HomeMy WebLinkAboutResolution No. 3047 RESOLUTION NO. 3047
A 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 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 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 proposed in said contract; and
WHEREAS, the following is a statement of the proposed change:
Retirement allowances to which the annual cost -of- living provisions apply,
payable for time commencing on the first day of the calendar month coin-
ciding with or next following the effective date of this amendment to or
on account of persons retired or members deceased on or prior to
December 31, 1970, are hereby increased by 5 %.
WHEREAS, the estimate of the cost of such change for the public agency is
set forth in a copy of the valuation report attached hereto, marked "Exhibit A"
and by this reference incorporated into the amendment as though therein set out
in full.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Downey,
gives, and it hereby gives notice of intention to approve an amendment to the
contract between the City Council and the Board of Administration of the Public
Employees' Retirement System to accomplish the above change.
APPROVED AND ADOPTED THIS 22nd day of October, 1974.
Ri chad M. Jennings , May
ATTEST:
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City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
City Council of the City of Downey, at a regular meeting thereof held on the
22nd day of October, 1974, by the following vote:
AYES: 4 Councilmen: DiLoreto, Winton, Scotto, Jennings
NOES: 0 Councilmen:
ABSENT: 1 Councilmen: Temple
City Clerk � �-
Res. #3047
EXHIBIT A
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• PUBLIC EMPLOYEES' RETIREMENT SYSTEM
ACTUARIAL VALUATION TO DETERMINE COSTS
UNDER SB 135, CHAPTER 1413 (1972)
• (5% Increase)
AGENCY NAME: Downey, City of
AGENCY NUMBER: 371 • •
DATE: November 1, 1974
Indicate desired method of funding the liability for the increases with respect
to persons retied or members deceased prior to January 1, 1971:
MISCELLANEOUS MEMBERS
• LUSH' SUM. PAYMENT 3 YEARS 5 YEARS 10 YEARS
$11423 .15% .09% .05%
•
,-
SAFETY MEMBERS
LUMP SUFI PAYMENT • 3 YEARS 5 YEARS 10 YEARS
$95918 .76% .46 %. .71
2 4 465 :49 45?
Director of Finance
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