HomeMy WebLinkAboutRESO 5410• ORIGINAL
RESOLtr.l'ION NO. 5410
RESOLUTION OP 'rllB ClUNCIL 01' TD CI'l'Y OP PAID ALTO
OP INTEN'l'ION 'l'O APT•ROVB AN »IBNililmft' TO CO!ft'RACT
UTWBDr THB,BOA!m OF ADMINIS'1'RATICll OP TD POBLXe
EMPLOYEES' RET~~T SYS'l'EM MD THE CITY O!' PALO ALilfO
WHBBBAS, the Public Bmployeea• Retirement Law peraita the
participation of public agencies and their employ••• in the
Public Employees' Retirement System by the execution of a con-
~act and sets forth the procedure by which said public a9enciu
may elect to subject themselves and tbeir employees to amend-
ments to said law, and
111BBRBAS, one of the steps in the procedure to ~ tbia
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 aai~ contract, wbich_reaolution •hall contain a
auN'ary of the ~anges proposed in said contract! .. and
WiJBRB.AS, the following is a a~tement of tbe propo11ecl
change to tha contract between the City of Pal.o Alto and the
Public Blllployees' Retirement syateaz
. Provides for a fifteen-percent increase in ulow-
ances to which the annual coat-of-living proviaioaa
apply, payable for time camencin9 on tbe firat clay
of the c41endar month coinciding with or nut
following the effective elate of thU amandllBt,
to or-on account. of certain lliscellaneoua ....,_...
retired or deceased prior to July 1, 1971.
HC>1f, TBBRBFO.aB, the Council of the City of Palo Alto 4ou
BBSOLVB aa followaa
SBCncal l. '1'be City Council ot the Cit.y of Palo Alto hereby
9ivas notice 0£ its _intention to approve aaid amendment to t:be
contract between the City of Palo Al.to and tbll Boa.re! of Maia-
iatration o~ the Public Bllplcyeea' a.tirl!IBent $yst.ea. -
SBCTZOR 2. 'l'be oaUaa~ _of tb.e coat of such c:han9a· for
the City of Palo Alto ic -t foztb, in a aopy of tba valuation
report attached hereto, IMU'ked •Exhibit-A,•~ by this refaranee
incorporated into said amendment u tbough therein •et oat in fQ11.
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SECTION 3. The Council finds that this reaolution i• not a
governmental action as defined by Section 11.04.100 of the Palo
Alto Municipal Code, and, therefore, no environmental aa•••ament
is necessary.
INTRODUCED AND PASSED: June -13, 1917
AYES: Berwald, carey, Clay, Eyerly, Norton, Sher, Witherspoon
NOESl None
ABSEHT i Bea hrs, Cclnstock
ABSTAINE_D =None
A'l"l'EST: , /, ·. {)·.';,~ ~¥ .
APPROVED AS TO FORM:
APPROVED:
APPRO~------~ger -·-
C B R T I F I C A T I 0 H
I hereby certify that the foregoing is a true and correat
copy of a resolution adopted by the City Council of the City of
Palo Alto on Monday, June --13 . , 1977, ~e_oriqinal of wbich
is on file in the Off~ce o'l""the City Clerk of the City of
Palo Alt:').
• PUBLIC JllPLorDS1 IB!JRliJIBN'l' 8'• ACTUARIAL VA.WA.tflClf ~'L· . •PlW8-JA~-14 (12-76) "'" . r, J L-, ' : · . " . _ ected CoJ?Z \ Cl1 IJM cu fa; UC f "";
AGJMOY D.Dt ,City o! Pal.o ilto .. !llPLCJ!ER WO. 0014
-Hiac~eous Members
PROPOSED·POBJIOLA
A. Valuation apeci:ticatione: Pruent 7-l-Tl Proposed
Bite R&te Change
l. Yaluation 11ae of"" date 'l-1-76 (Pooled} (Pooled) (Unp>ol.ed}
2. J'ormula l/5Q l/50 l/50
3. l'ormal Retirement Age -60 60 6o
4. Pinal Coar,t>enaation (1ears) 'uai=a .3 nara 3 1eara
5. 1959 Survivors ·Yes !ea Yes
6. Poat-retirellent SUrV1 vor A.llowanee No Ho Ro
7. Sick-leave credit No Ho Ho
a. nu ta.ry service credit 'No Ho Ho
9. Additional.: Section 21222. 6 (SB-1093) No !lo Yes
.,
B. Agency contribution rate for current
eenice (as % ot member pq.i.·oll)
"+· .... "". 9.356% a. For retir•ent bt:llefita < s.530% 9.530%
b. •or death ~a~ef'ita . o.220% 0.220% 0.157%
c. !'or unused sick leave -
d. J'or 1959 survivor benefite l..000% 1..000% o.167%
e. -,,,r SB 135 and/or SB 1113 --
.f. Por _SB 1093 ~ Section 21222. 6 -O.l.98%
g. lfotal current service rate 9.750% 10.750% 9.87~
c. A&eucy contriblltion fox-prior eervice
a. Contribution rate aa ~ of :mEilllber
~ll until June .301 2000 0.330% . 0.330% 0.225%
_l>. Total Agency Contributiown ·
a. '!otal Agency Contribution. Rate: . :w.080% ll.000% l.0.103%.
b. l'ee -
Hay 12, 1'117
KI~Am CH . ~CTUARY
Date