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Home My WebLink About89-76 - Public Employees' Retirement System ContractRESOLUTION NO. 89- 76 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH APPROVING 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 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 Section 20024.2 (One -Year Final Compensation; for local miscellaneous members and local safety members. NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency does hereby give notice of intention to approve an amendment to the contract between the said governing body 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 10th day of July, 1989. MAYOR PRO TEM l� A�� CITY CLERK I 1 *,* * C O P Y AMENDMENT TO CONTRACT �-a BETWEEN THE BOARD OF ADMINISTRATION NI !, � ` PUBLIC EMPLOYEES' RETIIREMECTT SYSTEM p v® CITY COUNCIL COUNC:IL OF THE CITY OF NEWPORT BEACH • The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of above public agency, hereinafter referred to as Public Agency, having entered into a contract effective July 1, 1945, and witnessed April 27, 1945, and as amended effective March 1, 1948, November 1, 1951, April 1, 1956, October 31, 1970, September 18, 1971, December 11, 1971, September 24, 1977, December 18, 1977, June 17, 1978, March 24, 1979, June 30, 1979 and January 12, 1988, 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 January 12, 1988, and hereby replaced by the following paragraphs numbered 1 through 11 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 and age 50 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 hereinafter 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 contract- ing 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. Lifeguards (included as local. safety members); d. Employees other than local safety members (herein referred to as local miscellaneous members). * * * C O P Y * * * 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: h `a. CADETS; AND .4b. RESERVE OFFICERS. The fraction of final compensation to be provided for each year of credited prior and current service as a local miscellaneous member shall be determined in accordance with Section 21251.13 of said Retirement Law (2% at age 60 Full). P 6. The fraction of final compensation to be provided for each year of credited prior and current service as a local safety member shall be •a determined in accordance with Section 21252.01 of said Retirement Law (28 at age 50 Full). i:_ 7. 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. Section 20019.3 ( "Local Safety Member" shall include city lifeguards as described in Government Code Section 20019.3). b. Sections 21380 - 21387 (1959 Survivor Benefits) excluding Section 21382.2 (Increased 1959 Survivor Benefits) and Section 21382.4 (Third Level of 1959 Survivor Benefits). C. Section 20930.3 (Military Service Credit). Statutes of 1976. d. Section 21389 (Second Opportunity to Elect 1959 Survivor Coverage) for local miscellaneous members. Legislation repealed said Section effective September 27, 1979. e. Section 20862.8 (Credit for Unused Sick Leave) for local miscellaneous members. 8. Public Agency, in accordance with Government Code ceased to be an "employer" for purposes of Sectio September 24, 1977. Accumulated contributions of be fixed and determined as provided in Government and accumulated contributions thereafter shall be provided in Government Code Section 20759. Section 20740, 7 20759 effective on Public Agency shall Code Section 20759, held by the Board as 9. Public Agency shall contribute to said Retirement System as follows: a. With respect to local miscellaneous members, the agency shall contribute the following percentages of salaries earned as members of said Retirement System: (1) 7.245 percent until June 30, 2000 on account of the liability for current service benefits. (Subject to annual change.) * * * C O P Y * * * b. With respect to local safety members, the agency shall contribute the following percentages of salaries earned as members of said Retirement System: (1) 19.729 percent until ,Tune 30, 2000 on account of the liability for current service benefits. (Subject to annual change.) B. This amendment shall be effectOe on the BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREI SYSTEM BY CHIEF, COACT SERVICES DIVISION PUBLIC g' OYEES' RETIREMENT SYSTEM PERS -CON -702 (AMENDMENT) (Rev. 6/88) day of CITY COUNCIL OF THE V CITY OF NEWPORT BEACH � BY 1 q� V��` Presiding Officer C,� _. Witness D22atte Attest. "g V Clerk 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. 10. 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. 11. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within fifteen 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 effectOe on the BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREI SYSTEM BY CHIEF, COACT SERVICES DIVISION PUBLIC g' OYEES' RETIREMENT SYSTEM PERS -CON -702 (AMENDMENT) (Rev. 6/88) day of CITY COUNCIL OF THE V CITY OF NEWPORT BEACH � BY 1 q� V��` Presiding Officer C,� _. Witness D22atte Attest. "g V Clerk