HomeMy WebLinkAboutAgenda Statement 1981/11/17 Item 14~~ .'r. COUNCIL AGENDA STATEMENT
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ITEM TI E:
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SUBMITTE BY:
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Item ~XI~XX~ 14
SECQI~D RCADIo~1C7 AiVD ADQPT~~Iting Date ~j~~~171
- Ordinance ~y~G 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
r (4/5ths Vote: Yes X No )
Director of Finance
At the meeting of August 4, 1981, the City Council adopted Resolution 10592
approving an MOU with the Chula Vista Police Officers Association authorizing
the Post-Retirement Survivor allowance for Police Officers effective the
first pay period in January, 1982. Therefore, it is my
RECOMMENDATION:
That the City Council adopt the attached Resolution of Intention and Ordinance
authorizing an amendment to our contract with the Public Employees' Retirement
System implementing Sections 21263/21263.1 of the Retirement Law.
BOARD AND COMMISSION RECOMMENDATION:
DISCUSSION:
Not Applicable
The Public Employees' Retirement System has completed their actuarial
evaluation of the Post Retirement Survivor allowance for Police members.
The cost for this benefit is $26,690 for the period January 8, 1982 through
June 30, 1982. The retirement rate will increase from our current 14.707%
to 17.040% or a 2.333% increase. The total cost on an annualized basis for
1982 would be $56,170.
FISCAL IMPACT:
Appropriate $26,488 from the unappropriated balance of
to the following accounts to provide this benefit.
Account Amount
100-1011 $ 480
100-1012 320
100-1020 2,030
100-1030 1,010
100-1040 16,370
100-1050 6,480
Form A-11~ (Rev. 11/79)
Total $26,690
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