HomeMy WebLinkAboutAgenda Statement 1981/12/08 Item 19.~_ COUNCIL AGENDA STATEMENT
Item 1 g
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ITEM TI
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SUBMIT
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Meeting Date 12-8-81
A - Ordinance 1956 Amending the Contract Between the City of
'LE: Chula Vista and the Board of Administration of the California
Public Employees' Retirement System - SEC®~°~ID R~<~DI~SG Af~D ADOPTION
S 9 B - Resolution of Intention to Amend Public Employees' Retirement
System Contract and Appropriating Funds
D BY: (4/5ths Vote: Yes X No )
H
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: Not Applicable
DISCUSSION:
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 $44,510 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 of an annualized basis for
1982 would be $93,660.
FISCAL IMPACT:
Appropriate $44,510 from the unappropriated balance of the General Fund to
the following accounts to provide this benefit.
Account Amount
' ~
.,~-
_.-.~-.w.. .
100-1011 $ 480 ~,,.Y.-~ - ~~ -
~~ ~~ 100-1012 320
~ - _...~_.~ __. ,.. _ _. ~_ . _.. _._ ._ ; 100-1020 2,030 Fay ~ -
' 4 100-1030 1,010
... _~ .
{: ;;. ~ .`:._ . :: ..: ~.:~~ 100-1040 16, 370 A ; ~.,`.
G ~~ 100-1050 6,480 ,,~:
~~ a} '`' ___ a~~~/D'' a / 100-1212 310
--' 100-1220 320 ~ -, ,,~ _ ~~ V
_f'~
100-1230 630 ~ ,.u.,..,,, ~.,....,,.~....~.~.._
100-1240 16,560 ~'~~~~y~ +~~~~~~
Total $44,510
Form A-1 3 (Rev. 11/79)