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Home My WebLink About2005-08-23 - RESOLUTIONS - CALPERS CONTR AMEND (2)RESOLUTION NO. 05-99 A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEE'S RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF SANTA CLARITA RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO THE CITY'S CONTRACT TO PROVIDE 2.7% @ 55 FORMULA FOR LOCAL MISCELLANEOUS MEMBERS WHEREAS, the Public Employees' Retirement Law permits the participation of the City of Santa Clarita and their employees in the Public Employees' Retirement System by the execution of a contract, and sets forth the procedure by which said public agency 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 City of Santa Clarita does hereby give notice of intention to approve an amendment to the contract between the City of Santa Clarita and the Board of Administration of the Public Employees' Retirement System, a copy of the said amendment being attached hereto, as an "Exhibit" and by this reference made a part hereof. PASSED, APPROVED AND ADOPTED this 23rd day of August, 2005. ATTEST: CITY CLERK STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES CITY OF SANTA CLARITA ) I, Sharon L. Dawson, CMC, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the 23rd day of August, 2005, by the following vote: AYES: COUNCILMEMBERS: Ferry, McLean, Weste, Kellar, Smyth NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None %4 CITY CLERK STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF SANTA CLARTTA ) ss. CERTIFICATION OF CITY COUNCIL RESOLUTION I, Sharon L. Dawson, City Clerk of the City of Santa Clarita, do hereby certify that this is a true and correct copy of the original Resolution No. 05-99, adopted by the City Council of the City of Santa Clarita, California on August 23, 2005, which is now on file in my office. Witness my hand and seal of the City of Santa Clarita, California, this _ day of 20_. Sharon L. Dawson, CMC City Clerk By Susan Coffman Deputy City Clerk K Ca1PERS California Public Employees' Retirement System AMENDMENT TO CONTRACT Between the Board of Administration EXHIBIT California Public Employees' Retirement System and the City Council City of Santa Clarita 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 November 14, 1988, and witnessed October 20, 1988, and as amended effective August 14, 1992 and July 1, 2005 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, 2005, 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 November 14, 1988 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 [,..•:,�'*�e— C 7 .%ter 1 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. 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. SAFETY EMPLOYEES. 5. The percentage of final compensation to be provided for each year of credited prior and current service as a local miscellaneous member in employment before and not on or after the effective date of the 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 the 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 21024 (Military Service Credit as Public Service). C. Section 21574.5 (Indexed Level of 1959 Survivor Benefits). 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. 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 21574.5 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 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. 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 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 effectiveon the day of BOARD OF ADMINISTRATION. ' CITY COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF SANTA CLARITA BY BY LORI MCGARTLAND, ACTING CHIEF PRESIDING OFFICE ACTUARIAL &EMPLOYER SERVICES DIVISION. PUBLIC EMPLOYEES' RETIREMENT SYSTEM Witness Date Attest: Clerk AMENDMENT ER# 1468 PERS-CON-702A (Rev. 8\02)