HomeMy WebLinkAboutRESO 9293Resolution No. 9293
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 Police Employees
RECITALS
A. 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
B. 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 ofthe change proposed
in said contract; and
C. The following is a statement of the proposed change:
To provide Section 20475 (Different Level of Benefits). Section 2136~.1 (3% @ 55
Full formula) and Section 20037 (Three-Year Final Compensation) are applicable to local
police members entering membership for the first time in the police classification after the
effective date of this amendment to contract.
NOW, THEREFORE, the Council ofthe City of Palo Alto does RESOLVE as follows:
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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SECTION 2. The Council finds that this is not a project under the California
Environmental Quality Act and~ therefore, no environmental impact assessment is necessary.
INTRODUCED AND .PASSED: October 15, 2012
AYES: ESPINOSA, HOLMAN, KLEIN, PRICE, SCHARFF, SHEPHERD, YEH
NOES:
ABSENT: BURT, SCHMID
ABSTENTIONS:
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