miscellaneous members). 0 0 4. In addition to the classes of employees excluded from membership by said Retirement Law, the following classes of employees shall not become members of said Retirement System: '1�ASe tpOADDITIONAL EXCLUSIONS �% rr 5. Prior to January 1, 1975, thd�iruep�>~ers who were hired by Public Agency on a temporary and/or seaso ,s not to exceed 6 months were excluded from PERS membership by cGovernment Code Section 20336 supersedes this contract provisi by providing that any such temporary and/or seasonal employees are excluded from PERS membership subsequent to January 1, 1975. 6. The fraction of final compensation to be provided for local miscel— laneous members for each year of credited prior and current service shall be determined in accordance with Section 21251.13, subject to the reduction provided therein for service on or after March 1, 1958 and prior to March 31, 1975 for members whose service has been included in Federal Social Security (2% 0 60 Full and Modified). 7. The fraction of final compensation to be provided for each year of credited prior and current service as a local fire member shall be determined in accordance with Section 21252.1 of said Retirement Law (One—half pay at age 55 Full). 8. The fraction of final compensation to be provided for each year of credited prior and current service as a local police member shall be determined in accordance with Section 21252.01 of said Retirement Law (2% at age 50 Full). 9. The following additional provisions of the Public Employees' Retirement Law, which apply only upon election of a contracting agency, shall apply to the Public Agency and its employees: a. Sections 21263, 21263.1 and 21263.3 (Post—Retirement Survivor Allowance). b. Sections 21380 — 21387 (1959 Survivor Program) excluding Section 21382.2 (Increased 1959 Survivor Benefits) and Section 21382.4 (Third Level of 1959 Survivor Benefits) for local miscellaneous members only. C. Section 20024.2 (One—Year Final Compensation) for local police members only. 10. Public Agency shall contPY�iyPe,to said Retirement System as follows: 6i I a. With respect to local miscellanyinembers, the agency shall contribute the following percentage bfAsalaries earned as members of said Retirement System:1-'N1Y^ (1) 0.217 percent until June 30, 2000 on account of the lia- bility for prior service benefits. (Subject to annual change.) (2) 14.346 percent until June 30, 2000 on account of the lia- bility for current service benefits. (Subject to annual change.) b. With respect to local safety members, the agency shall contribute the following percentages of salaries earned as members of said Retirement System: (1) 0.042 percent until June 30, 2000 on account of the lia- bility for prior service benefits. (Subject to annual change.) (2) 34.331 percent until June 30, 2000 on account of the lia- bility for current service benefits. (Subject to annual change.) C. A reasonable amount, as fixed by the Board, payable in one in- stallment within 60 days of date of contract to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or of the periodic investigation and valuations required by law. d. A reasonable amount, as fixed by the Board, payable in one in- stallment as the occasions arise, to cover the costs of special valuations on account of employees of Public Agency, and costs of the periodic investigation and valuations required by law. 11. Contributions required of Public Agency and its employees shall be subject to adjustment by Board on account of amendments to the Public Employees' Retirement Law, and on account of the experience under the Retirement System as determined by the periodic investigation and valuation required by said Retirement Law. 12. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within thirty days after the end of the period to which said contributions refer or as may be prescribed by Board regulation. If more or less than the correct amount of contributions is paid for any period, proper adjustment shall be made in connection with subsequent remittances. Adjustments on account of errors in contributions required of any employee may be made by direct payments between the employee and the Board. B. This amendment shall be effective on the , 19 BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM BY PitAS SIDNEY C. AND, EXECUTIVE OFFICER� FXH�B/T Approved as to form: 0 CITY COUNCIL OF THE CITY OF AZUSA n- Presiding Officer oky" Witness Date Attest: day of /,aps Legal OfficDate Clerk Date PERS-CON-702 (AMENDMENT) (Rev. 9/85)