HomeMy WebLinkAboutRESO 5023• •
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RESCLUTION NO. 5023
-------• ORIGINAL
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT
BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC
EMPLOYEES' RETIREMENT SYSTEM AND THE CITY OF
PALO ALTO
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 con-
tract and sets forth the procedure by which said public agencies
may elect to subject themselves and their employees to amendment;;
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 to the contract between the City of Palo Alto and the Public
Employees' Retirement System:
Retirement allowances to which the annual cost-
of-li ving provisions apply, payable for time commencing
on the first day of the calendar month coinciding 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%:
NOW, THEREFORE, the Council of the City of Palo Alto does
RESOLVE as follows:
SECTION l. The City Council of the City of Palo Alto hereby
gives notice of its intention to approve said amendment to the
contract between the City of Palo Alto and the Board of Adminis-
tration of the Public Employees' Retirement System.
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SECTION 2. The estimate of the cost of such chanqe for
the City of Palo Alto is ~et forth in a copy of the valuation
report attached hereto, marked •Exhibit A,• and by this reference
incorporated into said amendment as though therein set out in
full.
SECTION 3. The Council finds that this resolution is not a
governmental action as defined by Section 11.04.100 of the Palo Alto
Municipal Code, and, therefore, no environmental assessment is
necessary,.
INTRODUCED AND PASSED: November 11,. 1974
AYES: Beahrs, Berwa1d,. Clay, Henderson, Norton, Pearson, Rosenbaum, Sher
NOES: None
ABSENT: Comstock
fMayor
...:-.., :~~-~-~· eiOrAssistant
City Attorney
APPROVED:-,
«J·~#.dt:
C E R T I F I C A T I 0 N _...,... ---_ ............... -....... --... w--..-.. -
I hereby certify that t.he foreq9ing is a true and correct
copy of a Resolution adopted by~City Council of the City of
Palo Alto on Monday, November , 1974, the original of
which is on file in the Office o t e City Clerk of the City of
Palo Alto.
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·-• • ·PUBLIC E.MPLOYEES 1 RET I REME~:T SYSTEM
P.O •• Box 1'953 ( 1416 -9th Street)
Sacra~ento, CA 9SC09
·TO: AGENCIES CONTAACTING WITH THI: PUBLIC
EMPLOYEES 1 RETIREMENT SYSTEM WITH
RETIREMENTS EFFECTIVE 1/1/71 through 6/30/71 . A
SUBJECT: SENATE BI LL ~~CHAPTER 1123 ( 1973) 5°~ ALLowA~ICE
\td.~ ·~ '
DATE: JANUARY 16, 1974
CIRCULAR
LETTER
NUMBER: 020-2
DI STRtBUT ION:
INCR~SE
SPECIAL
Senate Bill 1113, Chapter 1123. Statutes of 1973, provides that monthly
allowances paid with respect to persons who retired or members deceased on or
after January 1, \971 but before ~u1y 1, 1971 are increased by ~. This bi J1
Is an extension of Senate Bill 135, Chapter 1413, Statutes 1972, which pro-
vided that monthly allowances paid wit~ respect to persons retired or members
deceased prior to Janu~ry 1, 1971 were increased by 5% for local members with
respect to whom allowances were being paid'on the effective date of the contract
ameildment which included th'3 benefit. Similar to Senate Bl 1 t 135 ( 1'372), Senate
Biil 1113 (1973) is not mandatory fer contracting agencies but is an optional
feature.
~n agency that is considering amending its contract to be subject to the
allowance increase for persons· retiring between January I, 1971 and June 30, 1~71
wlll probably want to also consider amending to be ~!tbject t() th·· provisions of
SB 135 if the a~ncy has not previously amended.
The con~ct must be ~merded ln the usual manner and the increases provided
·by both Chapters are appl:cable to both miscellaneous and safety members anJ the
__J_ncreases,>filt apply only to payments commencing on or after the ~ffectfve date
of the amendment. .
We are enclosing, in duplicate, a Resolution of Intention to approve an
amendment to contract to provich!: the S% increase of SB 1113. Attached to the
Resolution 9f Intention as "Exhibit A11 is a copy of the "alu&t!on :es~lts. Ycur
~ governing body should return one complete executed set to this System if the
enclosed Resolution Is adopted. (A Resolution of Intention anrl the results of
an actuarial valuation for SS 135 were malled to you last February.)
Upon receipt vf the executed Resolution of '"tentfon ar.d atteched ex~iblt,
this System wf 11 iorward a resolution authorizing the proposed contract amendment
and other documents pertinent to the amendment. Cities a~d counties must adopt
by ordinances which do not become effective uoti 1 )0 days fo·, iCHlng the final
reading. Emergency ordinances ara not acceptable for contract ameQdment purposes.
Effect Ive da::e of the amendment nust be the beginning of a payroll period
subsequent to the above actions and whenever possible should coincide with the
cornenceanent of the a 11 owance I ne reases.
Attachment
...
.r.,
.;·~('~ •·.•, ... .. .,,, ' .. . . . ... . . EXHIBIT A
PUBLIC. EHPLOYEES 1 RETIREMENT SYSTEM
ACTUARIAL VALUATION TO DETERMINE COSTS
UNDER SB 1113, CHAPTER 1123 (1973)
(5% Increase)
Palo Alto, City ot
AGENCY NAHE: 14
AGENCY NUMBER:
· ·· or-e: J8JllJJJ.r7 u, 1974 •
"LUMP SUK PAYMENT FOR
HISCELLANEOUS MEMBERS
2;994
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:--: : ......... --.. _., ..... -
. , ~·. -. -
I •
LUKP SUM PAYMENT FOR
SAFETY MEMBERS
•
. . .. ....... -
. -·· -..... -.. ."'·-· ·.·• ... •. _.-.. ·.·.-.· .. ·· ........ -.. " ._ ....
·._ ... /' --~