HomeMy WebLinkAboutS36 - Cost of 2% at 55 Retirement for Miscellaneous Employees• June 27, 2000
Agenda Item S 3 6
CITY OF NEWPORT BEACH
HUMAN RESOURCES DEPARTMENT
TO: Mayor and City Council
FROM: Sharon Wood, Assistant City Manager
SUBJECT: Cost of 2% at 55 Retirement for Miscellaneous Employees
Recommendation
Receive and file.
Background
The City Council approved a Resolution of Intention to amend the PERS to provide the
• 2% at 55 retirement benefit to miscellaneous employees on June 13, 2000. The staff
report accompanying that resolution did not include a discussion of the cost to the City,
which PERS requires be disclosed to the public two weeks prior to final approval of the
contract amendment.
The valuation prepared by PERS for this contract amendment shows that Newport Beach
has excess assets in our PERS account for miscellaneous employees such that the
employer contribution rate will not increase for 43 years, even with the amendment.
Therefore, the City's retirement expenditures for miscellaneous employees will not
increase.