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Home My WebLink About7295 - PERSRESOLUTION NO, 7 2 9 5 RESOLUTION OF INTENTION TO APPROVE AN ArMNDMEPIT TO C014TRACT BETWEEN THE BOARD OF ADIMINISTRATION OF THE PUBLIC RiPLOYBES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF NEEWPORT BEACH • 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 required in the procedure to amend this contract is the adoption by the legislative 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 changes proposed in said contract, and I%MREAS, attached is a summary of the major provisions of the proposed plan which include lifeguards on ocean beaches as local safety members) NOW, THEREFORE, BE IT RESOLVED, that the CITY COUNCIL of -the CITY OF NEWPORT BEACH gives, and it does hereby give, notice of intention to approve an amend- ment to contract between said CITY COUNCIL and the Board of Administra- tion of the Public Employees' Retirement System, a copy of said amendment and a summary of the major provisions of the proposed changes being attached hereto, marked Exhibits "A" and "B" and by this reference made a part hereof. ATTEST: ty Clerk CITY COUNCIL OF THE CITY OF NEWPORT BEACH s MW w, r, a 'LVi: EMM October 12, 1970 Date adopted and approved) CERTIFJED AS THE ORIGI CFTy CLERK OF THE CITY OF NEWP T 86ACH DATW 1i..�� /</ /9 �, Ret. Form 122 s ^, cr A7 9z`irSF^ T Oi! 1... C1;Y cr"aR OF %!1 CITY 07 ::cr'ViiT 2 Cii Tao Bloard of AAA. -I istration., public Ketirecert 'System, i ercirnftcr rorarrcd to as 4aml$ a.n: =. the Gl."S t:i. _71C:L of th- Ci Y t:: i:.: >.T i CE, he mirafter raiL-rad to as 2WAie AC ncy, havl en.tored into a contra et under date of April 27, I9 x, effective July 1, 1941.5, wlucn ?rcvid:s, for tI,e particination of Public ;Zercy in said Syntem, Lo.i•d and P:oiic Agonc7 hereby aZ eo as followat I . Para' ap 3 (d) shall be -added to said conAractt • 3 (d) '_.itc_:sa. 5 on ocean beac3os (Y,orein reformed to as local safety ne.:.'aer s) . Ti. Tho Polloairr, v..b- psraZra1 h shall be added to said contract. 8 (�) Srction 20019.3 (prDvidir,^ for inclusion of lifeeserds on ocean beaches £>v 1; :Cal safety mombors). C. ?ara^raphs 9 (a) a::d 01 (b) shall be stricken from said contract and the felloulag parasrra,,hs evibrUtu.od the:ofors g (a) with rnspec t to n-sincollaneous r. viers, 10ho p^.blic agency shall co:,trl rate t`:e 'c12owir.g per costar; c of monthly salaries enrrad as niscolloneous r..£-borg of said System (1) 6.292 7:3rce:4 on account of tho liability for current service bsnsfits. 9 (b) Vith r isnoct to local safety r ext::rs, the p:zblic agency at -ail con - tribute the following parconta (:ts of narthll salaries earned as local safety mcrbers of said .,ystews (1) 6.893 percent on account of tho liability for c=ont service bon.efits. D. This amer nOnt s, all bo attached to said contract and 9 ;-ill became ef oc- tive or, the day of Witaesn our hands this day of P:: "'LIC ..."AlOV:38 P42T1'. XJF i Fi liaaz Z. Payne, Exacutiva o Yicor CITY COUNCIL OF T'2 CITY 0? 1C.14PORT Bi'ACii rot. Porn 702 .ua • • L EIRIBIT B I /,/— SOi'DWIlY OF c`UOP PROVISIOT:J , LOCAL SAFSTY ' ti.0" - € 1TS -UALF PAY AT Jr5 YIVIURERMU Vembersbip is compulsory for all employees, other than elected officials, who are employed ono -t:alf time or more., except those occluded under the contract* The earliest retirement are is 50, discounted basisg the normal retirement ago is 55, and the compulsory retirement age is 6J. An omployee may retire any time between t:,or -o e; ,es, 50 and 65, provided he moats the minimum req-,airemonts that ho either have :4553 of accumulated contributiorag or 20 years of service, or have atta_ntd the compulsory retiror.,ent ago of 650 At normal retirement at age 55 the ur"dified life allowance will be 50Z of "final compensation" for those who have corinloted 20 or rrcoro years of sr -rvico continuously to that age. Tizose who have completed lose than 20 years of service after 55 will roceive an unmodified life allowance of two and one -half (231%) per- cent of final compensation for Each year of service so renderedo "Final compensation" is average monthly salary (full time rate) earned during that period of three consecutive years of hiejlcot earnings, excluding overtime ccmpeneation. A ninis<um eervice retiroment allowance of $60 per ronth is gnarantc d upon corniulsory rctirflr,ent faith credit for prior service, or upon retirement at age 55 