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Home My WebLink AboutReso 135-05 PERS Retirement · ... -...............--.-.......- RESOLUTION NO, 135 - 05 RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CiTY COUNCIL OF THE CITY OF DUBLIN 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 21354.5 (2.7% @ 55 Full 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. PASSED, APPROVED AND ADOPTED this 21$t day of June, 2005, by the following vote: AYES: Councilmembers Hildenbrand, McCormick, Oravetz, Zika and Mayor Lockhart NOES: None ABSENT: None ATTEST: ABSTAIN: None (Amendment) CON·302 (Rev. 4/96) I K2/GI6.21-05/reso Cal ,~oc/ , A CalPERS EXHIBIT California Public Employees' Retirement System . AMENDMENT TO CONTRACT Between the Board of Administration California Public Employees' Retirement System and the City Council City of Dublin . 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 February 1, 1983, and witnessed December 13, 1982, and as amended effective April 12, 1986, November 21, 1987 and July 1, 2000 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 11 are hereby stricken from said contract as executed effective July 1, 2000, 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. 2. Public Agency shall participate in the Public Employees' Retirement System from and after February 1, 1983 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. I c.....,. E DO NOT SIGN "EXHIBIT ONt:y 3cn 1/ 3. Employees of Public Agency in the following classes shall become members of said Retirement System except such in each such class as afe excluded by law Of this agreement: a. Employees other than local safety membefs (herein feferfed 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 Retifement System: a. FIREFIGHTERS; AND b. POLICE OFFICERS. 5. The percentage of final compensation to be provided for each year of cfedited prior and CUfrent service as a local miscellaneous member in employment before and not on or after the effective date of this amendment to contfact 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 miscellaneous member in employment on or after the effective date of this amendment to contract shall be determined in accordance with Section 21354.5 of said Retirement Law (2.7% at age 55 Full). 7. Public Agency elected and elects to be subject to the following optional provIsions: a. Section 20938 (Limit Prior Service to Members Employed on Contract Date). b. Section 21573 (Th ird Level of 1959 Survivor Benefits). c. Section 20042 (One-Year Final Compensation). 8. Public Agency, in accordance with Government Code Section 20834, shall not be considered an "employer" for pUfposes of the Public Employees' Retirement Law. Contributions of the Public Agency shall be fixed and determined as provided in Government Code Section 20834, and such contributions hereafter made 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 of said Retirement System. 40011 10. Public Agency shall also contribute to said Retifement 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 tefm insurance rates, for survivors of all local miscellaneous 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 administefing said System as it affects the employees of Public Agency, not including the costs of special valuations or of the periodic investigation and valuations fequired by law. c. A feasonable 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 fequired bylaw. 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 requifed 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 fefer or as may be prescfibed by Board regulation. If more or less than the corfect 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 Boafd. B. This amendment shall be effe6i~'ve on the day of t,'\-.~_ ~ r-~:'''' BOARD OF ADMINISTRATIO~~'S:"' CITY COUNCIL ';:'~( PUBLIC EMPLOYEES' RE'!;t~~ENT SYSTEM CITY OF DUBLIN .( \S~v ,f.r t" ~0- , v ~~v ~6RI MCGARTLA~;ING CHIEF ~~ESIDING OF~ ACTUARIAL & EMf' YER SERVICES DIVISION C"?t PUBLIC EMPL~~ES' RETIREMENT SYSTEM " ~ .( ;::)"" Witness ~e Ii'"' ''<!' "". \. . ~~\.v ;(....., . .,"" "~'),.,,'::i~ Attest: Clerk AMENDMENT ER# 1329 PERS-CON-702A (Rev, 8\02) tJ6/1 A. CalPERS EXHIBIT A California Public Employees' Retirement System . AMENDMENT TO CONTRACT Between the Board of Administration California Public Employees' Retirement System and the City Council City of Dublin '. The Board of Administration, California Public Employees' Retirement System, hereinafter referfed to as Board, and the governing body of the above public agency, hereinafter refefred to as Pub'lic Agency, having entered into a contract effective Febfuary 1, 1983, and witnessed December 13, 1982, and as amended effective April 12,1986, November 21, 1987 and July 1,2000 which pfovides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 thfOUgh 11 are hereby stricken from said contract as executed effective July 1, 2000, 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. 2. Public Agency shall participate in the Public Employees' Retirement System from and after February 1, 1983 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. PLEASE DO NOT SIGN "EXHIBIT 01';'.... /0 COIl 3. Employees of Public Agency in the following classes shall become members of said Retifement System except such in each such class as are excluded by law or this agreement: a. 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: a. FIREFIGHTERS; AND b. POLICE OFFICERS. 5. The percentage of final compensation to be provided for each year of credited prior and CUffent service as a local miscellaneous member in employment befofe and not on or after the effective date of this amendment to contract 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 miscellaneous member in employment on or after the effective date of this amendment to contract shall be determined in accordance with Section 21354.5 of said Retirement Law (2.7% at age 55 Full). 7. Public Agency elected 'and elects to be subject to the following optional provisions: a. Section 20938 (Limit Prior Service to Members Employed on Contract Date). b. Section 21573 (Third Level of 1959 Survivor Benefits). c. Section 20042 (One-Year Final Compensation). 8. Public Agency, in accordance with Government Code Section 20834, shall not be considered an "employer" for purposes of the Public Employees' Retirement Law. Contributions of the Public Agency shall be fixed and determined as provided in Government Code Section 20834, and such contributions hereafter made 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 of said Retirement System. 1/ V/:) I 10. . Public Agency shall also contribute to said Retifement System as foUows: 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. A feasonable 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 fequired 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. 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 . contfibutions 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 bereff~ctive on the day of ~~v f BOARD OF ADMINISTRA~:~ CITY COUNCIL ~,,~ PUBLIC EMPLOYEES' \~ti'IREMENT SYSTEM CITY OF DUBLIN """'\ \j~~v ",,";\. v ....~~\ 0~ ~~ BY . t'" ,,'...J' BY' <'. N I' -,", . .." '( ,I LORI MCGARJ~'ND, ACTING CHIEF PRESIDING OF~.~'SR' ACTUARI~% 'EMPLOYER SERVICES DIVISION -'\,--,S"v PUBLlC(~PLOYEES' RETIREMENT SYSTEM ~. "'~~~" ." ,'/;>y'....,I Witne . . . e "'v' 'Iv " . '" c.::v ./ \"'.>.........}i Attest: Clerk AMENDMENT ER# 1329 PERS-CON-702A (Rev. 8\02)