HomeMy WebLinkAboutResolution No. 6595 RESOLUTION NO. 6595
A RESOLUTION AUTHORIZING A CORRECTION TO THE AMENDMENT TO THE
CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC
EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF
DOWNEY
WHEREAS, the City Council of the City of Downey hereinafter referred to as Public
Agency; and the Board of Administration of the Public Employees' Retirement System entered
into a contract effective February 1, 1958 providing for the participation of Public Agency in the
Public Employees Retirement System; and
WHEREAS, due to an inadvertence, paragraph "6" reads:
"The percentage of final compensation to be provided for each year of credited prior and current
service as a local miscellaneous member shall be determined in accordance with Section 21354.5
of said Retirement Law subject to the reduction provided therein for service on and after January
1, 1959, the effective date of Social Security coverage, and prior to June 30, 1994, termination of
Social Security, for members whose service has been included in Federal Social Security (2.7%
55 Full and Modified).
[Note that a future legislative proposal is being considered which could amend Government
Code Section 21354.5 to make the 2.7% at 55 benefit formula applicable to both active members
and inactive members who have not yet retired. If enacted, this amendment could have an effect
on your agency's actuarial valuation and employer contribution rates in future years.]"; and
WHEREAS, Section 20472 of the Government Code provides that corrections may be
made through amendments approved by the adoption of suitable resolutions by the contracting
parties.
NO VV. THER. ;FORE, THE CITY COUNCIL OF THE CITY OF DOWNEY
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION l : That the City Council of the City of Downey authorizes a correction to the
amendment to contract effective August 19, 2002 as follows:
A. Paragraph 6 of said contract shall be changed as follows:
"The percentage of final compensation to be provided for each year of credited
prior and current service as a local miscellaneous member in employment before
and not on or after August 19, 2002 shall be determined in accordance with
Section 21354 of said Retirement Law subject to the reduction provided therein
for service on and after January 1, 1959, the effective date of Social Security
coverage, and prior to June 30, 1994, termination of Social Security for members
whose service has been included in Federal Social Security (2% @ 55 Full and
Modified) "; and
Resolution No. 6595
Page Two
B. Paragraph 7 of said contract shall be added as follows:
"The percentage of final compensation to be provided for each year of credited
prior and current service as a local miscellaneous member in employment on or
after August 19, 2002 shall be determined in accordance with Section 21354.5 of
said Retirement Law subject to the reduction provided therein for service on or
after January 1, 1959, the effective date of Social Security coverage, and prior to
June 30, 1994, termination of Social Security, for members whose service has
been included in Federal Social Security (2.7% @ 55 Full and Modified) "; and
C. Paragraph numbers "7 through 13 ", shall be renumbered paragraphs
numbers "8 through 14 ".
SECTION 2: The Mayor of the City of Downey is hereby authorized, empowered, and
directed to execute said amendment for and on behalf of the Public Agency.
SECTION 3: The City Clerk shall certify to the adoption of this Resolution and provide
for the distribution thereof.
APPROVED AND ADOPTED this 27th day of August , 2002.
BOARD OF ADMINISTRATION 0 90-v651N, 6•
PUBLIC EMPLOYEES' RETIREMENT SYSTEM MEREDITH H. PERKINS, Mayor
ATTEST:
BY _ 11 Y •-
KE i W MARZION, 1 HIEF •
ACT AI' IAL : EMPLOYER SERVICES DIVISION _A:0, A7e4dairde,
PUBLIC EM LOYEES' RETIREMENT SYSTEM KATHLEEN MIDSTOKKE, 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 27th day of August ,2002 by the
following vote, to wit:
AYES: 5 Council Members: Cartozian, Trejo, Winningham, McCarthy, Perkins
NOES: 0 Council Members: None
ABSENT: 0 Council Members: None
ABSTAIN: 0 Council Members: None
7/44-40-
THLEEN MIDSTOKKE, Clerk