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Home My WebLink About95-166 - ResolutionsRESOLUTION NO. 95-166 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 RANCHO CUCAMONGA 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 procedures to amend this contract is the adoption by the governing 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 change proposed in said contract; and WHEREAS, the following is a statement of the proposed change: To provide 2% @ 55 Full formula for local miscellaneous members, including an extension of the funding period to the year 2016. NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency does hereby give notice of intention to approve an amendment to the contract between said public agency 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, APPROVED, AND ADOPTED this 6th day of December, 1995. AYES: Alexander, Biane, Curatalo, Gutierrez, Williams NOES: None ABSENT: None William J./~xander, Mayor Resolution No. 95-166 Page 2 ATTEST: I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, Califomia, 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 6th day of December, 1995. Executed this 7th day of December, 1995, at Rancho Cucamonga, California. Debra J. Ada s,~C'MC, City Clerk Resolution No. 95-166 Page 3 AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA EXHIBIT The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of above public agency, hereinafter referred to as Public Agency, having entered into a contract effective January 28, 1978, and witnessed January 26, 1978, and as amended effective September 22, 1980, November 16, 1981 and September 26, 1988, which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: Paragraphs 1 through 10 are hereby stricken from said contract as executed effective September 26, 1988, and hereby replaced by the following paragraphs numbered 1 through 11 inclusive: All words and terms used herein which are defined in the Public Employees' Retirement Law shall have the meaning as defmed therein unless otherwise specifically provided. "Normal retirement age" shall mean age 55 for local miscellaneous members. Public Agency shall participate in the Public Employees' Retirement System from and after January 28, 1978 making its employees as hereinafter provided, members of said System subject to all provisions of the Public Employees' Retirement Law except such as apply only on election of a contracting agency and are not provided for herein and to all amendments to said Law hereafter enacted except those, which by express provisions thereof, apply only on the election of a contracting agency. 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: Employees other than local safety members (herein referred to as local miscellaneous members). In addition to the classes of employees excluded from membership by said Retirement Law, the following classes of employees shall not become members of said Retirement System: a. SAFETY EMPLOYEES. 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 21251.132 of said Retirement Law (2% at age 55 Full). Resolution No. 95-166 Page 4 PLEASE DO NOT SIGN "EXHIBIT ONLY" Public Agency elected and elects to be subject to the following optional provisions: a. Section 20024.2 (One-Year Final Compensation). b. Section 20930.3 (Military Service Credit as Public Service), Statutes of 1976. Co Sections 21022/21022.1 (Industrial Disability Retirement For Local Miscellaneous Members). d. Section 21298 (Improved Non-Industrial Disability Allowance). Section 21382.4 (Third Level of 1959 Survivor Benefits) pursuant to Article 6 (commencing with Section 21380). Section 20614, Statutes of 1978, (Reduction of Normal Member Contribution Rate). From September 22, 1980 and until November 15, 1981, the normal local miscellaneous member contribution rate shall be 0 %. Legislation repealed said Section effective September 29, 1980. Section 20614, Statutes of 1980, (To Prospectively Revoke Section 20614, Statutes of 1978). Public Agency, in accordance with Government Code Section 20759, shall not be considered an "employer" for purposes of the Public Employees' Retirement Law. Contributions of the Public Agency shall be fixed and determined as provided in Government Code Section 20759, and such contributions hereafter made shall be held by the Board as provided in Government Code Section 20759. Public Agency shall contribute to said Retirement System the contributions determined by acmarial valuations of prior and future service liability with respect to local miscellaneous members of said Retirement System. Public Agency shall also contribute to said Retirement System as follows: Public Agency shall contribute $2.00 per member, per month on account of the liability for the 1959 Survivor Benefits provided under Section 21382.4 of said Retirement Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members. A reasonable amount, as fixed by the Board, payable in one installment within 60 days of date of contract 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 periodic investigation and valuations required by law. A reasonable amount, as fixed by the Board, 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 periodic investigation and valuations required by law. Resolution No. 95-166 Page 5 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 periodic investigation and valuation required by said Retirement Law. 11. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within fifteen 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. Adjustments on account of errors in contributions required of any employee may be made by direct payments between the employee and the Board. This amendment shall be effective on the day of , 19 BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM CHIEF ACTUAR¥'~2, ACTUARIAL OFFIC~,~,~? .~ PUBLIC EMPLOYEES '~II~MENT SYSTEM CITY COUNCIL OF THE CiTY OF RANa CUCAMONCA BY -:~ Presiding Officer Witness Date Attest: Clerk AMENDMENT PERS-CON-702A (Rev. 3/95)