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Home My WebLink AboutResolution 2001-089 N.C.S. 04/16/20012 3 1Zesolution No. 2001-089 N.C.S. 4 of the City of Petaluma, California s 6 APPROVE AN AMENDMENT TO CONTRACT 7 BETWEEN THE g BOARD OF ADMINISTRATION 9 CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM 1 o AND THE 11 CITY COUNCIL 12 CITY OF PETALUMA 13 14 15 WHEREAS, the Public Employees' Retirement Law permits the participation of public 16 agencies and their employees in the Public Employees' Retirement System by the execution of a 17 contract, and sets forth the procedure by which said public agencies may elect to subject themselves 18 and their employees to amendments to said LAW; and 19 20 WHEREAS, one of the steps in the procedures to amend this contract is the adoption by the 21 governing body of the public agency of a resolution giving notice of its intention to approve an 22 amendment to said contract, which resolution shall contain a summary of the change proposed in 23 said contract; and 24 25 WHEREAS, the following is a statement of the proposed change: 26 27 To provide Section 21362.2 (3% at 50 Full formula) for local safety. 28 29 NOW, THEREFORE, BE IT RESOLVED, that the governing body of the above agency does 3o hereby give notice of intention to approve an amendment to the contract between said public agency 31 and the Board of Administration of the Public Employees' Retirement System, a copy of said 32 amendment being attached hereto, as an "Exhibit A" and by this reference made a part hereof. 33 34 35 36 37 38 Under the power and authority conferred upon this Council by the Charter of said City. 39 REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Council 40 of the City of Petaluma at a Regular meeting on April 16, 2000 Approved as to 41 by the following vote: form: 42 43 44 City Attorney 45 AYES: O'Brien, Healy, Torliatt, Maguire, Moynihan, Vice Mayor Cader-Thompson, Mayor Thompson 46 NOES: None 47 ABSENT: None 48 ' 49 ATTEST: 50 City C k Mayor Reso. 2001-089 NCS Ca1PERS California Public Employees' Retirement System f:\�,111ON11'0]��1110001 Between the Board of Adminis>tra>ti®n California Public ]Empb®yees' Retiremen>t System andthe City Council City of Petaluma 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 effective January 1, 1950, and witnessed October 18, 1949, and as amended effective November 1, 1959, March 1, 1965, June 1, 1965, April 1, 1969, January 1, 1974, November 1, 1980, November 1, 1981, July 1, 1982, January 1, 1987, December 28, 1987 January 1, 1992, January 4, 1996 June 30, 1996, May 4, 1998 and April 5, 1999 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 12 are hereby stricken from said contract as executed effective April 5, 1999, and hereby replaced by the following paragraphs numbered 1 through 12 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. 2. Publi•: Agency shall participate in the Public Employees' Fetirement tSystem from and after January 1, 1950 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 as a local miscellaneous member shall be determined in accordance with Section 21354 of said Retirement Law (2% at age 55 Full). 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 21362.2 of said Retirement Law (3% at age 50 Full). The required member contribution rate is 9% of reportable compensation. 7. Public Agency elected and elects to be subject to the following optional provisions: a. Section 21222.1 (Special 5% Increase -1970). Legislation repealed said Section effective January 1, 1980. b. Section 20042 (One -Year Final Compensation). C. Section 20965 (Credit for Unused Sick Leave). d. Section 21326 (Special 1% to 7% Increase For Local Miscellaneous Members Who Retired or Died Prior to July 1, 1974). PLEASE DO NOT SIGN °EXiTIT ONLy" e. Sections 21624, 21626 and 21628 (Post -Retirement Survivor Allowance) for local fire members only. f. Section 21024 (Military Service Credit as Public Service), Statutes of 1976. g. Section 21574 (Fourth Level of 1959 Survivor Benefits) for local safety members only. h. Section 21573 (Third Level of 1959 Survivor Benefits) for local miscellaneous members only. 8. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on November 1, 1980. 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 members and local safety members of said Retirement System. 10. 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 21573 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. b. 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 safety members. C. 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. d. A reasonable amount, aw3 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 BOARD OF ADMINISTRATION " PUBLIC EMPLOYEES' RETIRE MtNT SYSTEM BY KENNETH W. MARZLON, CHIEF ACTUARIAL & EMPLOYER SERVICES DIVISION PUBLIC EMPLOYEES' RETIREMENT SYSTEM �J J' �v AMENDMENT PERS-CON-702A (Rev. 8\96) CITY COUNCIL CITY OF PETALUMA X PRESIDING OFFICER 4t Witness Date r Attest: ;