Resolution 1732
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RESOLUTION NO. 1732
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 GILROY.
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 changes proposed in said contract;
and
WHEREAS, the following is a statement of the proposed change:
Retirement allowances to which the annual cost-of-living provisions
apply, payable for time commencing on the first day of the calendar
month coinciding with or next following the effective date of this
amendment to or on account of persons retired or members deceased
on or prior to December 31, 1970, are hereby increased by 5%.
WHEREAS, the estimate of the cost of such change for the public agency
is set forth in a copy of the valuation report attached hereto, marked "Exhibit
All and by this reference incorporated into the amendment as though therein set
out i n full.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of
Gilroy, gives, and it hereby gives notice of intention to approve an amendment
to the contract between the City Council and the Board of Administration of
the Public Employees' Retirement System to accomplish the above change.
PASSED AND ADOPTED this 17th day of April, 1973, by the following vote:
NOES:
COUNCIL MEMBERS: DUFFIN, HUGHAN, PATE, SILVA, STOUT and
GOODRICH.
COUNC I L MEMBERS: None
AYES:
ABS ENT:
COUNCIL MEMBER: BATREZ
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City Clerk
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Mayor
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RESOLUTION NO. 1732
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"EXHIBIT A"
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
ACTURARIAL VALUATION TO DETERMINE COSTS
UNDER SB 135, CHAPTER 1413 (1972)
(5% Increase)
AGENCY NAME:
GILROY, CITY OF
AGENCY NUMBER:
733
DA TE:
February 9, 1973
Indicate desired method of funding the liabil ity for the inceeases with respect
to persons retired or members deceased prior to January 1, 1971:
MISCELLANEOUS MEMBERS
LUMP SUM PA YM ENT
3 YEARS
5 YEARS
10 YEARS
SAFETY MEMBERS
LUMP SUM PAYMENT
3 YEARS
5 YEARS
10 YEARS
$
4432
.37%
.22%
.11%
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I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do
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hereby certify that the attached Resolution No.
1732 is an original'
resolution, duly adopted by the Council of the City of Gilroy at a
adjourned
regular/meeting of said Coonci I held on the 17th day of Apri 1
, 19 ~ at which meeting a quorum was present.
IN ~IITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of the City of Gilroy, this
19th day of April
, 19 11...
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/City Clerk of the City of