HomeMy WebLinkAbout96-12 - PERS Contract AmendmentRMS0LUTION NO. 96 -12
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 procedures to amend this contract is the adoption by the governing
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
WHEREAS, the following is a statement of the proposed change:
To provide Section 21573 (Third Level of 1959 Survivor Benefits)
for local miscellaneous members; and Section 21382.5 (Fourth
Level of 1959 Survivor Benefits) for local safety members only.
NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency does hereby give
notice of intention to approve an amendment to the contract between said public agency 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.
Fobs ani 12, 1996
Date adopted and approved
(Amendment)
CON -302 (Rev. 8/94)
•
By ��,A —)
Presiding Officer
Title / ' °• V G/
EXHIBIT
kV, t W100 t of,ii iitlC•Z•7•T�i r l .
BETWEEN THE
BOARD OF ADMINISTRATION
OF THE
PUBLIC EMPLOYEES' 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 governing body of above public agency, hereinafter referred to as Public Agency, having entered
into a contract effective July 1, 1945, and witnessed April 27, 1945, and as amended effective March 1,
1948, November 1, 1951, April 1, 1956, October 31, 1970, September 18, 1971, December 11, 1971,
September 24, 1977, December 18, 1977, June 17, 1978, March 24, 1979, June 30, 1979, January 12,
1989 and December 2, 1989 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 December
2, 1989, and hereby replaced by the following paragraphs numbered 1 through 12 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 local miscellaneous members and age 50
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 hereinafter 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 those, which by express provisions
thereof, apply only on the election of a contracting agency.
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 Fire Fighters (herein referred to as local safety members);
b. Local Police Officers (herein referred to as local safety members);
C. Lifeguards (included as local safety members);
d. Employees other than local safety members (herein referred to as local
miscellaneous members).
4. In addition to the classes of employees excluded from membership by said Retirement
Law, the following classes of employees shall not become members of said Retirement
System:
a CADETS; AND
b. RESERVE OFFICERS.
PLEASE DO NOT SIGN "EXHIBIT ONLY"
5. The percentage of final compensation to be provided for each year of credited prior and
current service as a local miscellaneous member shall be detemrined in accordance with
Section 21251.13 of said Retirement Law (2% at age 60 Full).
The percentage 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
21362 of said Retirement Law (2% at age 50 Full).
7. Public Agency elected and elects to be subject to the following optional provisions:
a. Section 20421 ( "Local Safety Member" shall include ocean beach lifeguards of
• a city as described in Government Code Section 20421).
b. Section 21573 (Third Level of 1959 Survivor Benefits) for local miscellaneous
members.
C. Section 21382.5 (Fourth Level of 1959 Survivor Benefits) for local safety
members.
d. Section 21024 (Military Service Credit as Public Service), Statutes of 1976.
e. Section 21583 (Second Opportunity to Elect 1959 Survivor Benefits) for local
miscellaneous members. Legislation repealed said Section effective September
27, 1979.
f. Section 20965 (Credit for Unused Sick Leave) for local miscellaneous members.
Public Agency, in accordance with Government Code Section 20790, ceased to be an
"employer" for purposes of Section 20834 effective on September 24, 1977.
Accumulated contributions of Public Agency shall be fixed and determined as provided
in Government Code Section 20834, and accumulated contributions thereafter shall be
held by the Board as provided in Government Code Section 20834.
9. Public Agency shall contribute to said Retirement System the contributions determined
by actuarial valuations of prior and future service liability with respect to local
miscellaneous members and local safety members of said Retirement System.
10. Public Agency shall also contribute to said Retirement System as follows:
a. Public Agency shall contribute $2.00 per member, per month on account of the
liability for the 1959 Survivor Benefits provided under Section 21573 of said
Retirement Law. (Subject to annual change.) In addition, all assets and
liabilities of Public Agency and its employees shall be pooled in a single account,
based on term insurance rates, for survivors of all local miscellaneous members.
b. Public Agency shall contribute $9.00 per member, per month on account of the
liability for the 1959 Survivor Benefits provided under Section 21382.5 of said
Retirement Law. (Subject to annual change.) In addition, all assets and
liabilities of Public Agency and its employees shall be pooled in a single account,
based on term insurance rates, for survivors of all local safety members.
