HomeMy WebLinkAbout9/21/2011 - STAFF REPORTS - 2F fi i .
Ca1PERS
EXHIBIT
California
Public Employees' Retirement System
AM MMENT TO CONTRACT
Between the
Board of Administration
California Public Employees' Retirement System
and the
City Council }
City of Palm Springs ,
The Board of Administration, California Public Employees' Retirement System, as
hereinafter referred to as Board, and the governing body of the above public agency,
"relnafter referred to as Public Agency, having entered into a contract effective _
January 1, 1957, ;and witnessed December 3, 1966, and as amended effective July 14,
965, January 14, 1973, January 1, 1975, September 5, 197e, July 10, 1977, October
6, 1978, April 29, 1979, February 27, 1983, July 1, 1984, June 29, 1986, April 18, i
1998, August 23,,1
1998, April 18, 1999, August 19, 2001, April 28, 2002, May 25, 2003, I
anuary 4, 2004 and June 17, 2011 which provides for participation of Public Agency In
aid System, Board and Public Agency hereby agree as follows: kk`
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Paragraphs 1 through 15 are hereby stricken from said contract as executed . SA. E
effective June 17, 2011, and hereby replaced by the following paragraphs
numbered 1 through 15 inclusive:
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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; age 50 for local police members
entering membership in the police classification on or prior to June 17,
2011 and for those local fire members entering membership in the fire
classification on or prior to the effective date of this amendment to contract
and age 55 for local police members entering membership for the first time ;
in the police classification after June 17, 2011 and those local fire
members entering membership in the fire classification after the effective
date of this amendment to contract.
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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 fi
agency. !'i
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3. Public Agency agrees to indemnify, defend and hold harmless the
California Public Employees' Retirement System (CaIPERS) and its
trustees, agents and employees, the CaIPERS Board of Administration, a
and the California Public Employees' Retirement Fund from any claims;
demands, actions, losses, liabilities, damages,judgments, expenses and
costs, including but not limited to interest, penalties and attorneys fees
that may arise as a result of any of the following:
(a) Public Agency's election to provide retirement benefits,
provisions or formulas under this Contract that are different than i+
the retirement benefits, provisions or formulas provided under
the Public Agency's prior non-CaIPERS retirement program-
(b) Public A k
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g cy's election to amend this Contract to provide
retirement benefits, provisions or formulas that are different than
existing retirement benefits, provisions or formulas.
j (c) Public Agency's agreement with a third party other than j
CaIPERS to provide retirement benefits, provisions, or formulas
that are different than the retirement benefits, provisions or
formulas provided under this Contract and provided for under
the California Public Employees' Retirement Law.
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(d) Public Agency's election to file for bankruptcy under Chapter 9
(commencing with section 901) of Title 11 of the United States
Bankruptcy Code and/or Public Agency's election to reject this
Contract with the CaIPERS Board of Administration pursuant to }
section 385, of Title 11, of the United States Bankruptcy Code
or any similar provision of taw. r '
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PLEASE DO NOT SIGN °EXHOIT ONLY" t
(e) Public Agency's election to assign this Contract without the prior
p written consent of the CaIPERS' Board of Administration. ;
(f) The termination of this Contract either voluntarily by request of
Public Agency or involuntarily pursuant to the Public Employees'
Retirement Law.
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(g) Changes sponsored by Public Agency in existing retirement }
benefits, provisions or formulas made as a result of
amendments, additions or deletions to California statute or to
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the California Constitution.
4. 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 (heroin referred to as local safety members)-
C. Employees other than local safety members (herein referred to as j
local miscellaneous members). `
5. 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
6. 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).
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7. 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).
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8. The! percentage of final compensation to be provided for each year of
credited prior and current service as a local police member entering
membership in the police classification on or prior to June 17, 2011 and
local fire members entering membership in the fire classification on or
prior to the effective date of this amendment to contract shall be
determined in accordance with Section 21362.2 of said Retirement Law
(3%'at age 50 Full).
