HomeMy WebLinkAbout9150 - Public Employees Retirement SystemRESOLUTION NO. 9150
A RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT
• TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION
OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND
THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
WHEREAS, the Public Employees' Retirement Law
permits the participation of public agencies and their employees
in the Public Employees' Retirement System by the execution
of a contract, and sets forth the procedure by which said
public agencies may elect to subject themselves and their
employees to amendments to said law; and
WHEREAS, one of the steps in the procedure to amend
this contract is the adoption by the legislative body of the
public agency of a resolution giving notice of its intention to
approve an amendment to said contract, which resolution shall
contain a summary of the change proposed in said contract; and
change:
WHEREAS, the following is a statement of the proposed
Provides service credit under the provisions
of Chapter 830, Statutes 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.
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Newport Beach does hereby give notice of intention
to approve an amendment to the contract between the City Council
of the City of Newport Beach and the Board of Administration
of the Public Employees' Retirement System, a copy of said amendment
• being attached hereto as an Exhibit, and by this reference made
a part hereof.
ADOPTED this 11th
ATTEST:
ity Clerk
day of
"^ ems. ,
a .,r. dt_ 13 l =-
1977.
DDO /bc
7/6/77
90,1DIMT TO CONTRACT BE MEN THE
BOARD Or AD:ffNISTRATICN
PUBLIC EHTLOYEES' RETIRE11ENT SYSTEI4
AND THC
CITY COUNCIL
OF THE
CITY OF N ,1PORT BEACH
' The Board of Administration, Public Employees' Retirement System, hereinafter
referred to as Board and the CITY COUNCIL of the CITY OF 111767PORT 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, 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 Iaw 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. 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
Ret. Form 702 -1
4 >,.'The` fraction of final compensation to be provided for each year of
F. -r� '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.
;Cw
5. The fraction of final compensation to be provided for each year of
�.4 credited prior and current service as a local safety member shall
; �.':
�. -s <. be determined in accordance with Section 21252.1 of said Retirement
' Law.
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 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).
b. Section 21380 -21388 (providing for all(nrances for survivors of
members covered under the 1959 Survivor's Program upon the
member's death before retirement).
c. 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.
S. 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 public agency
shall contribute the following percentages of monthly
salaries earned as local safety members of said System:.
Est. Form 702-2
•
(1) O 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 law.
9. Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the Public
Employeest Retirement Lair, 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 ray 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 be attached to said contract and shall be effec-
tive on the day of
Witness our hands this
BOARD OF AMI MSTRATION
PUBLIC EMFLOYEES' RETIRB•IENT SYSTFA4
BY
Carl J. Blechinger, Executive Officer
Approved as to form:
Legal Office, PERS
day of
CITY COUNCIL
Cr THE
CITY OF IWNPORT BEACH
BY
Presiding Officer, ery -
Attest ='
U.i?t•
Clerk `
Ret. Form 702-3
CERTIFICATION OF GOVERNING BODY'S ACTION
1 hereby certify that the foregoing is a true and correct copy
• of a Resolution adopted by the
(Governing Body)
of the
(Name of Public Agency)
on appearing at Page
(Date)
Volume of the (Minutes) (Official Records) of the
(Governing Body)
CITY CLERK or
Secretary of the Board
PERS- ACT -12 (11/71)