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HomeMy WebLinkAbout1747 - Public Employees Retirement SystemOr 0 ORDINANCE NO. 1747 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 and City Clerk of the City of Newport Beach are hereby authorized, empowered and directed to execute said amendment for and on behalf of the City of Newport Beach. SECTION 3. This Ordinance shall take effect thirty (30) days after the date of its adoption, and prior to the expiration of fifteen (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. This Ordinance was introduced at a regular meeting of the City Council of the City of Newport Beach held on the 8th day of August , 1977, and was adopted on e 9 • t .• the 22nd day of AupUst 1977, by the following vote, to wit: ATTEST: Aitylerk CERTIFIED AS THE ORIGINAL.AND CERTIFIED AS TO PUSLICATION AUG 5 1977 DATE ._ ...... .................... ITT CLLt;X OF 7H2 C{71' Gf't:C!" SST D €aSM AYES, COUNCILMEN: Dostal, Barrett, Kuehn, McInnis, Rogers, Ryckoff, Williams NOES, COUNCILMEN: None ABSENT, COUNCILMEN: None May DDO /bc 7/26/77 AMENDMETNT TO CONTRACT BET 4EEN THE BOARD CF AD14MSTRATION PUBLIC E3,ffLOYEES' RETIREISENT SYSTEM AND THE CITY COUNCIL OF THE CITY CF 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 I, 1951, April 1, 1956, October 31, 1970, September 18, 1971, and December 11, 1971, 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 October 1, 1970, and are hereby replaced by the following para- graphs numbered 1 through 10 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 miscellaneous members and age 55 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 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 contract- ing 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. Lifeguards on ocean beaches (herein referred to as local safety members). d. Employees other than local firemen and local policemen (herein referred to as miscellaneous members). The following classes shall be excluded from membership in said Retirement System: NO ADDITIONAL EXCLUSIONS Exhibit "A" Ret. Form 702 -7, 4. The fraction of final compensation to be provided for each year of credited prior and current service as a miscellaneous member upon retirement at normal retirement age shall be as provided in Section 21251.13 of said Retirement Law. 5. The fraction of final compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21252.1 of said Retirement Lacy. • 6. Public Agency, in accordance with Section 20740, Government Code, shall cease to be an "employer" for purposes of Chapter 6 of the Public Employees' Retirement Law effective as of the effective date of this amendment to this contract. Accumulated contributions of the Public Agency as of the date of such amendment shall be fixed and determined as provided in Section 20759, Government Code, and such accumulated contributions and contributions hereafter made shall be held by the Board as provided in Section 20759, Government Code. 7. 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: a. Section 20019.3 (providing for inclusion of lifeguards on ocean beaches as local safety members). b. 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). c. Section 21380 -21388 (providing for allowances for survivors of members covered under the 1959 Survivor's Program upon the member's death before retirement). d. Section 20930.3 (providing service credit under the provisions of Chapter 830, Stats. 1976, for up to four years of continuous military or merchant marine service for persons who are members • because of employment by Public Agency) for miscellaneous members. 8. 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) 0 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 7.926 percent on account of the liability for current service benefits. (3) 0.205 percent on account of the liability for the 1959 survivors program. b. With respect. to local safety members, the py.:blic agency shall contribute the following percentages of monthly salaries earned as local safety members of said System: (1) 0 percent until June 30, on account of the liability for prior service benefits. (2) 11.635 percent on account of the liability for current service benefits. (3) 0 percent on account of the liability for the 1959 survivors program. 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 of a payroll designated by the System covering one month of each year, or with respect to the first year of participation, on the effective date of said participation. 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 lase. 9. 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 experience under the Retirement System, as determined by the periodical investigation and valuation required by said Retirement law. 10. 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 any period, proper adjustment shall be made in connection with subsequent remittances or adjustment on account of errors in contributions required of any employee py be made by direct cash payments between the employee and Board. ayments by Public Agency to Board may be • made in the form of warrants, bank checks, bank drafts, certified checks, money orders, or cash. B. This amendment shall b attached to said cont act and shall be effec- tive on the day of w Witness our hands this ZJ day of BOARD OF ADIMISTRATION PUBLIC DIPLOMI S' RETI MENT SYSTEM BY Al Carl J. Blechinger, Executive Officer Approved as to form: /S/ Legal Office, PERS CITY COUNCIL OF CITY SE:+IPORT BE BY / Pbisiding- Officer' \ f Attest: n lerk Ret. Form 702 -3