9. The percentage of final compensation to be provided for each year of
credited current service as a local police member entering membership for !
the .first time in the police classification after June 17, 2011 and local fire
members entering membership for the first time in the fire classification
after the effective date of this amendment to contract shall be determined
in accordance with Section 21363.1 of said Retirement Law(3% at age 55
Full).
10. 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). i
c. Section 20042 (One-Year Final Compensation). i ry
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d. Section 20965 (Credit for Unused Sick Leave) for local fire
members only. H
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e. Section 21574 (Fourth Level of 1959 Survivor Benefts). i
f. Section 20475 (Different Level of Benefits). Section 21363.1 (3%
@ 55 Full formula) is applicable to local police members entering
membership for the first time in the police classification after June
17, 2011.
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Section 21363.1 (3% @ 55 Full formula) is applicable to local fire
members entering membership for the first time in the fire
classification after the effective date of this amendment to contract.
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PLEASE DO NOT SIGN "EXHIBIT UT. `
11. 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 i
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.
12. Public Agency shall contribute to said Retirement System the contributions
determined by actuarial valuations of prior and future service liability withR safety members of said
res p ect to local miscellaneous members and local sa ! "
Retirement System.
13. Public Agency shall also contribute to said Retirement System as follows: "pps
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.
14, 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 t
Retirement System as determined by the periodic investigation and i ;.
valuation required by said Retirement Law.
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15. 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 i
connection with subsequent ccou—nT
errors In con_tribtoa s.-requlr�d o ct
f any employee may be made by dire
-M , -dbetween the employee and the Board.
3. This amen6ent shall be effective on the day of
CARD OF ADMINISTRATION CITY COUNCIL
UBLIC EMPLOYEES RETIREMENT SYSTEM CITY OF PALLAA, INGS
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ARRYL WATSON
USTOMER ACCOUNTI SERVICES DIVISIOptSIDING OFFICER
UBLIC EMPLOYEES' RETIREMENT SYSTEM
5.
Witness Date
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Attest: \\�
Cier�C, n�
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gMENOMENT ERR 355 ..
pERS-DON•702A
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�ALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM i
Pctuarial and Employer Services Branch
ublic Agency Contract Services
I(888)CalPERS (225-7377)
SUMMARY OF MAJOR PROVISIONS
3% CAB 55 Formula (Section 21363.1) I
Local Safety Members '>
(SERVICE RETIREMENT
o be eligible for service retirement, a member must be at least age 50 and have five years of
Ca1PERS credited service. If provided by the employer's contract, mandatory retirement age for
local safety members is age 60.
he monthly retirement allowance is determined by age at retirement, years of service credit and
nal compensation(. The basic benefit is 3% of final compensation for each year of credited
erviee upon retirement at age 55, If retirement is earlier than age 55, the percentage of final I!
compensation decreases for each quarter year of attained age to 2,40%at age 60. The allowance ,
Is limited to 90%of final compensation.
Final compensation is the average monthly pay rate during the last consecutive 36 months of
mployment, or 12 months if provided by the employer's contract, unless the member designates a
Ifferent period of 36 or 12 consecutive months when the average pay rate was higher. Certain
jitems of special compensation earned during your final compensation period will be included in
our final compensation, in accordance with Board regulations.
(DISABILITY RETIREMENT r
'Members substantially incapacitated from performing the usual duties for the position for his/her
,current employer would be eligible for disability retirement provided they have at least five years of
service credit. The monthly n3tiremant allowance is 1.8% of final compensation for each year of
service. The maximum percentage for members who have between 10,000 and 18.518 years of
service credit is qne-third of their final compensation. If the member is eligible for service
retirement the member will receive the highest allowance payable, service or disability. If provided
by the employer's contract, the benefit would be a minimum of 30% of final compensation for the
rst five years of service credit, plus 1% for each additional year of service to a maximum benefit
f 50%of final compensation.
