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Home My WebLink AboutReso 70-2003RESOLUTION NO. 70-2003 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION APPROVING AN AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF ADMINISTRATION, CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM (PERS), AND THE CITY OF SOUTH SAN FRANCISCO TO PROVIDE SECTION 9~1354.5 (2.7% @ 55 FULL AND MODIFIED FORMULA) FOR LOCAL MISCELLANEOUS MEMBERS WHEREAS, staff desires approval of an amendment to the contract between PERS and the City of South San Francisco as attached hereto as Exhibit A; and WHEREAS, with previous approval from Council, the City's plan was to modify its PERS contract to provide this retirement formula once all the negotiations had concluded, with an implementation date to occur no later than the pay period including December 31, 2003. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco that the City Council hereby approves an amendment to the contract between the Board of Administration, California Public Employees' Retirement System (PERS), and the City of South San Francisco to Provide Section 21354.5 (2.7% @ 55 Full and Modified Formula) for Local Miscellaneous Members. BE IT, FURTHER RESOLVED that the City Manager is hereby authorized to execute the contract on behalf of the City of South San Francisco. I hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of South San Francisco at a regular meeting held on the 23rd day of July 2003 by the following vote: AYES: NOES: ABSTAIN: ABSENT: Councilmembers Joseph A. Femekes, Richard A. Garbarino, and Raymond L. Green, Mayor Pro Tern Karyl Matsumoto and Mayor Pedro Gonzalez None. None. None. ATTEST: CalPERS EXHIBIT A California Public Employees' Retirement System AMENDMENT TO CONTRACT Betw, een the Board of Administration C=~ifornia Public Employees' Retirement System and the City Council City of South San Francisco The Board of Administration, California Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of the above public agency, hereinafter referred to as Public Agency, having entered into a contract effective September 1, 1945, and witnessed September 12, 1945, and as amended effective September 1., 1949, December 1, 1953, January 1, 1960, January 1, 1963, February 1, 1967, January 1, 1968, January 1, 1969, November 1, 1973, April 19, 1974, January 21, 1977, November-¥~, 1977, December 19, 1980, August 23, 1985, JanuarY 23, 1987, December 22, 1989, January 1, 1992, October 9, 1993, April 23, 1994, June 13,' 1996, May 11, 2001, November 22, 2002 and January 17, 2003 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: Paragraphs 1 through 12 are hereby stricken from said contract as executed effective January 17, 2003, and hereby replaced by the following paragraphs numbered 1 through 13 inclusive: All words and terms used herein which are defined in the Public Employees' Retirement Law shall have the meaning as defined therein unless otherwise specifically provided. "Normal retirement age" shall mean age 55 for local miscellaneous members and age 50 for local safety members. o Public Agency shall participate in the Public Employees' Retirement System from and after September 1, 1945 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: f a. Local Fire Fighters (herein referred to as local safety members); b. Local Police Officers (herein referred to as local safety members); 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: aa PERSONS WHO ARE COMPENSATED ON AN HOURLY BASIS WHO ARE EMOPLOYED JANUARY 1, 1963 OR AFTER. 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 the effective date of this amendment to contract shall be determined in accordance with Section 21354 of said Retirement Law subject to the reduction provided therein for Federal Social Security (2% at age 55 Modified and Full). 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 the. effective date of this amendment to contract shall be determined in accordance with Section 21354.5 of said Retirement Law subject to the reduction provided therein for Federal Social Security (2.7% at age 55 Modified and Full). The percentage of final compensation to be provided for each year of credited prior and current service s a local safety member shall be determined in accordance with Section 21362.2 of said Retirement Law (3% at age 50 Full). ,"LEASE D0 NOT SIGN - ~,1 I~i/ .' '.,~';,. Public Agency elected and elects to be subject to the following optional provisions: Section 21571 (Basic Level of 1959 Survivor Benefits) for local miscellaneous members only. b. Section 21222.1 (One-Time 5% Increase !970). Legislation repealed said Section effective January 1, 1980. c. Sections 21624 and 21626 (Post-Retirement Survivor Allowance). Section 21024 (Military Service Credit as Public Service), Statutes of 1976. e. Section 20042 (One-Year Final Compensation). Section 21573 (Third Level of 1959 Survivor Benefits) for local safety members. g. Section 20965 (Credit for Unused Sick Leave). Section 21548 (Pre-Retirement Optional Settlement 2 Death Benefit) for local fire members. o Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on' November 11, 1977. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code 'Section 20834, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20834. 10; Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to local miscellaneous members and local safety members of said Retirement System. 11. Public Agency shall also contribute to said Retirement System as follows: Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21573 of said Retirement Law. (Subject to an'nual 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 safety 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. 12. 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. 13. 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. · B. Th~s amendment shall be eff.e,.~.~e on the BOARD OF ADMINISTRATIO~ ~?'i?' -- PUBLIC EMPLOYEES' RETIR.,~'-~'~NT SYSTEM BY e-, KENNETH W. MARZ[(3':N'; CHIEF ACTUARIAL & EMPJ:~.'YER SERVICES DIVISION PUBLIC EMPLO'Y',,~E~S' RETIREMENT SYSTEM AMENDMENT ER# 0093 PERS-CON-702A (Rev. 8\02) day of CITY COUNCIL CITY OF SOUTH SAN FRANCISCO BY PRESIDING OFFICER Witness Date · .-,. ._.: ":,~ Attest: '" Clerk y' CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM Actuarial and Employer Services Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229-2709 (888) CalPERS (225-7377) CERTIFICATION OF GOVERNING BODY'S ACTION I hereby certify that the foregoing is a true and correct copy of a Resolution adopted by the of the (governing body) or] (date) (public agency) Clerk/Secretary Title PERS-CON-12 (rev. 1/96) CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM Actuarial and Employer Services Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA ~94229-2709 (888) CalPERS (225-7377) CERTIFICATION OF COMPLIANCE WITH GOVERNMENT CODE SECTION 7507 I hereby certify that in accordance with Section 7507 of the Government Code the future annual costs as determined by the System Actuary and/or the increase in retirement benefit(s) have been made public at a public meeting of the of the (governing body) on (date) Resolution / Ordinance. (public agency) which is at least two weeks prior to the adoption of the Clerk/Secretary Title Date PERS-CON-12A (rev. 1/96)