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Home My WebLink About20752 - RESOLUTIONS - 10/1/2003 RESOLUTION NO. 20752 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 CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF PALM SPRINGS. A00037 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 21362.2 (3% @ 50 Full formula) for local fire members only. NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency does hereby give notice of its 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 1st day of October 2003. AYES: Members Mills, Oden, Reller-Spurgin and Mayor Kleindienst NOES: None ABSENT: Member Hodges ATTEST: / CITY OF PALM SPRINGS=-QALIFOR IA CITY CLERK CITY MANAGER` REVIEWED &APPROVED: i �� g CAPERS EXHIBIT California Public Employees' Retirement System ........_... ....-4100�._ AMENDMENT TO CONTRACT Between the Board of Administration California Public Employees' Retirement System and the City Council 1 City of Palm Springs The Board of Administration, California Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of the 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, April 18, 1998, August 23, 1998, April 18, 1999, August 19, 2001, April 28, 2002 and May 25, 2003 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 14 are hereby stricken from said contract as executed effective May 25, 2003, and hereby replaced by the following paragraphs numbered 1 through 13 inclusive: 1. 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 55 for local miscellaneous members and age 50 for local safety members. PLEASE DO NOT SIGN "EXHIBIT ONLY" 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 Retirement 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 members of said Retirement System: NO ADDITIONAL EXCLUSIONS 5. The percentage of final compensation to be provided for each year of credited prior and current service for local miscellaneous members 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). 6. The percentage of final compensation to be provided for each year of credited prior and current service for local miscellaneous members in employment on or after April 28, 2002 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 Federal Social Security (2.7% at age 55 Full and Modified). 7. 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 21362.2 of said Retirement Law (3% at age 50 Full). PLEASE DO NOT SIGN "EXHIBIT ONLY" 8. Public Agency elected and elects to be subject to the following optional provisions: a. Sections 21624, 21626 and 21628 (Post-Retirement Survivor Allowance). b. Section 21024 (Military Service Credit as Public Service), Statutes of 1976. C. Section 20042 (One-Year Final Compensation). d. Section 20965 (Credit for Unused Sick Leave) for local fire members only. e. Section 21574 (Fourth Level of 1959 Survivor Benefits). 9. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on September 5, 1976. 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. 10. 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 and local safety members of said Retirement System. 11. Public Agency shall also contribute to said Retirement System as follows: a. Contributions required per covered member on account of 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 members and local safety members. 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. 12. 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. 13. 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. IN B. This amendment shall be effeci the day of BOARD OF ADMINISTRATIO ��`� CITY COUNCIL PUBLIC EMPLOYEES' WENT SYSTEM CITY OF PALM SPRINGS �P „ BY O��' BY KENNETH QN�RZION, CHIEF PRESIDING OFFICER ACTU& EMPLOYER SERVICES DIVISION PUW MPLOYEES' RETIREMENT SYSTEM r� 0 W' 1a s Q�'A tttest: Clerk AMENDMENT ER#355 PERS-CON-702A(Rev.8\02)