NDUSTRIAL DISABILITY RETIREMENT l'
Members permanently incapacitated from performing their duties, as defined above under
isability Retirement, and the disability is a result of a job-related injury or illness may receive an
Industrial Disability'Retirement benefit equal to 60% of their final compensation. If provided in the
mployer's contract and the member is totally disabled, the disability retirement allowance would '
ual 75% of final'compensation in lieu of the disability retirement allowance otherwise provided. )
,If the member is eligible for service retirement, the service retirement allowance is payable. The
total allowance cannot exceed 90%of final compensation.
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- DEATH R 1,
Basic Death Benefit' This benefit is a refund of the members contributions plus interest and up to
eN months' pay (one month's salary rate for each year of current service to a maximum of six
months). I
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101 Survivor Benefit:An eligible beneficiary may elect to receive either the Basic Death Benefit or I`
the 1957 Survivor Benefit. The 1957 Survivor Benefit provides a monthly allowance equal to one- Lsl
half of the highest service retirement allowance the member would have received had he/she
retired on the data of death. The 1957 Survivor Benefit is payable to the surviving spouse or
(registered domfesti�partner until death or to eligible unmarried children until age 18.
9"9 Survivor Beriefit: (If provided by the employer's contract and the member is not covered
nder social security.) A surviving spouse or registered domestic partner and eligible children may
ive a monthly ;allowance as determine by the level of coverage. This benefit is payable in ! i
ddition to the Basic Death Benefit or 1957 Survivor Benefit. Children are eligible if under age 22
nd unmarried.
re-Rebrement Option 2W Death Be ; (If provided by the employer's contract.) The spouse or
gistered domestic partner of a deceased member, who was eligible to retire for service at the y
me of death, may to elect to receive the Pre-Retirement Option 2W Death Benefit in lieu of the
ump sum Basic Death Benefit The benefit is a monthly allowance equal to the amount the
ember would have received If he/she had retired for service on the date of death and elected
ption 2W, the highest monthly allowance a member can leave a spouse or registered domestic
)artner,
Special Death Benefit:A surviving spouse, registered domestic partner, or eligible children or step j
hildren may receive a monthly allowance equal to one-half of the final compensation. if the cause j
death is due to' external violence or physical force while on the job, and there are eligible
It rviving children in addition to a spouse or registered domestic partner, the allowance may be
icreased to a maximum of 75%.
COST-OF-LIVING ADJUSTMENTS
�he cost of living allowance increases are limited to a maximum of 2% compounded annually F
nless the employer's contract provides a 3, 4, or 5% increase.
EAT
H R TI E T
he lump sum death benefit Is $600 (or$600, $2,000, $3,000, $4,000 or$5,000 if provided by the
mployees contract) regardless of the retirement plan chosen by the member at the time of
rement.
ERMINATION OFi EMPLOYMENT II:'
mbers who have separated from employment may elect to leave their contributions on depositG
r request a refund of contributions and interest. Those who leave their contributions on deposit
ay apply at a later date for a monthly retirement allowance if the minimum service and age
uirements are met. Members who request a refund of their contributions terminate their
embership and are not eligible for any future benefits unless they retum to CaIPERS
membership,
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f-MKOYEE CONThIBUTIONS
4oeal safety members covered by the 3% @ 55 formula contribute 9% of reportable earnings. � u,
Those covered under a modified formula (coordinated with Social Security) do not contribute on a
the first$133,33 earned.
ee employer also contributes toward the cost of the benefits, The amount contributed by the r
mployer for current service retirement benefits generally exceeds the cost to the employee. In i
addition, the employer bears the entire cost of prior service benefits (the period of time before the -+
mployer provided !retirement coverage under CaIPERS). All employer contribution rates are r
ubject to adjustment by the CalPERS Board of Administration.
