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Home My WebLink AboutReso 1951-12511951-1252 Clyde E. Moore l ' . " . • . . �a�:! ' J .: �.C/ . . _ .. _ . • , • • � RESOLUTION NO. 1251 " � RESOLUTICN OF IiiTEi:TIO:d TO APPROVE Ai.tEhRF�.i•;T TO C013TR4Ci PRO"JIDWG FOR P.?F?TiGI?A�i"ION Pit STATE �IrLOYCES' FiETIR�.,TiIT S;S'!'�t�3 LYF�P.EAS, the State E•�ployees' Retirement la�r permits the participation of public agencies in the State Fanployees' Retirement System, by the execution of a contract rilaking their employees ma�bers o£ said System, and sets forth the procedure by rrhich said public agencies may elect to subject themselves and tHeir e*nployees to ar.iendments t0 S31d �.3Y:� providing for a guaranteed percentage of final compensation �or each year of service as "P.4ember"� and providing for the portion of compensation to be in- cluded in cemrn:tations under said la;v; and �TrL�'REAS, one step in said �rocedure is the adoption by the legislative body of the public agency� of a resolution giving notice of its intention to approve an amend- ment to a contract between said governing board and the Board of Ad.^�inistratien of said Reti�e�ent Syste�a, providing £or said participation, vrhich said resolution shall contain a surunary of the major provisiens of the proposed Retirement System; and YiHERE.4S, tne £ollovring is a sanmary of the major provisions of the proposed Retirement System: 1. The System is ad�inistered bf a board of eightnembers, composed o£ three members o£ the S�rsten, an official of a baaic, an official oS a life insurance company� the Director o£ Finance, a menber of the State ?ersonnel Aoa:�d� and an of£icial of the University of California, 2. Retirement £or service is optional uron attain..ment of age 55 3Y lo- cal firemen and locai police�en, and age 60 or�age 55 at t.he election o£ the. iublic �lgency, by other enolcyees, and co;apletion o£ tY7enty years of ser�rice for the i-ublic tigency� ar.d is compulsory a+, a�e 65 for local firemen and local policenen, and at age 70 for other ea,lo;�ees. , 3. The -�onthly retirement allo^rance payable upon retirement for service is dependent upon snch factors as age, sex, salary and years of ser-- vice. ror iocal £ire.^::en and local policemen� retiring at age 7$ in paragraoh 2, or at a higner age c;ith 20 years of service, the nonth- ly-allor�ance is approxi*�ately one-half tne average monthly salary -� during the £ive years imtaediately preceding retirement, unless th= Public 9genc•f elects to provide prior service benefits at less than t'�e full a^�ount. For other Agency employees� the monthly allos�rance, upon retirement at age 6S if the Agency elects 60 as the lrn�est op- tional service retirement age� is approxi*.!ately 1/�Oth of the aver- age monthly salary during the five years imiaediately preceding retirement, for each year of service after the effective date of participation, plus approximately 1/70th� or less as nay be pro- vided in said contract by the public Agency For its e�aployees, of "final compensation" or of the average monthly salary during the three years ie�mediately preceding the e£fective date of partici- pation, for each year of service prior to that date. Upon retire- nent at age b0� if the agency elects 55 as the lorzest optional service retirement age, the fraction is approximately 1/60th instead of 1/70th. F i2za - i (c�r. � & Comp. ) io-5o � . _ , . .: - . . -, , ' . � � . . It. A �ainizum service reti:ement allo.��nce of $1;0 per month is guaranteed - - uaon retirement at age �0 xith credit for serv-�ce rendered nrior to said effective date, if the Fublic Agenc-,� elec+s age 60 as �he lo;:est optional service retirement age, or a mini�au.m ailoi•rance of �60 per rsonLh upon retir�ent at age 65 or over :vith tvrenty years -of service, or upon retirement at age 70 -rrith credit :or prior service, i£ the Puo- lic Agency elects age 55 as the lorrest optional service retirecient age. [. 'etirement for disability� except in the case of local £iremen a:�d lo- cal police?nen disabled frora injury arisin� out of and in the course o� er.iployment, is oermitted only after ten years o£ service and u�on proof of incapacity for the perfo:mance of duty. � 6, i?:e !aonth'y retire.aent allosrance payable upon disabilit;.- reti:emerit, described in preceding ite.