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HomeMy WebLinkAbout3112 - State Employees Retirement SystemFJ RESOLUTION NO.JLJZ RESOLUTION OF INTENTION TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN STATE EMPLOYEES' RETIREMENT SYSTEM WHEREAS, the State Employees' Retirement Act permits the participation of municipal corporations in the State Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished; and WHEREAS, one step in said procedure is the adoption by the legislative body of the municipal corporation, of a resolution giving notice of intention to approve a contract between said legislative body and the Board of Administration of said Retirement System, providing for said participation, which said resolu- tion shall contain a summary of the major provisions of the proposed retirement system, and WHEREAS, the following is a summary of the major provisions of the proposed retirement system: 1. The System is administered by a board of eight members, composed of three members of the System, an official of a bank, an official of an insurance company, the Director of Finance, a member of the State Personnel Board, and an official of the University of California. 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, and age 60 by city policemen and by other employees, and completion of twenty years of service for the municipal corporation, and is compulsory at age 65 for city firemen and city policemen, and at age 70 for other employees. 3. The monthly retirement allowance payable upon retirement xor service is derendent upon such factors as age, sex, salary and years of ser- vice. For city firemen and city policemen, retiring at the opticnal age in paragraph 2, or at a higher age with twenty years of service, the monthly allowance is approximately one -half the average monthly salary during the five years immediately preceding retirement. For other city employees, the monthly allowance, upon retirement at age 65, is approximately 170th of the average monthly salary during the five years immediately preceding retirement, for each year of service after the effective date of participation, plus approximately 1/70th, or less as may be provided in said contract by the municipal corpora- tion for its employees, of the average monthly salary during the three years immediately preceding the effective date of participation, for each year of service prior to that date. F122 -1 6 -10 200 4. Retirement for disability, except in the case of city firemen and city policemen disabled from injury arising out of and in the course of em- ployment, 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 preceding item 4, is dependent upon such factors as age, salary and years of service, but generally is eoual to 90% of IJ70th of the average monthly salary during the five years immediately preced- ing retirement, for each year of service, with a guarantee of 25% of said salary, subject to certain restrictions and modifications. 6. Disability retirement of city firemen and city policemen, in the event of disability arising out of and in the course of employment, is per- mitted regardless of age and service, the monthly retirement allowance being one -half the average monthly salary during the five years im- mediately preceding retirement. 7. The benefit payable at death, except in the case of city firemen and city policemen dying from injury arising out of and in the course of employment, consists of the contributions of the member plus interest, and plus 112th of the memberls annual salary during the year immediately preceding death, for each year, not exceeding six years, of service as a member of the system. 8. The monthly allowance payable to the widow and children, at the death of city firemen and city policemen 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 by other cause than death or retirement, is the refund of the member's contributions, with interest. 10. Contributions reruired of city firemen and city policemen, 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 $5.40 at entry age 21, to $9.32 at entry age 35, for example, if the minimum service retirement age is 60, or $7.63 and $14.35, if the minimum age is 55. Contributions of firemen end policemen having credit for prior service depend on salary, entry age, and amount of prior service, the amount of contribution per $100 being $13.79 for example, at entry age 59, with 19 years of prior service, if the minimum service retirement age is 60, and $16.33 at age 54, with 19 years of prior service, if the minimum service retirement age is 55. 11. For other cit;, employees, the contributions depend upon salary, sex, and age of entry into the retirement system, the contributions per $100 of salary varying from $4.83 at age 20, to $7.45 at age 64, for men, and from $5.83 at age 20, to $8.50 at age 64, for women. 7 122-2 7 -44 200 ..,4 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 pro- portionate share 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 contribu- tions of both employees and the city, in the light of experience under the system. Naa, therefore, BE IT RESOLVED, that the City �CityCCouunncil, Board of Supervisors or Qoverning of Newport Beach _ give, and does Board) _ ' -Tame of Subdivision) hereby give notice of intention to approve a contract between said City �� City oP �ew�ort Beach and the Board of Administration Council, Board of Supervisors or Governing Board) of the State Employees' Retirement System, providing for the participation of said City OP Newport Beach in said Retirement System, Name of Subdivision a copy of said contract being attached hereto, marked "Exhibit A," and by reference made a part hereof. City of -- (City Council, Board of Supervisors, or Governing Board) Newport ch Na*ae of By Clark or Secretary IF122 -3 6 -40 200