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Home My WebLink About1347 - Public Employees Retirement SystemORDINANCE NO. 1347 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING AN- AMENDMENT -TO THE CONTRACT BETWEEN THE CITY COUNCIL AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM The City Council of the City of Newport Beach does ordain as follows: SECTION 1. That an amendment to the Contract between the City Council of the City of Newport Beach and the Board of Administration, California Public Employees' Retirement System, is hereby authorized, a copy of said amendment being attached hereto, marked "Exhibit A ", and by such reference made a part hereof as though herein set out in full. SECTION 2. The Mayor of the City of'Newport Beach is hereby authorized, empowered, and directed to execute said Amendment for and on behalf of said Agency. SECTION 3. This Ordinance shall take effect 30 days after the date of its adoption, and prior to the expiration of 15 days from the passage thereof shall be published at least once in the Newport Harbor Ensign, a newspaper of general circulation, published and circulated in the City of Newport Beach and thenceforth and thereafter the same shall be in full force and effect. Adopted and approved this 27th day of July, 1970, by the following vote, to wits AYES, COUNCILMEN: McInnis, Kymla, Rogers, Hirth, Croul, Dostal,'Parsons NOES, COUNCILMEN: None' ATTEST: ABSENT COUNCILMEN: None City Clerk- , , CERTIFIED,AS THE ORIGINAL AND CERTIFIED'XS Td PUBLICATION Mayor THS :adw 30_70, -2- 7/29/70 DATE ....��........_ ............... Tic epx OF THE C17 "dF'NEW T BEACN AMENDMENT TO CONTRACT BEWEEN THE BOARD OF ADMINISTRATION PUBLIC EMPLOYEMSI RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board and the CITY COUNCIL of the CITY OF NEWPORT 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,'and April 1, 1956, which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: r Paragraphs 1 through 14 are hereby stricken from said contract as executed effective July 1, 1945, and are hereby replaced by the following paragraphs numbered 1 through 11 inclusive: 1. All words and terms used herein which are defined in the Public Employeest Retirement Law 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 Employeest 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 contracting 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 employees shall be excluded from membership in said Retirement System: NO ADDITIONAL EXCLUSIONS 4. The fraction of final compensation to be provided for•each year of credited current service as a miscellaneous member upon retirement at normal retirement age shall be 1/60 and shall be applied as pro- vided in Section 21251.1 of said Retirement Law. Ret. Form 702 -1 r 1. r Paragraphs 1 through 14 are hereby stricken from said contract as executed effective July 1, 1945, and are hereby replaced by the following paragraphs numbered 1 through 11 inclusive: 1. All words and terms used herein which are defined in the Public Employeest Retirement Law 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 Employeest 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 contracting 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 employees shall be excluded from membership in said Retirement System: NO ADDITIONAL EXCLUSIONS 4. The fraction of final compensation to be provided for•each year of credited current service as a miscellaneous member upon retirement at normal retirement age shall be 1/60 and shall be applied as pro- vided in Section 21251.1 of said Retirement Law. Ret. Form 702 -1 r The fraction of final compensation to be provided for each year of credited current service as a local safety member shall be determined in accordance with Section 21252.1 of said Retirement Law. 6. Benefits on account of prior service shall be 100% of the fraction of final compensation specified for miscellaneous members in Para- graph 4 above, but computed in accordance with Section 21253 of said Retirement Law, and for local safety members shall be 100p of the fraction established in accordance with Paragraph 5. 7. Contributions for miscellaneous and local safety members shall be subject to Sections 20601 and 20602 respectively of said.Retirement . Law.. 8. 5• The fraction of final compensation to be provided for each year of credited current service as a local safety member shall be determined Section 20024.01 (defining "final compensation" on the basis of a period of three consecutive years). Section 21258 (b) (providing a minimum retirement allowance of $720.00 per year under certain conditions). Section 21367.51 (providing a $500.00 death benefit upon death after retirement). Section 20025 (providing for inclusion of compensation without limit in computations where compensation is a factor). 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). Section 21251.75 (providing for increases in allowances payable . for time commencing on the first day of ,the calendar month coinciding with or next following the effective date of this amendment to persons retired prior to January 1, 1967). .9. 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) 6.292 percent on account of the liability for current service benefits. 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: (1) 8.689 percent on account of the liability for current service benefits. Ret. Form 702 -2 in accordance with Section 21252.1 of said Retirement Law. 6. Benefits on account of prior service shall be 100% of the fraction of final compensation specified for miscellaneous members in Para- graph 4 above, but computed in accordance with Section 21253 of said Retirement Law, and for local safety members shall be 100p of the fraction established in accordance with Paragraph 5. 7. Contributions for miscellaneous and local safety members shall be subject to Sections 20601 and 20602 respectively of said.Retirement . Law.. 8. 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: Section 20024.01 (defining "final compensation" on the basis of a period of three consecutive years). Section 21258 (b) (providing a minimum retirement allowance of $720.00 per year under certain conditions). Section 21367.51 (providing a $500.00 death benefit upon death after retirement). Section 20025 (providing for inclusion of compensation without limit in computations where compensation is a factor). 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). Section 21251.75 (providing for increases in allowances payable . for time commencing on the first day of ,the calendar month coinciding with or next following the effective date of this amendment to persons retired prior to January 1, 1967). .9. 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) 6.292 percent on account of the liability for current service benefits. 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: (1) 8.689 percent on account of the liability for current service benefits. Ret. Form 702 -2 F 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 on a payroll designated by the System covering one month first year of participation of each year, or with respect to the , on the effective date of said participation. a - ` 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. 10. Contributions required of Public Agency and its employees shall be dments to the Public subject to adjustment by Board on account of amen Employees' Retirement Law, and on account of experience under the Retirement System, as determined by the periodical investigation and valuation required by said Retirement haw. 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 arty period, proper adjustment shall be made in connection with sub- sequent remittances or adjustment on account of errors in contribu- tions required of any employee may be made by direct cash payments between the employee and Board. Payments by Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certi- Pied checks, money orders, or cash, Be This amendment shall be effective on the day of 70 R I`1? =' Witness our hands this 7-"-! da y of - ,,ir; ,. BOARD OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF NEWPORT StsACR BY illiam Be Payne, Execu ive 0f cer Presiding Officer Attest: Mark Rot. Form 702 -3