HomeMy WebLinkAboutResolution No. 3046 RESOLUTION NO 3046
RESOLUTION OF INTENTION TO APPROVE AN
AMENDMENT TO CONTRACT BETWEEN THE
BOARD OF ADMINISTRATION OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF DOWNEY
WHEREAS, the Public Employees' Retirement Law permits the
participation of public agencies and their employees in the Public
Employees' Retirement System by the execution of a contract and sets
forth the procedure by which said public agencies may elect to subject
themselves and their employees to amendments to said law; and
WHEREAS, one of the steps required in the procedure to amend this
contract is the adoption by the legislative body of the public agency of a
resolution giving notice of its intention to approve an amendment to said
contract, which resolution shall contain a summary of the changes pro-
posed in said contract; and
WHEREAS, attached is a summary of the major provisions of the
proposed plan.
NOW, THEREFORE, BE IT RESOLVED, that the CITY COUNCIL
of the CITY OF DOWNEY gives, and it does hereby give, notice of inten-
tion to approve an amendment to contract between said CITY COUNCIL
and the Board of Administration of the Public Employees' Retirement
System, a copy of said amendment and a summary of the major provisions
of the proposed changes being attached hereto, marked Exhibits "A" and
"B" and by this reference made a part hereof.
The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 22nd day of October , 1974.
2
i s and M. Jennin:s, Mayor
ATTEST:
• c D
Des t City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted
at a regular meeting of the City Council of the City of Downey thereof held
on the 22nd day of October , 1974, by the following vote, to wit:
AYES: 4 Councilmen: DiLoreto, Winton, Scotto, Jennings
NOES: Councilmen:
ABSENT: 1 Councilmen: Temple
♦ "
0.Lvone_
Dep t ity lerk
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____
42) -4
Exhibit A
AMENDMENT TO CONTRACT BETWEEN THE
BOARD OF ADZLISTRATION •
PUBLIC MPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF DOWNEY
The Board of Administration, Public Employees' Retirement System, hereinafter
referred to as Board and the CITY COUNCIL of the CITY OF DOWNEY, hereinafter re-
ferred to as Public Agency having entered into a contract under date of February
3, 1958, effective February 1, 1958, and as amended effective May 1, 1959, March
1, 1964, January 1,1965, January 1, 1966, July 1, 1970, January 3, 1971, and
January 1, 1974, which provides for participation of Public Agency in said System,
Board and Public Agency hereby agree as follows:
A. Subparagraph d2 of Paragraph 5 of said contract as executed February 1,
1958 is amended to read:
The fraction of final compensation to be provided for each year of
credited prior and current service as a local fireman and policeman
shall be determined in accordance with Section 21252.01 of the Govern-
ment Code.
B. The following subparagraphs shall be added to said contract and shall
apply to retired members:
5(d)(12) Section 21222.1 and Section 21222.2, Government Code,
and (providing for increases in allowances to which the annual
6(f)(7) cost-of-living provisions apply, payable for time commenc-
ing on the first day of the calendar month coinciding with
or next following the effective date of this amendment to
or on account of persons retired or members deceased prior
to July 1, 1971).
C. Paragraphs 7(a) and 7(b) shall be stricken from said contract and the
following paragraphs 7(a) and 7(b) shall be substituted therefor:
7(a) With respect to miscellaneous members, the Public Agency shall
contribute the following percentages of monthly salaries earned
as local miscellaneous members of said System:
(1) 0.15 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.
(3) 0.30 percent on account of the liability for the 1959 Survivor
prpgram. r4
(4) 0.05 percent for 10 years from the effective date of this
amendment to provide the benefits under Sections 21222.1
21222.2 of the Government Code,
FOR ORIGINAL SIGNED CONTRACT / SEE P.E.R.S. FILE
Ret. Form 702-1
7(b) With respect to local safety member= t�►e public agency shall
contribute the following percenta es oa monthly salaries earned
as local safety members of said System
(1) 0.690 percent until June 30, 1980 on account of the liability
for prior service benefits.
(2) 21.481 percent on account of the liability for current service
benefits.
(3) 0.067 percent on account of the liability for the 1959 Survivor
program.
(4) 0.260 percent for 10 years from the effective date of this
, amendment to provide the benefits under Sections 21222.1
21222.2 of the Government Code.
D. This amendment shall be attached to said contract and shall become effec-
tive on the 1st. day of January, 1975
Witness our hands this 26th. day of November 1974
BOARD OF ADL!INISTRATION CITY COUNCIL
PUBLIC EI PLOYEES 1 RETIREMENT SYSTEM OF THE
CITY OF DOWNEY
Carl J. _ e� ringer., cutive Officer Press.'' r ; \Officer
Attest:
7,7,4i7
Clerk
Approved as to Form oyd C. Gr yb l , Administrative Adviser
Bet. Form 702 -2
ot 14/ 44 -",
-ro )' 7 >
RONALD REAGAN, Governor
STATE Of CALIFORNIA —BOARD OF ADMINISTRATION 0(
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
1416 NINTH STREET, P.O. BOX 1953
SACRAMENTO, CALIFORNIA 95809
020
Please Direct Your Reply to Section
Refer to Member Account Number --
January 10, 1975
RECEIVED
City of Downey
P.O. Box 607 JAN 13 1975
Downey, CA 90241
Attention: Mr. Donald B. Robison
Assistant City Manager
Gentlemen:
The amendment to the contract between your agency and the Public
Employees' Retirement System has been executed by our office. A copy
of the contract as amended is enclosed for your file.
K I SUK YANG v�
CHIEF ACTUARY •
Encl,
P.S. Please be sure to notify your accounting division regarding the rate changes
because of the amendment.
RECEIVED
JAN 15 1975
PERS »ACTM16 (2/7
CITY CLERK