HomeMy WebLinkAbout2005-04-26 - AGENDA REPORTS - CALPERS CONTR AMEND (2)CONSENT CALENDAR
DATE:
SUBJECT:
DEPARTMENT:
Agenda Item: Jr
CITY OF SANTA CLARITA
AGENDA REPORT
City Manager Approval:
Item to be presented by:
April 26, 2005
i
Ken Striplin
AMENDMENT OF THE CONTRACT BETWEEN CALPERS AND
CITY OF SANTA CLARITA
City Manager's Office
RECOMMENDED ACTION
City Council adopt a resolution of intent to amend the contract with California Public Employee's
Retirement System (CalPERS) to provide Section 21574.5 (Indexed Level of 1959 Survivor
Benefits) for local miscellaneous members; introduce and pass to second reading an ordinance
entitled: "AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, AMENDING THE CONTRACT BETWEEN THE BOARD OF
ADMINISTRATION, CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND
THE CITY COUNCIL, CITY OF SANTA CLARITA."
The original contract with CalPERS was implemented on November 14, 1988, and includes a
basic death benefit for employees. However, it does not provide survivor benefits similar to
Social Security.
As a government entity, we are not subject to Social Security. We are part of the CalPERS
system that has a separate survivor benefit similar to Social Security.
Providing this benefit enables the City to ensure employees have an adequate survivor benefit to
provide for their families. The benefit would provide a monthly allowance for eligible survivors
should an employee die before retirement. This benefit provides a great deal of security for the
employee at a nominal cost to the City.
To implement this benefit, the City Council must amend the current contract. Additional steps in
Ordinance passed to
Second reading Adopted: St . s-- qo
the process include:
City Council adopt a resolution of intent (April 26)
Employee Election for Ca1PERS (May 2)
City Council adopt a Final Ordinance (May 24)
Effective Date of Ordinance (30 days following date of adoption)
Staff will come back to the Council with an ordinance on May 24, 2005. It is anticipated that the
benefit would be effective July 1, 2005.
ALTERNATIVE ACTIONS
Other action as directed by the City Council.
FISCAL IMPACT
The City's cost would be $25,250.00 annually. Funds are currently budgeted (This is equal to
$6.00 per month per employee).
ATTACHMENTS
Resolution
Amendment to Contract
Ordinance