C. A reasonable amount, as fixed by the Board, payable in one installment within
60 days of date of contract to cover the costs of administering said System as it
affects the employees of Public Agency, not including the costs of special
valuations or of the periodic investigation and valuations required by law.
d. A reasonable amount, as fixed by the Board, payable in one installment as the
occasions arise, to cover the costs of special valuations on account of employees
of Public Agency, and costs of the periodic investigation and valuations required
by law.
• 11. 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 the experience under the Retirement System as determined by the periodic
investigation and valuation required by said Retirement Law.
12. Contributions required of Public Agency and its employees shall be paid by Public
Agency to the Retirement System within fifteen days after the end of the period to which
said contributions refer or as may be prescribed by Board regulation. If more or less
than the correct amount of contributions is paid for any period, proper adjustment shall
be made in connection with subsequent remittances. Adjustments on account of errors
in contributions required of any employee may be made by direct payments between the
employee and the Board.
B. This amendment shall be effective on the day of '19—.
BOARD OF ADMINISTRATION CITY COUN J!L
PUBLIC EM�OYEES' RETIREMENT SYSTEM OF THE
9� CITY OF NERT BEACH
BY BY
CHIEF
ROD Presiding Officer U
ACTUARIAL OFFIC���+� J,
PUBLIC EMPLOYEES" TIREMENT SYSTEM
Witness Date y
-/, Attest:
Z��
Clerk
AMENDMENT
PERS- CON -702A (Rev. 1/96)
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Actuarial Office
Public Agency Contract Services
P.O. Box 942709
Sacramento, CA 94229 -2709
(916) 326 -3420
• CERTIFICATION OF GOVERNING BODY'S ACTION
I hereby certify that the foregoing is a true and correct copy of a Resolution adopted by the
City Council of the
(governing body)
City of Newport Beach
(public agency)
on February 12, 1996.
(date)
llN.'W *'
Clerk/Secretary
Title
PERS- CON -12 (rev. 5/95)
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Actuarial Office
Public Agency Contract Services
P.O. Box 942709
Sacramento, CA 94229 -2709
(916) 326 -3420
• CERTIFICATION OF COMPLIANCE WITH
GOVERNMENT CODE SECTION 7507
I hereby certify that in accordance with Section 7507 of the Government Code the future annual
costs as determined by the System Actuary and/or the increase in retirement benefit(s) have been
made public at a public meeting of the City Council
(governing body)
of the C i
Beach
agency)
on February 12, 1996 which is at least two weeks prior to the adoption of the
(date)
Resolution/Ordinance.
Date
Clerk/Secretary
Title
PERS- CON -12A (rev. 5195)
AGREEMENT
TO POOL
1959 SURVIVOR BENEFITS ASSETS AND LIABILITIES
BETWEEN THE
BOARD OF ADMINISTRATION
OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF NEWPORT BEACH
WHEREAS, Government Code Section 21573 provides for a single employer rate to be established to
provide benefits under said Section on account of members employed by contracting
agencies electing to include the provision of said Section in their contracts; and
WHEREAS, Government Code Section 21573, requires pooling of all assets and liabilities of all
contracting agencies subject to said Section;
NOW, THEREFORE BE IT AGREED, that assets and liabilities of the City of Newport Beach and its
covered employees shall be pooled pursuant to the provisions of Government Code Section
21573.
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
BY
CHIEF ACTUARY
ACTUARIAL OFFICE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
PERS- CON -59 (Rev. 1/96)
CITY COUNCIL
OF THE
CITY OF NEWPORT BEACH
BY '
Presiding Officer
Date --1(— 13'y