HomeMy WebLinkAbout20465 - RESOLUTIONS - 9/18/2002 RESOLUTION NO. 20465
THE CITY COUNCIL OF THE CITY OF '
PALM SPRINGS, CALIFORNIA
AUTHORIZING A CORRECTION TO THE
AMENDMENT TO CONTRACT BETWEEN
THE BOARD OF ADMINISTRATION OF
THE CALIFORNIA PUBLIC EMPLOYEES'
RETIREMENT SYSTEM AND THE CITY
COUNCIL OF THE CITY OF PALM
SPRINGS. A00037
WHEREAS the City Council of the City of Palm Springs hereinafter referred to as Public
Agency, and the Board of Administration of the Public Employees' Retirement System
entered into a contract effective January 1, 1957 providing for the participation of Public
Agency in the Public Employees' Retirement System; and
WHEREAS due to an inadvertence, paragraph"5"read:
"The percentage of final compensation to be provided for each year of credited prior
and current service as a local miscellaneous member shall be determined in
accordance with Section 21354.5 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 the Federal Social
Security(2.7% at age 55 Full and Modified)"
[Note that legislation has been proposed that could amend Government Code
Section 21354.5 to make the 2.7% at 55 benefit formula applicable to both active
members and inactive members who have not yet retired. If enacted, this
amendment could have an effect on your agency's actuarial valuation and employer
contribution rates in future years.]; and
WHEREAS Section 20472 of the Government Code provides that corrections may be
made through amendments approved by the adoption of suitable resolutions by the
contracting parties;
NOW, THEREFORE, BE IT RESOLVED that said governing body of Public Agency
authorizes, and it does hereby authorize, a correction to the amendment to contract
effective April 28, 2002, as follows:
A. Paragraph 5 of said contract shall be changed as follows:
"The percentage of final compensation to be provided for each credited prior and
current service as a local miscellaneous member in employment before and not
on or after April 28, 2002, 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)"; and
B. Paragraph 6 of said contract shall be added as follows:
"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 April 28, 2002, shall be determined in accordance with Section 21354.5 of
Resolution 20465
Page 2
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 (2.7% at age 55 Full and
Modified)"; and
C. Paragraph numbers"6 through 13"; shall be renumbered paragraph numbers"7
through 14".
BE IT FURTHER RESOLVED, that the presiding officer of the governing body of Public
Agency is hereby authorized, empowered, and directed to execute said amendment for and
on behalf of Public Agency.
ADOPTED this 18th day of September, 2002.
AYES: Members Hodges, Mills, Reller-Spurgin and Mayor Kleindieust
NOES: None
ABSENT: Member Oden
CY77,:p CIlTy OF PALM WRINGS, CALIFQRNIA
CITY CLERK Presiding Officer/Mayor
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
BY
KENNETH W. MARZION, CHIEF
ACTUARIAL& EMPLOYER SERVICES DIVISION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
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