HomeMy WebLinkAbout82-68 - ResolutionsRESOLUTION NO. 82-68
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, OPPOSING THE USE OF PERS PENSION
FUNDS TO BALANCE THE STATE BUDGET
WHEREAS, the Public Employees Retirement System was established
to guarantee the payment of retirement benefits to public employees in
the State of California; and
WHEREAS, the City of Rancho Cucamonga is a contracting agency
with the System; and
WHEREAS, the employees of the City of Rancho Cucamonga, as
members of the System, have contributed funds; and
WHEREAS, said funds have been guaranteed for the purpose of
drawing benefits; and
WHEREAS, said contributions earn interest; and
WHEREAS, the Governor of the State of California has used PERS
pension fund money to balance the State budget by withholding $180
million in state payments for two months; and
WHEREAS, the withholding of said payments could result in a
$1.4 billion loss to the system; and
WHEREAS, legislation is needed to prevent such use of public
employee's pension funds.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the
City of Rancho Cucamonga supports the revision of the Public Employees
Retirement Law to preclude the adverse impact of the system's earnings
by making it illegal to tamper with PERS funds.
PASSED, APPROVED, and ADOPTED this 21st day of April, 1982.
AYES: Frost, Schlosser, Buquet, Dahl, Mikels
NOES: None
ABSENT: None
ATTEST:
Lauren M. Wasserman, City Clerk