HomeMy WebLinkAbout19306 - RESOLUTIONS - 6/17/1998 RESOLUTION NO. 19306
OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, DECLARING
ITS 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
PALM SPRINGS .
WHEREAS the Public Employees' Retirement Law permits the
participation of public agencies and their employees in the Public
Employees' Retirement system by the execution of a contract., and
sets forth the procedure by which said public agencies may elect to
subject themselves and their employees to amendments to said Law;
and
WHEREAS one of the steps in the procedures 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 said contract, which resolution shall contain a summary of the
change proposed in said contract; and
WHEREAS the following is a statement of the proposed change:
To provide Section 21354 (2% @ 55 Full and Modified '
formula) for local miscellaneous members .
NOW THEREFORE BE IT RESOLVED that the governing body of the above
agency does hereby give notice of intention to approve an amendment
to the contract between said public agency and the Board of
Administration of the Public Employees' Retirement System, a copy
of said amendment being attached hereto, as an "Exhibit" and by
this reference made a part hereof, as on file in the office of the
City Clerk.
ADOPTED this 17th day of June, 1998 .
AYES: Members Barnes, 0den and Reller-Spurgin
NOES: None
ABSENT: Member Hodges and Mayor Kleindienst
ATTEST: IT ALM E� G CALIFORNIA
�By�
City Clerk ' ty anage
REVIEWED & APPROVED: �d`l,� °`�
C�
A END ENT TO CONTRACT
BETVVFXN THE
BOARD OF ADMINISTRATION
OF THE
PUBLIC EMPLOYEES'RETIREMENT SYSTEM
' ANDTHE
C
CITY almUN
lCxl.
OF THE
CITY OF PALM SPRINGS
The 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 elective January 1, 1957,and witnessed December 3, 1950, 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 and
April 18, 1998 which provides for participation of Public Agency in said System, Board and
Public Agency hereby agree as follows:
A. Paragraphs 1 through 12 xv hereby stricken from said contract as executed effective
April 18, 1998, and hereby replaced by the following paragraphs numbered 1 through 12
inchsive;
1. All words and terms used herein which are defined in the Public Employees'
Retirement Law shall bave the meaning as defined therein unless otherwise
specificapy provided. "Nottual retirement age" shall mean age 55 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 sut ject 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 Retirement System except such in each such class as are excluded by law or
this agreement:
a. Local Fire Fighters(herein relhrred to as local safety members);
1
b. Local Polite Officers(herein referred to as local safety members);
e. 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 Lax,the following classes of employees shall not become members of
said Retirement System:
NO AI►OMONAL EXCLUSIONS
5. The percentage of final compensation to be provided for local miscellaneous
me abers for each year of credited prior and current service shall be determined in
accordance with Section 21354 of said Retirement Law, subject to the reduction
provided therein for service prior to December 31, 1974, termination of Social
Security,for members whose service has been included in Federal Social Security
(2%at age 55 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 In subject to the fallowitig optional
Provisions:
a_ Sections 21624,21626 and 21628 (➢'ost-Retirement Snrvivor Allowance).
b, Section 21571 (Basic Level of 1959 Survivor .Benefits) for Weal police '
members only.
c. Section 21024 (Military Service Credit as Public Service), Statutes of
1974.
d. Section 20042(One- tear Final Compensation).
e. Section 20965 (Credit for Unused Sick Leave)fi;rr local fire members only.
£ Section '21574 (Fourth Level of 1959 Survivor Benefits) for local
miscellancous and local fare members only,
8. Public Agency,in accordance with Government Code Section 20790,ceased to be
an "employer" for purposes of Section 20834 efTective on September 5, 1976.
Accumulated contributions of Public Agency shall be £fixed and determined as
' provided in Government Code Section 20834, and accumulated contributions
thereatier 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 members awl local safety members of said Retirement
System.
l0. Public Agency shalt 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 trader 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
members and local fire members only.
b. A reasonable amount, as fixed by the Board, payable in one installment
witiiln 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.
It. Contributions required of Public Agency and its employees shall be subject to
adjustment by Boatel 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.
41,4
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 wish 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 fire day of M 19
BOARD OF ADMINISTRATIO14 CITY COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF THE
CITY OF PALM SPRINGS
BY BY'
KENNETH W.MARZION, CIIIEF PRESIDING OFFICI R
ACTUARIAL &EMPLOYER SERVICES DIVISION
PUBLIC EMPLOYEES' RETMXMBNT SYSTEM
Witness Date
Attest:
Clerk _ 1
AMENDMENT
PEPS-CON-MA(Rev.9\96)