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CaIPERS <br />California <br />Public Employees' Retirement System <br />EXHIBIT <br />Between the <br />Board of Administration <br />California Public Employees' Retirement System <br />and tine <br />City Council <br />City of Newport Beach <br />The Board of Administration, California Public Employees' Retirement System, <br />hereinafter referred to as Board, and the governing body of the above public agency, <br />hereinafter referred to as Public Agency, having entered into a contract effective July 1, <br />1945, and witnessed April 27, 1945, and as amended effective March 1, 1948, <br />November 1, 1951, April 1, 1956, October 31, 1970, September 18, 1971, December <br />11, 1971, September 24, 1977, December 18, 1977, June 17, 1978, March 24, 1979, <br />June 30, 1979, January 12, 1989, December 2, 1989 and June 12, 1996 which provides <br />for participation of Public Agency in said System, Board and Public Agency hereby <br />agree as follows: <br />A. Paragraphs 1 through 12 are hereby stricken from said contract as executed <br />effective June 12, 1996, and hereby replaced by the following paragraphs <br />numbered 1 through 12 inclusive: <br />1. All words and terms used herein which are defined in the Public <br />Employees' Retirement Law shall have the meaning as defined therein <br />unless otherwise specifically provided. "Normal retirement age" shall <br />mean age 55 for local miscellaneous members and age 50 for local safety <br />members. <br />3 <br />