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Home My WebLink About1760 - Public Employees Retirement SystemORDINANCE NO. 1760 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH.AUTHORIZINC AN AMENDMENT TO THE CONTRACT BETWEEN THE CITY COUNCIL AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM (CHP 2% AT 50) The City Council of the City of Newport.Beach DOES ORDAIN as follows: SECTION 1. That an amendment to the Contract'between the City Council of the City of Newport Beach and the Board of Administration, California Public Employees' Retirement System (CHP 2% at 50), is hereby authorized, a copy of said amendment being attached hereto, marked "Exhibit A ", and by such reference made a part hereof as though herein set out in full. • SECTION 2. The Mayor and City Clerk of the City•of, Newport Beach are hereby authorized, empowered and directed to execute said amendment for and on behalf of the City of Newport Beach. SECTION 3. This Ordinance shall take effect thirty (30) days after the date of its adoption, and prior to the expiration of fifteen (15) days from the passage thereof shall be published at least once in the Newport Harbor Ensign, a newspaper of general circulation, published and circulated in the City of Newport Beach, and thenceforth and thereafter the same shall be in full force and effect. This Ordinance was introduced at a regular meeting of the City Council of the City of Newport Beach held on.the 27th day of February 1978, and was adopted on the 13th day of March 1978, by the following vote, to wit: ATTEST: City Clerk CERTIFIED AS THE ORIGINAL AND CERTIFIED AS TO PUBLICATION 5 99,,79 DATE :............. ::._.:..: w~:........ ... ................. CITY CLERK OF THE Clri Oi ORT EFACH. AYES, COUNCILMEN: Dostal, Barrett, Kuehn, McInnis, Rogers, Ryckoff, Williams NOES, COUNCILMEN: None ABSENT COUNCILMEN: None DDO /bc 2/15/78 � 't'rN To CrTV OF NEWPORT BEACH 3300 NEWPORT BOULEVARD NEWPORT BEACH, CALIF. 92663 AMENUMM TO CONTRACT SETWERN THE BOARD OF ADMINISTRATION PUBLIC 09LOYEES$, RETIREEIENT SYSTEM AND 708E CITY COUNCIL 07%0 CITY OF NEWOAT BUM The Board of Administration` Publid Employees Retirement System, herein - after referred to as "Board°", and the governing body of above public agency$, hereinafter referred to as "Public Agency", having entered into a contract under date of April 270 1945, effective July 1, 1945, and as amended effective March 10 1948, November 1, 1991, April 1, 1956, October.31, 1970, September 18, 1971, December 11, 1971, September 24, 19770 and December 18, 1977, which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as folk A. Paragraphs 1 through 10 are hereby stricken from said contract as executed effective September 24, 1977, and hereby replaced by the following paragraphs number 1 through 11 inclusives 1, All words and terms used herein which are defined in the Public EmployeaO Retirement Law shall have the meaning as defined therein unless otherwise specifically provided. "Nord retirement age" shall mean age 60, for miscellaneous members and age 50 for local fire and police members, and age 55 for local lifeguards on ocean beaches. 2 Public Agency Shall participats in the Public Employees' Retirement System from and after July 1, 1945, making its employees as hereinafter providedo members off-said System subject to all provisions of the Public Employees' Retirement Law except such es apply only oa election of a contracting agency and are not provided for herein and to all amendments to said Law hereafter onacted except such as by express provisions thereof apply only on the election of contracting agencies. 3, Employees of Public Agency in the following masses shall become members of said Retirement System except such in each such class as are excluded by law or this agreements a. Local Piremen (herein referred to as local safety members), b. Local. Policemen (herein referred tows local safety members); c. Lifeguards on ocean beaches (included as local safety member@)- d. Employees other than local safety members (herein re ad to s ,� miscellaneous members). In addition to the classes of employees excluded from q, �.p W- clef, said Retirement Law$, the following classes of employ �shali t,�� become members of said Retirement Systems Z /VL% r;7' Of NO ADDITIONAL EXCLUSIONS F 4. The fraction of final compensation to be provided for each year of credited prior and current service as a miscellaneous member shall be determined in accordance with Section 21251.13 of said Retirement Law (2% at age 60). 5. The fraction of final compensation to be provided for each year of credited prior and current service as a safety member shall be determined in accordance with Section 21252.01 of said Retirement Law (2% at age 50). 6. The fraction of final compensation to be provided for each year of credited prior and current service as a safety member shall be determined in accordance with Section 21252.1 of said Retirement Law (One -half pay at age 55) for lifeguards on ocean beaches. 7. The following additional provisions of the Public Employees' Retirement Law which apply only upon election of a contracting agency shall apply to the Public Agency and its employees: a. Section 20019.3 (providing for inclusion of lifeguards on ocean beaches as local safety members). b. 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). C. Sections 21380 -21388 (providing for allowances for survivors of members covered under the 1959 Survivor's Program upon the member's death before retirement). d. Section 20930.3 (allowing public service credit under the provisions of Chapter 830, State. 1976, for up to four years of continuous military or merchant marine service). e. Section 21389 (providing that miscellaneous members not covered by Federal Social Security who did not elect to be covered by the 1959 Survivor Benefit when Public Agency added said benefit to its contract shall be given another opportunity to elect to be covered under the program). 8. Public Agency, in accordance with Section 20740, Government Code, ceased to be an "employer" for purposes of Chapter 6 of the Public Employees' Retirement Law effective on September 24, 1977. Accumulated contributions of Public Agency as of the aforementioned date shall be fixed and determined as provided in Section 20759, Government Code, and accumulated contributions as of the afore- mentioned date and contributions thereafter made shall be held by the Board as provided in Section 20759, Government Code. 9. Public Agency shall contribute to said Retirement System as follows: a. With respect to miscellaneous members, the agency shall contribute the following percentages of monthly salaries earned as miscellaneous members of said Retirement System: (1) 7.926 percent on account of the liability for current service benefits. CON -702 -2 (2) 0.205 percent on account of the liability for the 1959 Survivor Program. b. With respect to local safety members, the agency $hall contribute the following percentages of monthly salaries earned as local safety members of said Retirement Systems F (1) 19.025,percent on account of the liability for current service benefits. c. A reasonable amount per annum, as fixed by the Hoard 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 periodical investigation and valuations required by law. d. A reasonable amount as fixed by the Boards 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 periodical investigation and valuations required by law. 10. 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 periodical 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 thirty days after the end of the period to which said contributions refer or as may be prescribed by Board regulation. If more or leas than the correct amount of contributions is paid for any period, proper adjustment shall be made in connection with subsequent ramittances, or adjustments on account of errors in contributions required of any employee may be made by direct cash payments between the employee and the Board - Payments by Public Agency to Board may be made in the form of warrants, bans checks# bank drafts,, certified chechel, money orders, or cash. Be This amendment shall be attached to said contract and shall be effective on the 17th_ day *9 June i9 78 CON -702 -3 r A Witness our hands this lath day of YArch 19 78 BOARD 'OF'AIXIINISTRATION CITY COUNCIL PUBLIC E42LOYRES° RETIBECG7'.0 SYSTEM of THE CITY OF NEWPORT BRAES By Carl �" BY J. echinger, cutive O f Car fyosiding Officer Approved as to forms .Attests Legal off3ee, PERS. ►Z -�a - Clark Con. Vorm 702-4