�n 5� is dependent upon such factors as age, sala r� azid_years of service, but generally is equal to 90� of 1/?Oth, or 1/60th as the case r�ay be� of the average monthly salary d+.u�ing the �ive �rears immediately precedi�g retiremeat, £or each year of service� rri.th a guarantee of 25� o£ said salary� subject to certain restrictions and modi±'ications. 7. Disability retirenent o£ local firemen and local policersen� in tne eveat of disability arising out of and in the course of emplo;,�:neat, is percaitted regardless o£ age aad service, the monthly retirement allrnaance being one-hal£ the average monthly salary di:x�ing the five years irmediately preceding retire�ent. 8. :he bene�it pa;:able at deatn be£ore retirement� e;ccegt in the case o£ lecal firerilen and local policemen dJing £rom inju:y aris�ng out o£ and L1 tae course o£ employment� consists o� t�-:e cont:ib��tioas o£ the menber plus interest, and plus 1/12th of the nem'�er's anaaal salar,,� during the year irumed?ately prece�ing death, for eacii year, not ex- ceeding sir years� of ser�rice as a me�ber of tne S;�stem. Upon death a£ter retirement, and at the election o£ the �ublic Agenc�,�, a bene- fit of ;�30'J is gayable. 9. � 1'he monthly allrnvaace payable to +he :ridor� and children, at the death of local firemen and local police.�en arising out of and in the course of emplo;�ment� is one-hal£ the average nonthly sala�y during the five years i�nediately precedin� death. ' 10. �e benefit upon .separation from service b;;� other cause than death or retirement, is the refund of the �ae�nber's contributions, rrith ia- terest. rfembers having acci:mulate3 contributions o£ at least a500 uaon resigaation or d'_scharge, ma� elect irrevocably, iTithin ninety davs� to leave contributions in the Retire�ent Fund� and then upen reaching the lovrest optional service retire�ent age or becoe!ing c'is- abled� to be entitled to receive such retir�ner.t allowar:ce as rrill be provided by their and the Agency�s cont^ibutions and their credited service� regardless of service rer.dered. r^ i22a - z (cuar. � e� co��.) io-5o , � 11. Contributions required of local firemen and local policemen, without credit £or prior service� depend upon salary and upon age oF entry into the �etirement 5�-ste�� the contributions per �100 of salary varying , from �7.63 at entry age 21, to �1�,3� at entry age 3S• Contributions o£ firemen and police�en having credit for prior service deoend on salary� entry age, and amoimt of prior service, the amount of contribu- tions per �1�J0 being �16.33 £or exa�nple, at entry age 54, wi.th 19 years of prior service. 12. For other f;gency emplo;�ees, the contributions depend upon salar�,�� sex aid age of entry into the Retirement S�stem, the contributions per �100 oi sals:y ;rarying from 5�1�.62 at age 20� to $7.99 at age 61�� for r.�en� and front �5.36 at age 20� to �9.1�5 at age 61�� £or ��omen� all based on the Public Aoenc;��s election o£ age 60 as the lolzest optional service retire�ent age. If the Public Agency elects age 5> as the lorrest op- tional service retirement age, the contributions per �100 of salary v2ry from a7.36 at a�e 20, to $10.88 at age 59, for men, and from $8.35 at age 20, to �12.81 at age 59, for i7onen. 13. 77:e Agency is required to contribute the balance o: funds necessary to meet the cost oF tne benefits provided under the Retirement System for the !!gency emplo�ees. '1'he 9gency also 9_s required to pay its propor- tionate share of the administrative costs of the System. 1l�. 9bilit� of t:�e Retire.aent System to pa;� bene£its is safeguardecl b;/ a provision authori2ing the Board of I�dm-nistration to revise contribu- tioas oi both employees and the Agency� in the light of experience iutder the System. BE IT RESOLVED, that the Ci Council of ,ita^�e of Governing Bod;y City oP Ch�B V i�ta , give, and it hereby gives notice of inten- a�ae of Fublic Agency tion to approve an a.nencment to the contract betcreen said Cit Council Name of Governing Body and the Board of Adainist^ation of the State L•`nployees' Retirer¢ent System, providing for the partioipation of said Cit of Chula Vj,gta in said Retire- b:a:�e o£ blic Agency) - ment System, a copy of sa�'.._ci atnencLaent being attached hereto, marked "L�chibit 4", and by reference nade a part hereof. ' Ci Council of IJame o£ Governin� Bodv " • Cit of Chuls Yista tla�ne o£ Fublic A�ency *-�-� H.h �c.�A'�LU--IE9aYor Pro Tem • Title ; au . 14 , 19 51 , Date Adopted and Approved r122d - 3 �vuar. � & Comp. ) • ��