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RES 03-09RESOLUTION NO. 03-09 10 14 20 2! 24 2.? 2.9 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA, OF INTENTION TO APPROVE AN AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF TUSTIN 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 of 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 eligible safety members PERS retirement benefits pursuant to Government Code Section 21362.2 (3% @ 50 Full formula)effective July 1,2003. 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 thereof. WORLEY, MAYO~ ATTEST: CITY CLERK Attachment: PERS Contract Amendment- Exhibit S:\City Council Agenda Items\2003\reso 03-092.DOC City of Tustin RESOLUTION CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF TUSTIN ) RESOLUTION NO. 03-09 I, PAMELA STOKER, City Clerk and ex-officio Clerk of the City Council of the City of Tustin, California, hereby certifies that the whole number of the members of the City Council of the City of Tustin is five; and that the above and foregoing Resolution No. 03- 09 was adopted at a regular meeting of the City Council held on the 18th day of February, 2003, by the following vote' COUNCILMEMBER AYES: COUNCILMEMBER'NOES: COUNCILMEMBER ABSTAINED: COUNCILMEMBER ABSENT: WORLEY, KAWASHIMA, BONE, DAVERT, THOMAS NONE NONE NONE P'~e~a Stoker, City Clerk CalPERS California Public Employees' Retirement System EXHIBIT AMENDMENT TO CONTRACT Between the Board of Administration California Public Employees' Retirement System and the City Council City of Tustin IIIIIIIll ' ~ ...... - - 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 August 1, 1967, and witnessed June 28, 1967, and as amended effective October 1, 1969, June 18, 1979, December 29, 1980, February 26, 1990, October 5, 1992, December 28, 1992, July 6, 1995, April 5, 1996, June 6, 1996, March 28, 1997, December 31, 1999 and April 8, 2002 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 13 are hereby stricken from said contract as executed' effective April 8, 2002, and hereby replaced by the following paragraphs numbered 1 through 13 inclusive: o 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 55 for local fire members; and age 50 for local police members. , Public Agency shall participate in the Public Employees' Retirement System from and after August 1, 1967 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:ASE DO NOT SIGN "EXHIBIT ONLY" 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: ao Local Fire Fighters (herein referred to as local safety members); ... bo Local Police Officers (herein referred to as local safety members); C, Employees other than local safety members (herein referred to as local miscellaneous members). 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. PERSONS COMPENSATED ON AN HOURLY BASIS. 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). The percentage of final compensation to be provided for each year of credited prior and current service as a local fire member shall be determined in accordance with Section 21366 of said Retirement Law (One-half pay at age 55 Full). The percentage of final compensation to be provided for each year of credited prior and current service as a local police member shall be determined in accordance with Section 21362.2 of said Retirement Law (3% at age 50 Full). Public Agency elected and elects to be subject to the following optional provisions: ao b, co do Section 21571 (Basic Level of 1959 Survivor Benefits) for local fire members only. Section 20042 (One-Year Final Compensation) for local police members and local miscellaneous members only. Section 21574 (Fourth Level of 1959 Survivor Benefits) for local police members only. Section 21024 (Military Service Credit as Public Service), Statutes of 1976 for local miscellaneous members and local police members only. ,'L:.'-': EA,.,E DO NOT SIGN "EXHIBIT , 10. 11. e, Section 21573 (Third Level of 1959 Survivor Benefits) for local miscellaneous members only. Section 21583 (Additional Opportunity to Elect 1959 Survivor Benefits) for local police members only. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on June 18, 1979. 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. 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. Public Agency shall also contribute to said Retirement System as follows: ao 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. bo 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 police members. Co 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, 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. B. This amendment shall be effective on the BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMEt~'~'STEM KENNETH W MARZION?* · .,....{ .,~, '; CHIEF ACTUARIAL & E~,MP"~,YER SERVICES DIVISION PUBLIC EMPL,d'.~'E:Es RETIREMENT SYSTEM day of CITY COUNCIL CITY OF TUSTIN PRESIDING OFFIc. B,~v Wit. ne~81~ate Attest: Clerk AMENDMENT ER# 0688 PERS-CON-702A (Rev. 8\02)