HomeMy WebLinkAboutReso 175-1986 RESOLUTION NO. 175-86
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
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 SOUTH SAN FRANCISCO
WHEREAS, the Public Employees' Retirement Law permits the participation
of public agencies and t~eir employees in the Public Employees' Retirement
System by the execution of a contract, and sets forth the procedure by which
the public agencies may elect to subject t~emselves and their employees to
amendments to the Law; and
WHEREAS, one of the steps in the procedure 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 this contract, which
resolution s~all contain a summary of t~e c~ange proposed in the contract;
and
WHEREAS, the following is a statment of t~e proposed change:
To provide Section 21382.4 (Third Level of 1959
Survivor Benefit) for Fire Fighters only.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South
San Francisco does hereby give notice of intention to approve at the meeting
of December 10, 1986 an amendment to the contract between the City Council of
the City of South San Francisco and the Board of Administration of the Public
Employees' Retirement System; a copy of the amendment is attached as Exhibit "A".
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the City Council of t~e City of South San Francisco at a
adj. regularmeeting held on the 29th day of October '. , 1986 by the
fol 1 owing vote:
AYES: Councilmembers Mark N. Addiego, John "Jack" Drago, Richard A.
Halley, Gus Nicolopulos and Roberta Cerri Teglia
NOES: None
ABSENT: Nnne
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RESOLUTION NO. 175-86
EXHIBIT
AGENCY NAME
SOUTH SAN FRANCISCO, CITY OF
A. VALUATION SPECIFICATIONS
3.
4.
5.
6.
Actuarial Data as of 6/30/84/8~'
Formula
Final Compensation Average
Post-Retirement Survivor Benefits
1959 Survivor Benefits
Credit for Unused Sick Leave
EMPLOYER NUMBER 0093
SAFETY ME~BERS
PRESENT BENEFITS
1982 ASSUMPTIONS
PROPOSED BENEFITS
198,6 ASSUMPTIONS
~/@ 5o ~ULL 2% @ 5o Full
1 Year 1 Year
Yes Yes
F: 3rd Level*
Yes P: Yes
No No
AGENCY CONTRIBUTION RATE FOR CURRENT SERVICE
(as % of member payrolI until 6/30/2Oll)
1. Retirement Benefits
2. Death Benefits
3. 1959 Survivor Benefits
Adjusted
7/1/85 7/l/S6
Employer Amendment Employer
Rate Rate Rate
25.190% 25.190% 23.838%
0.o31% 0.031% 0.027%
o.o61% o.o46% o.o46%
C. AGENCY CONTRIBUTION RATE FOR PRIOR SERVICE
(as % of member payroll until 6/30/2~O)
o.o5~ o.o5~ o.o59%
D. TOTAL AGENCY CONTRIBUTION RATE
(When change is for an individuel safety
--group, rate wili apply to total safety
payroll)
E. ACTUARIAL VALUATION FEE $ -O-
DATE: March 14, 1986
PERS-CON-14
C0761 (Rev. 7/85)
25.332% 25.317% 23.97~
'1959 Survivor Benefit assets to be allocated
to Fire: $13,338 as of 6/30/85 (The 1959
Survivor Benefit assets have been prorated
in proportion to the actuarial liabilities
of the Fire and Police Groups as of 6/30/85).