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HomeMy WebLinkAbout3107 - State Employees Retirement System1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 RESOLUTION 110. 1 RE50LUT20113 OF I.RIT LION TO APPROVE 0011T'i! t3 t .PTIOSVIDI ?0 POP PARTICIPATION Ycs as ATIE E"LOYE 31 1L 1k 0.1iEi; w 3Y13TEM. IRIEBEAG, the : state Employees' Retirement !lot permits the paartialpatio,, of municipal corporations in the State :mployees' Retireme:sat ;37stem, mekiaa- their employees meaabers of said System, and sets forth the procedure by Which . rt1cip :tion may be aceonp- lished; cnd one step In rigid procedure irj the adoption by the legislative bony of t_e municipal corporation, of a resolution giving notioe of intention to approve a contract between said leg. i©le tive b;adS atlu the Board of Administration of acid AetiremF)nt System, providir for Said participation, which said resolution shall contain a s -a:ry of the major provisions of the proposed re- tiretlent system; and VI REAS, the following is a summary of the major provisions of the }proposed retirement systems . The System is administered by a< board of eight members, or.-m 'nosed of three r�=ab3r- of thr. .yyrytem, an officinal of a bank, an official of an insurance anmpr.fly, the Director of Fjrz nos, ~. r embc- oz' the :state Personnel Board, any an offioial of the 2. Retirement for service is optional upon attainment of an age which shall be not less than 55 years or more than 60 years, as provided in said contract, by city firemen, end age 60 by city policemen and by other employees, and completion of twenty years of Service for the municipal corporation, and is com- pulsory at age 65 for city firemen and city policemen, and at age 70 for other employees. a. �ihe nontlily rpwirenent allouance payable u »an retirement for service is dependent upon such factors ce aqe, sex, SvIny,, v and Mrs of service. For c4 ty pollooilen and city firemen, retiring at the optionaal age in paara�.:r pa 2, or at a hi -her age v-1th ttronty yearn of servioe,the monthly allowEnoe is a pproximetel.y one-half the P- ver- -- uotachty Salary during the five yetwcn Imnod4 as Wely preoec?- ing retirement. For other city employees, the monthly a3ic* :+once, urul retlreO=t 't i�9(' 65, Ir orProximc,,tely 1 /70th of the average monthly salary LAW OFFICES OF I -1- A-a THOMPSON 210 SPURGEON SLOG. SANTA ANA. CALIF. 9 t 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 LAW OFFICES OF �I ROLANO THOMPSON 210 SPAR GEGN BLDG. SANTA ANA. CALIF. during the five yens immediately preceding retire - ment, for es.ch yerr of service after the effective date of participation, plus approximately 1 /70th, or less as may be provided in said oontruct by the municipal corporation for its employees, of the average monthly salary during the three years im- mediately preceding the effeotive date of r-,artieipation, for each ye,-.r of service prior to that date. firemen and ity 4. Retirement for disability except in the ce.se of eitye policemen disabled from injury arising out of and in the course of employment, is permitted only after ten years of service and upon proof of incapacity for the performance of duty. 5. The monthly retirement allowance payable upon disability retirement, described in precedin(; item 4, is dependent upon such fnotors as age, salary and years of service, but generally is equal to 901j', of 1 /70th of the average monthly salary during the five years immediately pre- ceding retirement, for ecsoh year of service, A th a grantee of 2501 of said salary, subject to certain restrictions and modifioations. and city firemen S. Disability retirement of city policemen] in the event of disability arising out of and in the course of employment, is permitted regardless of age and service, the monthly retirement allowance being one half the average monthly salary during the five years immediate- ly preceding retirement. 7. The benefit peyable at death, except in the ease of city policemen -nd city firemen dying from injury arising out of and in the ooiirse of employment, consists of the contributions of the member plus interest, end plus 1/12th of the member's annual salary during the year Immediately preceding death, for each year, not exceeding six years, of service an e. meaaber of the system. 0. The monthly alloranee payable to the .widow and children, at the death of city policemen and city firemen arising out of and in the course of employment, is one -half the average monthly salary during the five years immediately preceding death. 9. The benefit upon separation from service b,r other cause then death or retirement, is the refund of the member's contributions, with interest. 10. Contributions required of city policemen and city fire- men, without credit for prior service, depend upon salary and upon age of entry into the retirement system, the contributions per €100 of salary varying from 3?5.40 at entry age 21, to ,9.32 at entry age 359 for example, If the minimum service retirement C- a is 60, or 47.63 and 814.35, if the minimum cge is 55. Contributions of policemen end firemen hevirr, credit for prior ser- vice depend on selsry, entry c @e, end amount of prior service, the amount of contribution per 1100 being $13.79 for example, at entry age 599 with 19 years of prior service, if the minimum service retirement age isi lJ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 LAW OFFICES OF QQ ROLAND THOMPSON' 210 SPURGEON SLOG. SANTA ANA. CALIF. J and ', .16.33 at age 54, with 19 years of prior service, if the minimum service retirement age is 55. 11. For other ci upon salary, ment system, varying; from for men, and for women. ty employees, the contributions depend sex, and age of entry into the retire - the contributions per ,..100 of salary :;4.83 at age 20, to '-7.45 at age 64, from :,,5.83 at age 20, to .A..50 at age 64, 12, The city is required to contribute the balance of the funds necessary to meet the cost of the benefits provided under the retirement system for the city's employees. The city also is required to pay its proportionate snare of the administrative costs of the system. 13. Ability of the Retirement System to pay benefits is safeguarded by a provision authorizing the Board of Administration to revise contributions of both employees and the city, in the light of experience under the system. NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Nei-port Beach, give, and does hereby give notice of intention to approve a. contract between said City of Newport Beach and the Board of Administration of the State Employees' Retirement System, providing for the participation of said City of Wewport Beach in said Retirement System, a copy of said contract being attached hereto, marked "Exhibit All, and by reference made a part hereof. I hereby certify that the foregoing Resolution was duly and regularly passed and adopted by the City Council of the City lof Newport Beach at an adjourned regular meeting thereof held on the k�' day of January, 1945, by the f011017ing roll call vote, A ES, 00MIGIL�=: NOES, COUN C ILLMN: ABSti!T, COUPICIL 7N: _ "--- City Clerk