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Home My WebLink About97-093 CC ResolutionRESOLUTION NO. 9%93 A RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM (PERS) AND THE CITY COUNCIL OF THE CITY OF TEMECULA. THE CITY COUNCIL OF THE CITY OF TEMECULA DOES RESOLVE, DETERM]lqE, AND ORDER AS FOLLOWS: 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 2% @ 55 Full formula and Section 21024 (Military Service Credit as Public Service) for local miscellaneous members. NOW, TBEREFORE, 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. Re~oa\97-93 I PASSED, APPROVED AND ADOPTED this 12th day of August, 1997. Patricia H. Birdsall, Mayor ATTEST: CMC/AAE City Clerk [SEAL] STATE OF CALIFORNIA) COUNTY OF RIVERSIDE) ss CITY OF TEMECULA) I, June S. Greek, City Clerk of the City of Temecula, DO HEREBY CERTIFY that Resolution No. 97-93 was duly and regularly adopted by the City Council of the City of Temecula at a regular meeting thereof held on the 12th of August, 1997, by the following vote: AYES: 4 COUNCILMEMBERS: Ford, Lindemans, Roberts, Birdsall NOES: 0 COUNCILMEMBERS: None ABSENT: 1 COUNCILMEMBERS: Stone June S. 'Greek~ City Clerk Resos\97-93 2 AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF TEMECULA EXHIBIT The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of above public agency, hereinafter referred to as Public Agency, having entered into a contract effective December 1, 1990, and witnessed November 8, 1990 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: mo Paragraphs 1 through 10 are hereby stricken from said contract as executed effective December 1, 1990, and hereby replaced by the following paragraphs numbered 1 through 10 inclusive: 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. Public Agency shall participate in the Public Employees' Retirement System from and after December 1, 1990, 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. o 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 Employees other than local safety members (herein referred to as local nfiscellaneous members). Any exclusion(s) shall remain in effect until such time as the Public Employees' Retirement System determines that continuing said exclusion(s) would risk a finding of non-compliance with any federal tax laws or regulations. If such a determination is contemplated, the Public Employees' Retirement System will o meet with the Public Agency to discuss the matter and coordinate any required changes or amendments to the contract. 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. SAFETY EMPLOYEES 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). Public Agency elected and elects to be subject to the following optional provisions: a. Section 20042 (One-Year Final Compensation). b. Sections 21624 and 21626 (Post-Retirement Survivor Allowance). c. Section 21572 (Increased Level of 1959 Survivor Benefits). Section 21024 (Military Service Credit as Public Service), Statutes of 1976. 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. Public Agency shall also contribute to said Retirement System as follows: 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. 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. 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. 10. 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 ,19 BOARD OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF THE P-~;~,,~ ~ CITY OF TEMECULA KENNETH W. MARZION, CI~?,,,~ PRESID~,~,.OFFICER ACTUARIAL & EMPLOYER SER'h'~.~.~ DIVISION PUBLIC EMPLOYEES' RETIREMENT ~¥~,TE.-M Witness Date Attest: AMENDMENT PERS-CON-702A (Rev. 8\96) Clerk