Loading...
HomeMy WebLinkAbout2010-142 - PERS Contribution for Key and Management EmployeesRESOLUTION NO. 2010 -142 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH RESCINDING RESOLUTION NO. 94 -38 TO MODIFY THE PAYING AND REPORTING OF THE VALUE OF THE EMPLOYER PAID MEMBER CONTRIBUTION TO THE CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM (CALPERS) FOR KEY AND MANAGEMENT EMPLOYEES WHEREAS, the City Council of the City of Newport Beach previously adopted Resolution No. 94 -38 to pay and report the value of the 7% Employer Paid Member Contribution (EPMC) to CalPERS for employees in the Key and Management group; and WHEREAS, the City Council of the City of Newport Beach has the authority to implement Government Code Section 20636(c)(4) pursuant to Section 20691 to report the value of the Employer Paid Member Contribution if provided for in a written agreement; and WHEREAS, the City Council of the City of Newport Beach has adopted a Key and Management Compensation Plan which specifically provides a portion of the normal member contribution to be paid by the employer and reported as additional compensation; and WHEREAS, one of the steps in the procedures to implement Section 20691 is the adoption by the City Council of the City of Newport Beach of a resolution to modify the paying and reporting of the EPMC; and WHEREAS, the City Council of the City of Newport Beach has identified the following conditions for the purpose of its election to pay and report the value of the EPMC. NOW, THEREFORE, the City Council of the City of Newport Beach does RESOLVE to pay and report the value of EPMC as follows: Section 1. This benefit shall apply to all employees in the Key and Management group. Section 2. Effective January 1, 2011, this benefit shall be modified to consist of paying 5.5% of the normal contributions as EPMC and reporting the same percent (value) as compensation earnable (excluding Government Code Section 20636(c)(4)) as additional compensation; Section 3. Effective July 2, 2011, this benefit shall be modified to consist of paying 4.0% of the normal contributions as EPMC, and reporting the same percent (value) as compensation earnable (excluding Government Code Section 20636(c)(4)) as additional compensation; Section 4. Effective December 31, 2011, this benefit shall be modified to consist of paying 2.42% of the normal contributions as EPMC, and reporting the same percent (value) as compensation earnable (excluding Government Code Section 20636(c)(4)) as additional compensation. Adopted this 14th day of December, 2010. Mayor of the City of Newport Beach ATTEST. City Clerk O C'4LE FCC STATE OF CALIFORNIA } COUNTY OF ORANGE } as. CITY OF NEWPORT BEACH } I, Leilani I. Brown, City Clerk of the City of Newport Beach, California, do hereby certify that the whole number of members of the City Council is seven; that the foregoing resolution, being Resolution No. 2010 -142 was duly and regularly introduced before and adopted by the City Council of said City at a regular meeting of said Council, duly and regularly held on the 14th day of December, 2010, and that the same was so passed and adopted by the following vote, to wit: Ayes: Selich, Rosansky, Henn, Gardner, Daigle, Webb, Mayor Curry Noes: None Absent: None Abstain: None IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the official seal of said City this 15th day of December, 2010. � L City Clerk Newport Beach, California (Seal)