ERS-CON-63 trev.6/P) I :'
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CALIFORNIA'POSLIC EMPLOYEES' RETIREMENT SYSTEM
Actuarial and Employer Services Branch
Public Agency Contract Services
!P.O. Box 942709
Sacramento, CA'94229-2709
�(888) CaIPERS (�25-7377)
CERTIFICATION OF GOVERNING BODY'S ACTION
I hereby certify that the foregoing is a true and correct copy of a Resolution adopted by the
of the
(governing body) 3t
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(public agency)
on ! a,
(date)
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' Clerk/Secretary
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FERS-CON-12(rev. 1/96)
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CALIFORNIA PUBLIC EMPLOYEES'RETIREMENT SYSTEM
Actuarial and Employer Services Branch
Public Agency Contract Services
P.O. Box 942709
Sacramento, CA 94229-2709
(888) CalPERS (225-7377)
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CERTIFICATION OF COMPLIANCE WITH
GOVERNMENT CODE SECTION 7507
I hereby certify that in accordance with Section 7507 of the Government Code ;
the future annual costs as determined by the System Actuary for the i.
increase/change in retirement benefit(s) have been made public at a public meeting
of the
of the 'E
(governing body)
(public agency)
on which is at least two weeks prior to the adoption of the 1
(date)I
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Resolution /Ordinance.
Adoption of the retirement benefit increaseichange will not be placed on the consent
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calendar.
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Clerk/Secretary
Tide
Date s
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PERS-CON-12A(rev.1/96) t
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CALIFORNIA. PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Actuarial and Employer Services Branch
,Public Agency Contract Services
P.O. Box 942709
Sacramento, CAI 94229-2709
I(888) CaIPERS (225-7377)
tE
CERTIFICATION OF COMPLIANCE WITH
GOVERNMENT CODE SECTION 20475 I
I` hereby certify that the Of the
(governing body)
(public agency)
,has fully discharged all of the obligation imposed by Chapter 10 (commencing with
Section 3500) of Division 4 of Title 1, Government Code.
By �
t ut
Title
Witness T
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pate
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ERS-CON-30(Rev. 1/W
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Cg430RN`P Cif Council Staff Report
DATE: September 21, 2011 Consent
SUBJECT: AMENDMENT TO THE CONTRACT CALIFORNIA PUBLIC
EMPLOYEES' RETIREMENT SYSTEM NEW 3% @ 55 SAFETY FIRE
SECOND TIER WITHIN A NON-POOLED PLAN (SECTION 20475:
DIFFERENT LEVEL OF BENEFITS PROVIDED FOR NEW
EMPLOYEES) — FOR FIRE ONLY
FROM: David H. Ready, City Manager
BY: Human Resources
SUMMARY
The City will consider adopting a Resolution of intent to modify the contract with the
California Public Employees' Retirement System for a new 3% @ 55 Safety Fire
Second Tier (Section 20475: Different Level of Benefits Provided for New Employees).
RECOMMENDATION:
1. Adopt Resolution No. _, "A RESOLUTION 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."
STAFF ANALYSIS:
The City is in the process of approving a new Memorandum of Understanding with the
Fire Safety Unit and the Fire Management Unit. The MOU's provide a modification of
the California Public Employees' Retirement System for a new 3% @ 55 Safety Fire
Second Tier (Section 20475: Different Level of Benefits Provided for New Employees).
ITEM NO.1LC-
City Council Staff Report
September 21, 2011 -- Page 2
Fire Safety Contract Amendment
The Resolution of Intent amending the California Public Employees' Retirement System
contract must be certified by City Council to comply with the California Public
Employees' Retirement System contract amendment procedures.
Description of Benefit Provisions and Section(s): Section 20475 Different Level of
Benefits. Section 21362.2 (3% @ 50 Full Formula) is applicable to only those local
safety fire members entering membership on or prior to the effective of this amendment
to Contract. Section 21363.1 (3% @ 55 Full Formula) is applicable to local safety fire
members entering membership for the first time in the safety classification after the
effective date of this amendment to contract. (Coverage group 75101 will be
established for this benefit).
Attached is the California Public Employees' Retirement System's Actuarial Valuation
for the proposed contract amendment.
FISCAL IMPACT
There will be no immediate employer contribution rate impact from this amendment.
