HomeMy WebLinkAboutResolution No. 3048 RESOLUTION NO. 3048
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 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 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 after January 1,
1971 but before July 1, 1971, 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.
/-)
1 / - 1
if: L ' ,' f ai r a��✓7
Richard M. Je or
ATTEST:
e �4,
Dep'ty y 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, to wit:
AYES: 4 Councilmen: DiLoreto, Winton, Scotto, Jennings
NOES: 0 Councilmen:
ABSENT: 1 Councilmen: Temple
Dep tt City Clerk
t
y P q
Res. #3048
•
•
EXHIBIT A
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
ACTUARIAL VALUATION TO DETERMINE COSTS
UNDER SB 1113, CHAPTER 1123 (1973) •
(5% Increase)
AGENCY NAME: Downey, City of
AGENCY NUMBER: 371
•
DATE: November 1, 1974
-
LUMP SUM PAYMENT FOR LUMP SUM PAYMENT FOR
MISCELLANEOUS MEMBERS SAFETY MEMBERS
12,659*
•
*The City desires to fund this liability over a TEN (10) year
period. Please provide rate calculation.
__.4f
Director of Finance
•