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HomeMy WebLinkAbout9150 - Public Employees Retirement SystemRESOLUTION NO. 9150 A RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT • TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF NEWPORT 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 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 change proposed in said contract; and change: WHEREAS, the following is a statement of the proposed Provides service credit under the provisions of Chapter 830, Statutes 1976, for up to four years of continuous military or merchant marine service for persons who are members because of employment by Public Agency for miscellaneous members. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Newport Beach does hereby give notice of intention to approve an amendment to the contract between the City Council of the City of Newport Beach and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment • being attached hereto as an Exhibit, and by this reference made a part hereof. ADOPTED this 11th ATTEST: ity Clerk day of "^ ems. , a .,r. dt_ 13 l =- 1977. DDO /bc 7/6/77 90,1DIMT TO CONTRACT BE MEN THE BOARD Or AD:ffNISTRATICN PUBLIC EHTLOYEES' RETIRE11ENT SYSTEI4 AND THC CITY COUNCIL OF THE CITY OF N ,1PORT BEACH ' The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board and the CITY COUNCIL of the CITY OF 111767PORT BEACH, hereinafter referred to as Public Agency having entered into a contract under date of April 27, •1945, effective July 1, 1945, and as amended effective March 1, 1948, November 1, 1951, April 1, 1956, October 31, 1970, September 18, 1971, and December 11, 1971, which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 11 are hereby stricken from said contract as executed effective October 1, 1970, and are hereby replaced by the following para- graphs numbered 1 through 10 inclusive: 1. All words and terms used herein which are defined in the Public Employees' Retirement Iaw shall have the meaning as defined therein unless otherwise specifically provided. "Normal retirement age,' shall mean age 60 for miscellaneous members and age 55 for local safety members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after July 1, 1945, 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 such as by express provision thereof apply only on the election of contract- ing agencies. 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 firemen (herein referred to as local safety members); b. Local policemen (herein referred to as local safety members); c. Employees other than local firemen and local policemen (herein referred to as miscellaneous members). The following classes shall be excluded from membership in said Retirement System: NO ADDITIONAL EXCLUSIONS Ret. Form 702 -1 4 >,.'The` fraction of final compensation to be provided for each year of F. -r� 'credited prior and current service as a miscellaneous member upon retirement at normal retirement age shall be as provided in Section 21251.13 of said Retirement Law. ;Cw 5. The fraction of final compensation to be provided for each year of �.4 credited prior and current service as a local safety member shall ; �.': �. -s <. be determined in accordance with Section 21252.1 of said Retirement ' Law. Public Agency, in accordance with Section 20740, Government Code, shall cease to be an "employer" for purposes of Chapter 6 of the • Public Employees' Retirement Law effective as of the effective date of this amendment to this contract. Accumulated contributions of the Public Agency as of the date of such amendment shall be fixed and determined as provided in Section 20759, Government Code, and such accumulated contributions and contributions hereafter made shall be held by the Board as provided in Section 20759, Government Code. 7. The following additional provisions of the Public Employees' Retire- ment Law which apply only upon election of a contracting agency shall apply to the Public Agency and its employees: a. Section 20952.5 (providing for age 50 as the minimum voluntary retirement age for local safety members with benefit payments commencing prior to age 55 subject to actuarial discount). b. Section 21380 -21388 (providing for all(nrances for survivors of members covered under the 1959 Survivor's Program upon the member's death before retirement). c. Section 20930.3 (providing service credit under the provisions of Chapter 830, Stats. 1976, for up to four years of continuous military or merchant marine service for persons who are members because of employment by Public Agency) for miscellaneous members. S. Public Agency shall contribute to said Retirement System as follows: a. With respect to miscellaneous members, the public agency shall contribute the following percentages of monthly salaries earned as miscellaneous members of said System: (1) 0 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 7.926 percent on account of the liability for current service benefits. (3) 0.205 percent on account of the liability for the 1959 survivors program. b. With respect to local safety members, the public agency shall contribute the following percentages of monthly salaries earned as local safety members of said System:. Est. Form 702-2 • (1) O percent until June 30, on account of the liability for prior service benefits. (2) 11.635 percent on account of the liability for current service benefits. (3) 0 percent on account of the liability for the 1959 survivors program. c. A reasonable amount per annum, as fixed by Board to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or the periodical investigations and valuation required by law, provided that said amount shall be determined on the basis of the number of employees of Public Agency who are reported as members of a payroll designated by the System covering one month of each year, or with respect to the first year of participation, on the effective date of said participation. . d. A reasonable amount as fixed by the Board, payable in one install ment as the occasions arise, to cover costs of special valuations on account of employees of Public Agency, and costs of the period- ical investigation and valuation required by law. 9. Contributions required of Public Agency and its employees shall be subject to adjustment by Board on account of amendments to the Public Employeest Retirement Lair, and on account of experience under the Retirement System, as determined by the periodical investigation and valuation required by said Retirement Law. 10. 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. If more or less than the correct amount of contribution is paid for any period, proper adjustment shall be made in connection with subsequent remittances or adjustment on account of errors in contributions required of any employee ray be made by direct cash payments between the employee and Board, ayments by Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certified checks, money orders, or cash. - B. This amendment shall be attached to said contract and shall be effec- tive on the day of Witness our hands this BOARD OF AMI MSTRATION PUBLIC EMFLOYEES' RETIRB•IENT SYSTFA4 BY Carl J. Blechinger, Executive Officer Approved as to form: Legal Office, PERS day of CITY COUNCIL Cr THE CITY OF IWNPORT BEACH BY Presiding Officer, ery - Attest =' U.i?t• Clerk ` Ret. Form 702-3 CERTIFICATION OF GOVERNING BODY'S ACTION 1 hereby certify that the foregoing is a true and correct copy • of a Resolution adopted by the (Governing Body) of the (Name of Public Agency) on appearing at Page (Date) Volume of the (Minutes) (Official Records) of the (Governing Body) CITY CLERK or Secretary of the Board PERS- ACT -12 (11/71)