HomeMy WebLinkAbout04-331 - ResolutionsRESOLUTION 04-331
AUTHORIZING A CORRECTION TO THE
AMENDMENT TO CONTRACT BETWEEN THE
. • . • - � _ it _ l�
T.FBI
CITY COUNCIL
CITY OF RANCHO CUCAMONGA
WHEREAS, the City Council of the City of Rancho Cucamonga hereinafter referred to
as Public Agency, and the Board of Administration of the Public
Employees' Retirement System entered into a contract effective January
28, 1978 providing for the participation of Public Agency in the Public
Employees' Retirement System; and
WHEREAS, said contract was amended effective December 2, 2002; and
WHEREAS, due to an inadvertence, paragraph "Y read:
" The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member shall
be determined in accordance with Section 21354.4 of said Retirement Law
(2.5% at age 55 Full).
[Note that legislation has been proposed that could amend
Government Code Section 21354.4 to make the 2.5% at 55 benefit
formula applicable to both active members and inactive members
who have not yet retired. If enacted, this amendment could have an
effect on your agency's actuarial valuation and employer
contribution rates in future years.]";and
WHEREAS, Section 20472 of the Government Code provides that corrections may be
made through amendments approved by the adoption of suitable
resolutions by the contracting parties;
NOW, THEREFORE, BE IT RESOLVED that said governing body of Public Agency
authorizes, and it does hereby authorize, a correction to the amendment to
contract effective December 2, 2002 as follows:
A. Paragraph 5 of said contract shall be changed as follows:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment before and not on or after December 2, 2002 shall be
determined in accordance with Section 21354 of said Retirement Law (2%
at age 55 Full)"; and
B. Paragraph 6 of said contract shall be added as follows:
" The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment on or after December 2, 2002 shall be determined in
accordance with Section 21354.4 of said Retirement Law (2.5% at age 55
Full)"; and
C. Paragraph numbers "6 through 11 "; shall be renumbered paragraph
numbers 7 through 12".
BE IT FURTHER RESOLVED, that the presiding officer of the governing body of Public
Agency is hereby authorized, empowered, and directed to execute said
amendment for and on behalf of Public Agency.
Adopted this 3rd day of _ November
2004
BOARD OF ADMINISTRATION CITY COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF RANCHO CUCAMONGA
Attest:
rt
Clerk
616 Resolution 7-2002
RESOLUTION NO. 04-331
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, AUTHORIZING A CORRECTION TO
THE AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF
ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT
SYSTEM AND THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA
WHEREAS, the City Council of the City of Rancho Cucamonga
hereinafter referred to as Public Agency, and the Board of Administration of the Public
Employees' Retirement System entered into a contract effective January 28, 1978
providing for the participation of Public Agency in the Public Employees' Retirement
System; and
WHEREAS, said contract was amended effective December 2, 2002; and
WHEREAS, due to an inadvertence, paragraph "5" read:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member shall
be determined in accordance with Section 21354.4 of said Retirement
Law (2.5% at age 55 Full)
[Note that legislation has been proposed that could amend
Government Code Section 21354.4 to make the 2.5% at 55 benefit
formula applicable to both active members and inactive members
who have not yet retired. If enacted, this amendment could have an
effect on your agency's actuarial valuation and employer
contribution rates in future years.]"; and
WHEREAS, Section 20472 of the Government Code provides that
corrections may be made through amendments approved by the adoption of suitable
resolutions by the contracting parties;
NOW, THEREFORE, BE IT RESOLVED that said governing body of
Public Agency authorizes, and it does hereby authorize, a correction to the amendment
to contract effective December 2, 2002 as follows:
A. Paragraph 5 of said contract shall be changed as follows:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment before and not on or after December 2, 2002 shall be
determined in accordance with Section 21354 of said Retirement Law
(2% at age 55 Full)", and
Resolution No. 04-331
Page 2of3
B. Paragraph 6 of said contract shall be added as follows:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment on or after December 2, 2002 shall be determined in
accordance with Section 21354.4 of said Retirement Law (2.5% at
age 55 Full)", and
C. Paragraph numbers "6 through 11"; shall be renumbered paragraph
numbers 7 through 12".
Please see the following page
for formal adoption, certification and signatures
Resolution No. 04-331
Page 3 of 3
PASSED, APPROVED, AND ADOPTED this 3rd day of November 2004.
AYES: Alexander, Gutierrez, Howdyshell, Kurth, Williams
NOES: None
ABSENT: None
ABSTAINED: None
William . xan r, Mayo
ATTEST:
ebra J. Adams MC, City Clerk
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 3rd day of November 2004.
Executed this 4t" day of November 2004, at Rancho Cucamonga, California.
Debra J. Adam MC, City Clerk