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FJ <br />RESOLUTION NO.JLJZ <br />RESOLUTION OF INTENTION <br />TO APPROVE CONTRACT PROVIDING FOR <br />PARTICIPATION IN <br />STATE EMPLOYEES' RETIREMENT SYSTEM <br />WHEREAS, the State Employees' Retirement Act permits the participation <br />of municipal corporations in the State Employees' Retirement System, making <br />their employees members of said System, and sets forth the procedure by which <br />participation may be accomplished; and <br />WHEREAS, one step in said procedure is the adoption by the legislative <br />body of the municipal corporation, of a resolution giving notice of intention <br />to approve a contract between said legislative body and the Board of Administration <br />of said Retirement System, providing for said participation, which said resolu- <br />tion shall contain a summary of the major provisions of the proposed retirement <br />system, and <br />WHEREAS, the following is a summary of the major provisions of the proposed <br />retirement system: <br />1. The System is administered by a board of eight members, composed of <br />three members of the System, an official of a bank, an official of <br />an insurance company, the Director of Finance, a member of the State <br />Personnel Board, and an official of the University of California. <br />2. Retirement for service is optional upon attainment of an age <br />which shall be not less than 55 years or more than 60 years, as <br />provided in said contract, by city firemen, and age 60 by city <br />policemen and by other employees, and completion of twenty years <br />of service for the municipal corporation, and is compulsory at <br />age 65 for city firemen and city policemen, and at age 70 for <br />other employees. <br />3. The monthly retirement allowance payable upon retirement xor service <br />is derendent upon such factors as age, sex, salary and years of ser- <br />vice. For city firemen and city policemen, retiring at the opticnal <br />age in paragraph 2, or at a higher age with twenty years of service, <br />the monthly allowance is approximately one -half the average monthly <br />salary during the five years immediately preceding retirement. For <br />other city employees, the monthly allowance, upon retirement at age <br />65, is approximately 170th of the average monthly salary during the <br />five years immediately preceding retirement, for each year of service <br />after the effective date of participation, plus approximately 1/70th, <br />or less as may be provided in said contract by the municipal corpora- <br />tion for its employees, of the average monthly salary during the three <br />years immediately preceding the effective date of participation, for <br />each year of service prior to that date. <br />F122 -1 6 -10 200 <br />