HomeMy WebLinkAboutAgenda Statement 1981/11/10 Item 10a, bCOUNCIL AGENDA STATEMENT
ITEM TITL A
~U~ B -
SUBMITTED BY:
Director of Finance
t the meeting of August 4, 1981, the City Council adopted Resolution 10592
pproving an MOU with the Chula Vista Police Officers Association authorizing
he Post-Retirement Survivor allowance for Police Officers effective the
first pay period in January, 1982. Therefore, it is my
ENDATION:
hat the City Council adopt the attached Resolution of Intention and Ordinance
uthorizing an amendment to our contract with the Public Employees' Retirement
ystem implementing Sections 21263/21263,1 of the Retirement Law.
BOARD AND COMMISSION RECOMMENDATION: Not Applicable
ISCUSSION:
he Public Employees' Retirement System has completed their actuarial
valuation of the Post Retirement Survivor allowance for Police members.
he cost for this benefit is $26,690 for the period January 8, 1982 through
une 30, 1982. The retirement rate will increase from our current 14.707%
0 17.040% or a 2.333% increase. The total cost on an annualized basis for
982 would be $5E,170.
FISCAL IMPACT:
ropriate $26,488 from the unappropriated balance of the General Fund
the following accounts to provide this benefit.
Account
100-1011
100-1012
100-1020
100-1030
100-1040
100-1050
Total
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Item l Oa , b
Meeting Date 11/10-81
Ordinance Amending the Contract Between the City of
Chula Vista and the Board of Administration of the California
Public Employees' Retirement System - First Reading
Resolution of Intention to Amend Public Employees' Retirement
System Contract and Appropriating Funds
(4/5ths Vote: Yes X No )
Amount
$ 480
320
2,030
1,010
16,370
6,480
$26,690
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Form A-11~ (Rev. 11/79)