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Home My WebLink About1552 - ORDINANCES - 2/4/1998 ORDINANCE NO. 1552 AN ORDINANCE OF THE CITY OF PALM SPRINGS, CALIFORNIA, AUTHORIZING AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMTNISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF PALM SPRINGS. THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA DOES ORDAIN AS FOLLOWS : SECTION 1 . That an amendment to the contract between the City Council of the City of Palm Springs and the Board of Administration, California Public Employees' Retirement System is hereby authorized, a copy of said amendment being attached hereto marked Exhibit and by such reference made a part hereof as though herein set out in full, as on file in the office of the City Clerk. SECTION 2 . The Mayor of the City of Palm springs is hereby authorized, empowered, and directed to execute said amendment for and on behalf of said Agency. SECTION 3 . EFFECTIVE DATE. This ordinance shall be in :full force and effect thirty (30) days after passage. SECTION 4 . PUBLICATION. The City Clerk is hereby ordered and directed to certify to the passage of this Ordinance, and to cause ' the same or a summary thereof or a display advertisement, duly prepared according to the law, to be published in accordance with law. ADOPTED this 4th day of Februarys 1998• AYES : Members Barnes, Hodges, Oden, Reller-Spurgin and Mayor Kleindinnst NOES : None ABSENT: None ATTEST: CITY OE P SPRINGS �04 �6't L�rl,tr�0 ti City Clerk Mayor REVIEWED & APPROVED: I/�/' �`� I HEREBY CERTIFY that the foregoing Ordinance 1552 was duly adopted by the City Council of the City of Palm Springs, California , in a meeting held on the 4th day of February, 1998, and that same was duly published in the DESERT SUN, a newspaper of general circulation on February 8, 1998. , AbITH SUMICH City Clerk 5 EXHIBIT AMENDMENT TO CONTRACT BETWEEN THE. BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM ' AND THE CITY COUNCIL OF THE CITY OF PALM SPRINGS 'file 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 1, 1957, and witnessed December 3, 1956, and as amended effective July 14, 1965, January 14, 1973, January 1, 1975, September 5, 1976, July 10, 1977, October 15, 1978, April 29, 1979, February 27, 1983, July 1, 1984, June 29, 1986 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs I through I 1 are hereby stricken from said contract as executed effective June 29, 1986, and hereby replaced by the following paragraphs numbered I through 12 inclusive: I. 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 60 for local miscellaneous members and age 50 for local safety members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after January 1, 1957 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. 3. Employees of Public Agency in the following classes shall become members of said Retiretrtent System except such in each such class as are excluded by law or this agreement: a. Local Fire Fighters (herein referred to as local safety members); b. Local Police Officers (herein referred to as local safety members); C. Employees other than local safety members (herein referred to as local miscellaneous members). 4. In addition to the classes of employees excluded from membership by said Retirement Law, the following classes of employees shall not become tnenibers of said Retirement System: NO ADDITIONAL EXCLUSIONS 5. The percentage of final compensation to be provided for local miscellaneous members for each year of credited prior and current service shall be determined in accordance with Section 21353 of said Retirement Law, subject to the reduction provided therein for service prior to December 31, 1974, termination of Social Security coverage, for members whose service has been included in Federal Social Security (2% at age 60 Full and Modified). 6. The percentage of final compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21362 of said Retirement Law(2% at age 50 Full). 7. Public Agency elected and elects to be subject to the following optional provisions: a. Sections 21624, 21626 and 21628 (Post-Retirernent Survivor Allowance). b. Section 21571 (Basic Level of 1959 Survivor Benefits) for local police ' members only. C. Section 21024 (Military Service Credit as Public Service), Statutes of 1974, d, Section 20042 (One-Year Final Compensation). e. Section 20965 (Credit for Unused Sick Leave) Im local fire members only. f. Section 21574 (Fourth Level of 1959 Survivor Benefits) for local miscellaneous and local fire members only. 8. Public Agency, in accordance with Government Code Section 20790, ceascd to be an "employer" for purposes of Section 20834 effective on Septenaber 5, 1976. DO NOT EKIIIT�'I 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. 9, 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 and local safety members of said Retirement System, 10. Public Agency shall also contribute to said Retirement System as follows: a. Per covered member, $3.50 per month on account of the liability for the 1959 Survivor Benefits provided under Section 21574 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 and local fire members only. b. 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. C. 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. 11. 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. 12. 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. This amendment shall be effective on the day of 19_ BOARD OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF THE CITY OF PALM SPRINGS BY pfi'. BY KEN NETH W. " IQN, CHIEF PRESIDING OFFICER .ACTUARIAL &EM ftR SERVICES DIVISION f^+ PUBLIC EMPLOYEES' Rh�i3fiAINT SYSTEM Witness Date Attest: Clerk AMENDMENT PERS-CON-702A(Rev.8\96)