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HomeMy WebLinkAbout275457 ORDINANCE NO. 275 .� AN ORDINANCE OF THE CITY COUNCIL OF Th CITY OF IRWINDALE AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE CITY COUNCIL AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM. The City Council of the City of Irwindale does ordain as follows: SECTION 1. That an amendment to the Contract between the f. City Council of the City of Irwindale and the Board of Administration, California Public Employees' Retirement System is hereby authorized, a copy of said amendment being attached hereto, marked "Exhibit A", and by such reference made a part hereof as though herein set out in full. SECTION 2. The Mayor of the City Council is hereby authorized, empowered, and directed to execute said amendment for and on behalf of said agency. SECTION 3. The City Clerk shall certify to the adoption of this Ordinance and shall cause the same to be processed in the manner prescribed by law. ADOPTED and APPROVED this 23rd day of May, 1974. Michael Miranda, Mayor ATTEST:22®n -� Marg t S. Barbosa, City Clerk I, Margaret S. Barbosa, City Clerk of the City of Irwindale, hereby certify that the foregoing,Ordinance was duly adopted at a regular meeting of the City Council on the 23rd day of May, 1974 by the following vote: AYES: COUNCILMEN: Barbosa, Breceda, Chico, P. Miranda and Mayor Mtha ..Miranda. 1 NOES: COUNCILMEN: None { ABSENT: COUNCILMEN: None Mar et S. Barbosa, City Clerk i' 458 ORD. NO, 275 EXHIBIT "A" AMENDMENT TO CONTRACT MrffVEEN THE BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIRENWT SYSTEM AND THE CITY COUNCIL OF THE CITY OF IRWLi DALE The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board and the CITY COUNCIL of the CITY OF IMINDALE, hereinafter referred to as Public Agency, having entered into a contract under date of November 20, 1964, effective November 22, 1964, and as provided. by Chapters 170 and 316,, Statutes of 1971, which provide for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs I through 13 are hereby stricken from said contract as executed effective November 22, 1964, and are hereby replaced by the following paragraphs numbered 1 through 8 inclusive: 1. All words and terms used herein which are defined.in the Public Employ— ees' Retirement Law shall have the meaning as defined therein unless otherwise specifically provided. "Normal retirement age" shall mean age 60 for miscellaneous members and age 55 for local safety members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after November 22, 1964, 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 such as by express provisions thereof apply only on the election of contracting agencies. 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. Local firemen (herein referred to as local safety members); b. Local policemen (herein referred to as local safety members);. c. Employees other than local safety members (herein referred to as miscellaneous members). The following employees shall be excluded from membership in said Retirement System: ELECTIVE OFFICIALS Ret. Form 702-1 VU -- -- �.� amu =n L- service as a miscellaneous member upon retirement at normal retirement age shall be applied as provided in Section 21251.13 of said Retirement haw and shall be reduced by one- third for application to the first $400 of monthly compensation of members covered under Social Security, provided however, that said reduced fraction shall apply with respect to all service of such mem- ber whether or not the service is included in Federal Social Security. 5. The following additional provisions of the Public Employees' Retire- ment haw which apply only upon election of a contracting agency shall apply to the Public Agency and its employees: a. The fraction of final compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21252.6 and shall be reduced by one-third as applied to that part of the member's _,final compensation which does not exceed four hundred dollars ($400) per month, provided however, that said reduced fraction shall apply with respect to all service of such member whether or not the service is included in Federal Social Security. b. Section 20952.5 (providing for age 50 as the minimum voluntary retirement age for local safety members with benefit payments commencing prior to age 55 subject to actuarial discount). 6. Public Agency shall contribute to said Retirement System as follows: a. with respect to miscellaneous members, the public agency shall contribute the following percentages of monthly salaries earned as miscellaneous members of said System: (1) 0.35 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 7.18 percent on account of the liability for current service benefits. b. with respect to local safety members, the public agency shall con- tribute the following percentages of monthly salaries earned as local safety members of said System: (1) 0.565 percent until June 30, 1985 on account of the liability for prior service benefits. (2) 10.910 percent on account of the liability for current service benefits. c. A reasonable amount per annum, as fixed by Board to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or the period- ical -investigations and valuation required by law. Ret. Form 702-2 d.•1A- easonable amount as fixed by the Board, payable in one install— ment as the occasions arise, to cover costs of special valuations on account of employees of Public Agency, and costs of the periodi— cal investigation and valuation required by law. 7. Contributions required of Public Agency and its employees shall be sub— ject 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 periodical investigation and valuation required by said Retirement Law. 8. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within thirty days after the C end of the period to which said contributions refer or as may be pre— scribed by Board regulations. 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, or adjustments on ac— count of errors in contributions required of any.employee may be made by.direct cash payments between the employee and Board. Payments by Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certified checks, money orders, or -cash. B. This amendment shall be attached to said contract and shall be effective on the FIRST day of JULY, 1974 Witness our hands this 23rd IMMOMP-01ri"o 401 BY William E. Payne, Executive Officer day of May, 1974 CITY COUNCIL OF THE CITY OFJRWINDALE BY Presiding Officer Attest: n v Ret. Form 702-3