with at least twonty years of service. DVIASTLTTY M'TTR%.?41' >I'T An employer becoming disabled to the extent that he is incapable of performing his Auties s all be retired for dis,nbllity. His disability %dll be either err<ploy- rent connected (industrial disability) or otherviso (nonindustrial disability). An eriployee w"o becomes disabled chile a membor o: this System for reasons arising out of his employront, will be eligible for a life income of fifty (50w) percent of his final. c6mpenaationo An errpleyeo, bcooning dioebled for roai=5 iint connected with his On.p1wFent ehall bo. e11r':i:nle for disability rotiremant pre ided he !eas at feast c ;5W of accumi:lzted contributions or at least 10 years of servicq ouch disability allow- ance is equal to 1,51 of final corY o- cation for each year of service, iA- th a • ruarantco of one -third of such finsl con-ponaation for most employees who have ronder, ^d at Senant 10 years of oerviceo The "ordinary" disability rotiremant allowance shall under no cire:imstances exceed the cervioe retirement allowance which would become payable at age 55 if emnboymont could be continued to that age. P..iiUM B714 FITS 0 Death Defora Retire:, snt Basic Death benefit This benefit is a refund of the not,%er °e accumulated coa",-ibuticns plus si.7 month~° nalary p.ovided he has been a miamber for six years or raore. For those who die before coryaleting six years of :- tembcrehip9 the benefit is one month's oclary for each year of — mbership plus refund of contributionso Tisn salary referred to is that earned during the year preceding deatho Prior service does not court t_zward this benefit, Industrial Death If death i.a riervice- connected in the judTnont of tho Industrial. Accident Cgnmission, a monthly irccme is paid to the widow for life (or until rem"grriage) instoad of the above basic death benefit. .However, if she is also eligible for survivrr benefits from Social Security because of the memberPs loath, the State system benefit will be reduced by the ariount of such Social ueeizrity so lone as Social Security benefits are payable (ueeally until the youngest child reaches 13 and after the widow, reaches age 62). The total, including Social Security9 would be 50Z of "final ccr,mensation ", If death was cni.=d by external violence or physical force, the total benefit (including Social Security) would be increased to the following percentages of "final com- nemsation" so long as the endow lives and does not ramarrys Widow with 3 or more children under 16 75% Widow with 2 children under 18 7011S Widou with 1 child under 18 62x% Peath After Retirement The do:ath'benofit is X500 if death occurs after retirement, This amount will be In addition to any payments which might be n2ade under on optional retirement benefit chosen by the member at his rutirc:.out, T: ,`i ?at7liSOf1 of ILNPLOV'1`13 t ?non termination of employment, an employee may either leave his contrib,:Uons crith Vhc Sys`ara and receive, upon attaining retirement age, the rcti.ror<ent bcnofit ?ao haE earned, cr he may withdrava his contribctions (plug interest), thus, terminat- ing, his menborship in the System and receiving no retirement boncfits, Sxcaot, (1) a nombe'r with 'M500 or less In accumulated contributions and with less than 20 years of service shall rot have the privilege of leaving his contributions C7ith the. • r ,• System, but shall auto ?natically have `his coeav4 ib3tiorlsq plus internsta rofunded "Pon termination of employment and (2) a .n*:'ZOr who 1c transferring to employment with another ac ency which is covered unlor the system Vall not have the right of withdrawing Us accumulated contributions. seh member rnal:es monthly contributions to the Qystom which are deducted from bin snln.ryo The rate or cDntributioa borcoata %o of pay) depends uron a membwetr's scx and aCe at entry into safety service. Such contributions, for ,male employeeag with no prior service, currently range from a minimum or 5.64, "Z of salary to a mwci- • mum of 12.55,E of ;salary. The employer also contributes toward the cost of the benefits. The crcount contributed by the employer for current service retirement benefits, gill, on the average,, exceed the cost to the employee. in addition, the cmplcyar bears the . entire cost of prior service benefits, the industrial death and disability benefits. All contribution rates are subject to revision by the Hoard of Administration.