HomeMy WebLinkAboutRESO 9233Resolution No. 9233
Resolution of Intention of the Council of the City of Palo
Alto to Approve an Amendment to Contract between the
Board of Administration California Public Employees'
Retirement System and the City Council of Palo Alto to
Implement a Second Tier of Retirement Benefits for New
Fire Employees
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 procedures to amend this contract is the adoption
by the governing 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 change
proposed in said contract; and .
follows:
WHEREAS, the following is a statement of the proposed change:
. To provide Section 20475 (Different Level of Benefits). Section 21363.1 (3%
@ 55 Full formula) and Section 20037 (Three-Year Final Compensation)
without Section 20692 (Employer Paid Member Contributions Converted to
Payrate During the Final Compensation Period) ~e applicable to local fire
members entering membership for the first time in the fire classification after
the effective date of this amendment to contract.
NOW, THEREFORE, the Council of the City of Palo Alto does RESOLVE as
SECTION 1. That the Council of the City of Palo Alto does hereby give notice of
intention to approve an amendment to the contract between said public agency and the Board of
Administration of the Public Employees' Retirement System, a copy of said amendment being
attached hereto, as "Exhibit A" and by this reference made a part hereof.
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