HomeMy WebLinkAboutReso 92-1982 RESOLUTION NO. 92-82
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION REQUESTING' THE PUBLIC EMPLOYEES'
RETIREMENT SYSTEM TO EXTEND THE FUNDING PERIOD
FOR CURRENT SERVICE, DEATH BENEFITS, AND 1959
SURVIVOR BENEFIT ACTUARIAL LIABILITIES OF THE
CITY OF SOUTH SAN FRANCISCO
WHEREAS, The City of South San Francisco is a contracting agency of the Public
Employees' Retirement System; and,
WHEREAS, the City of South San Francisco has experienced significant revenue
reductions, has frozen and may eliminate existing vacancies, instituted
a hiring freeze for non-public safety positions, restricted current
Year expenditures and has taken other measures to balance available
revenue with expenditures necessary to provide services to the Citizens
of South San Francisco during this period of financial difficulty to
Local government; and,
WHEREAS, the City of South San Francisco has been advised by the Actuarial
Office of the Public Employees' Retirement System that the City of
South San Francisco may request the extension of its funding period for
current service, death benefits and 1959 Survivor Benefit actuarial .
liabilities to June 30, 2011, under terms of the contract with the
Public Employees' Retirement System;
BE IT THEREFORE RESOLVED, that the City Council of the City.of South San
Francisco does hereby request the extension of the funding period for
the current service, death benefits and 1959 Survivor Benefit actuarial
liabilities to June 30, 2011, under said terms of the contract with the
Public Employees Retirement System and further resolves to direct the
City Clerk to forward a certified copy of this resolution to. the Public
Employees Retirement System.
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 4th day of August , 1982, by the
following vote-
AYES'
NOES:
ABSENT:
Councilmembers Ronald G. Acosta, Mark N. Addiego, Emanuele N. Damonte,
Gus Nicolopulos; and Roberta Cerri Teglia
NOne
None
' ity -
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