Ultimately, the employer normal cost will decrease. According to this Actuarial
Valuation "if the mix of active member entry ages were the same for both the current
continuing first tier employees and the new second tier employees, the ultimate
decrease would be 0.9%.
This rate reduction will occur gradually, beginning on July 1, 2013, if there are second
tier employees hired on or before June 30, 2011. For fiscal years 2013/2014 and
beyond, the projected cumulative of rate reduction expected from introducing a second
tier payroll to our total plan payroll two and a half years earlier.
For example if 1/10 of our safety fire members were in second tier on June 30, 2011
and the ultimate expected normal cost decrease was 0.9%, the cumulative rate
reduction expected by the 2013/1014 fiscal year would be 1/10 x 0.9% = 0.9%."
Perry Madiso Director of Human Resources David H. Ready, ger
Attachments: Resolution
Amendment to Contract
California Public Employees' Retirement System's Actuarial Valuation
02
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS 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.
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 20475 (Different Level of Benefits). Section 21363.1 (3%@55
Full formula) is applicable to local fire members entering membership for the first time in
the fire classification after the effective date of this amendment to contract.
THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. The City Council of the City of Palm Springs 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 Exhibit A and by this reference made a part
hereof, as on file in the office of the City Clerk.
ADOPTED THIS 21st DAY OF SEPTEMBER, 2011
David H. Ready, City Manager
03
Resolution No.
Page 2
ATTEST:
James Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
1, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on this 8th day of September,
2010, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, City Clerk
City of Palm Springs, California
04
California PUDlic Employees' Retirement System
Actuarial Office
P.O. Box 1494
Sacramento, CA 95812-1494
Ae�"_ TTY: (916) 795-3240
.alpERS (888)225-7377 phone • (916)795-2744 fax
www.calpers.ca.gov Exhibit A
June 08,2011
Employer Number: 355
Employer Name:CITY OF PALM SPRINGS
Rate Plan: SAFETY PLAN
Re: New 3%@ 55 Second Tier for local Safety Plan members within a Non-pooled Plan (Section 20475: Different
Level of Benefits Provided for New Employees)—For Fire Only
Dear Requestor.
As requested,employer contribution rate information on your proposed second tier follows.
If you are aware of others interested in this information(i.e. payroll staff,county court employees,
port districts,eta),please inform them.
The information is based on the June 30,2009 annual valuation.
For your new tier, there will be no immediate employer contribution rate impact from this amendment. Ultimately,
however, your employer normal cost will decrease. If the mix of active member entry ages were the same for both
the current continuing first tier employees and the new second tier employees, the decrease in the employer rate
would be 0.9%.
The employer rate reduction will occur-gradually, beginning on July 1, 2013, if there are second tier employees hired
on or before June 30, 2011. For fiscal years 2013/2014 and beyond, the projected cumulative amount of rate
reduction you can expect from introducing a second tier is equal to the ratio of your second tier payroll to your total
plan payroll two and a half years earlier. For example if 1/10 of your Safety Plan members were in second tier on
June 30, 2011 and the ultimate expected normal cost decrease was 0.9%, the cumulative rate reduction you can
expect by the 2013/2014 fiscal year would be 1/10 x 0.9% =0.09%.
To inflate an amendment to the contract, please complete the attached election form and mail or FAX (916) 795-
3005 the form with a letter to the Contracts Maintenance Unit, indicating your wish to contract for Section 20475
(Different Level of Benefits)and identifying the group(s)to which the benefit reduction applies.
In sections 20463 (b) and (c), the California Public Employees' Retirement Law requires the governing body of a
public agency within five days of receipt of the contract amendment cost analysis, to provide each employee
organization with a copy of the analysis. If this cost analysis was requested by an employee organization, the
employee organization is also required within five days of receipt of the analysis, to provide a copy of the analysis to
the public agency.
If you have questions,, please call(")CalPERS(225-7377).
lX
RICHARD SANTOS,CFA,ASA,MAAA
Senior Pension Actuary,CalPERS
05
California Public Employees'Retirement System
www.calpers.ca.gov