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Resolution 1982- 62 " . . ." RESOLUTION NO. 82 - 62 RESOLUTION OF THE COUNCIL OF THE CITY OF GILROY OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRA- TION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUN- CIL OF THE CITY OF GILROY. WHEREAS, the Public Employees' Retirement Law permits the parti- cipation 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 \iHEREAS, one of the steps in the procedure to amend this con- tract 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 whal1 contain a summary of the change proposed in said contract; and WHEREAS, the following is a statement of the proposed change: To provice a formula change from 1/2 at 55 to 2% at 50 Full Formula for local fire members only. NOW, THEREFORE, BE IT RESOLVED, that the governing body of the above agency gives, and it does hereby give notice of intention to approve an amendment to the contract between the said governing body 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. PASSED AND ADOPTED this 19th day of April, 1982, by the following vote: AYES: COUNCIL MEMBERS: ALBERT, GAGE, HUGHAN, LINK, TAYLOR, VALDEZ and GOODRICH. COUNCIL MEMBERS: None COUNCIL MEMBERS: None NOES: ABSENT: APPROVED: ~~~&.ii~:"L Mayor ATTEST: d/'u-Jt.~ / Cfty Clerk RESOLUTION NO. 82 - 62 . "EXHIBIT" . ? A~NDMENT TO CONTRACT BETWE8N THE BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RET;;IREMENT SYSTEJII AND TH E CITY COUNCIL OF THE CITY 01 GILROY '. - The Board of Administration, Public Employees' Retirement System, herein- after referred to as Board, and the governing body of above public agency, here- inafter referred to as Public Agency, having entered into a contract under date of ~ay 21, 1968, effective July 1, 1968, and as amended effective November 3, 1971, AU~lst 1, 1973, January 1, 1975 and July 1, 1981, which provides for participation of Public Agency in ~id System, Beard and Public Agencj hereby agree as follows: ~ ~ A. Paragraphs 1 througl'r 11 are here~ricken from said contract as executed effective July 1, 1981, and hereb placed by the following paragraphs numbered 1 through 12 inclusive: ~ 1. All words and terms used herein ~~'Ch are defined in the Public Employees' Retirement Law shall h the meaning as defined .therein unless otherwise specifically provl . "Normal retirement age" shall mean age 60 for local miscellaneous ~age 55 for local police ~embers and age 50 'for local fire me s. 2. Public Agency shall participate in the lic Employees' Retirement SJstem from and after July 1, 1968 makin~s employees as hereinafter provided, members of said System subject 11 provisions of the Public Employees' Retirement Lav except sue s apply only on election or-a contracting agency and are not provided for herein and to all amendments to said Law hereafter enacted except such as by express provisions thereof apply only on the election of contracting 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 safety members (herein referred to as local miscellaneous members). In addition to the classes of employees excluded fro. membership by said Retirement Lav, the following classes of employees shall not become ~embers of said Retirement Systes: ELECTED OFFICIALS, PERSONS COMPENSATED ON AN HOURLY BASIS - . . " 4. Assets accumulated vith respect to members in the local retirement system were transferred to the Public Employees' Retirem~nt Syste~ within four months of contract date and applied against the liability for prior service incurred thereunder. That portion of the assets 80 trans ferred which represen ted--the accumulated contributions (plua interest thereupon) required" of the employees under said local system has been credited to the individual membership account of each such employee under the Public Employees' Retirement System. 5. The fraction of fina~ compensation to be provided for each year of credited prior and current service as a local miscellaneous member shall be that provided in Section 21251.13 of said Retirement Lav vi th all service prior to Social Security termination December 31 p 1974, subject to the reduction provided by said section. ~ The fraction of final compensati~ to credited prior and current servi~as determined in accordance with Sect~n (One-half pay at age 55). () The fraction of final compensation ~be provided for each year of credited prior and current service a~a local fire member shall be determined in accordance with Sectio~1252.01 of said Retirement Lav (2% at age 50 Full). ~ , The folloving additional provisions of ~ Publfc Employees' Retire- ment Law vhich apply only upon election -~ a contracting agency shall apply to the Public Agency and its emplo~a: ~ Section 20952.5 (Age' 50 voluntary reb{)ement1 for local safety members only.. .~=. Sections 21380-21387, (1959 Survivors P~gram)~ excluding Section 21382.2 (Increased 1959 Survivors benefits). 6. be provided for each year of a local police member shall be 21252.1 of said Retirement Law 7. 8. a. b. c. Section 21361.5 (Local System Service Credit) for local miscel- laneous members only. d. Section 21222.1 (Special 5% increase - 1970). e. Section 20983.6 ('iaiver of age 70 retirement) for local miscel- laneous members only. 9. Public Agency, in accordance with Section 20740, Government Codep ceased to be an NemployerN for purposes of Chapter 6 of the Public Employees' Retirement Law effective on July 1p 1981. 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 aforementioned date and contributions thereafter made shall be held ~ the Board &s provided in Section 20759. Government Code. - . . 10. Public Agency shall contribu~e to said Retirement System as follovs: a. With respect to miscellaneous members, the ag~ncy shall con- tribute the folloving percen~ages of monthly salaries earned as miscellaneous members of said Retirement System: (1) 4.447 percent until June 30, 1983 on account of the liability for prior service bepefits. (2) 8.268 percent on account of the liability for current service benefits. (3) 0.227 percent on account of the liability for the 1959 Survivor Program. b. With respect to local safety members, the agency shall contribute the folloving percentages of monthly salaries earned as local safety members of said Retirement System: (1) 2.895 percent until June 30, 1988 on account of the liability for prior service benefits. 1 1 . (2) 13.401 ~rcent on account of the liability for current service~nefits. u-~ c. A reasonable ~junt per annum, ~s fixed by, the Board to cover the costs of admi~tering said System as it affects the employees of Public Agency,~t including the costs of special valuations or of the periodi~vestigation and valuations required by law. ::.4 . . d. A reasonable am~t as fixed Qy the Board. payable in one install- ment as the occa~ns arise, to cover the costs of special valua- tions on account~ employees of Public Agency, and costs of the periodic investig~on and valuations required by law. Contributions required ~\PubliC Agency and its employees shall be subject to adjustment b~oard on account of amendments to the Public Employees' Retirement Lab and on account of .the experience under the Retirement System as dete~ined by the perioGic investigation and valuation required by sai~~etirement 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 less than the correct amount of contributions is paid for any period, proper adjustment shall be made in connection with subsequent remittances. or adjustments on account of errors in contributions required of any employee may be made by direct cash payments betveen the employee and the Board. Payments by Public Agency to Board .~ be made in the fora of warrants, bank checks. ~ank drafts, ~erti/ied_check8, soney orders or cash. . . B. This amendment shall be attached to said contract and shall be effective on the day of , 19 Witness au r hands the day of , 19_ --- BOARD OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES' RETIREME~T SYSTEM OF THE CITt 01 GILROY BY Carl J. Blechinger, Executive Officer BY Presiding Officer Approved as to form: ~ ~ A ttes ten "' - Q ~.. 'r Cynthia ~. Be:..e , Legal Orfica, .. 8 Z Clerk g (It PERS C5-7?2 Z Date .. ,# rn >< ::c - !i. o % q. . . . .. -- .. t .. I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 82-62 is an original resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council held on the 19th . day of April, 19 ~, at which meeting a quorum was present. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of the City of Gilroy this 3rd day of May , 19 ~.. /'