HomeMy WebLinkAboutRESO 1363t _.
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R E 3 0 L U T I 0 N .!! .2 • 1363
RESOLUTION OF INTENTION TO APPROVE CONTRACT PROVIDING FOR PARTICIPATIO~ IN STATE EMPLOYEES' RETIREMENT SYSTEM
WHEREAS, The State Employees' Retirement Act permits
the participation or municipal corporations 1n the State
Employees' Retirement System, making their employees members
or said System, and sets forth the procedure by which parti-cipation may be accomplished; and
WHEREAS, one step 1nsaid procedure 1a the adoption by
the legislative bodJ of the municipal corporation, or a
resolution giving notice of intention to approve a contract
between saJ.d legislative body and the Board of Administration
or said Retirement System, providing tor said participation,
which said resolution shall contain a summary of the major
provisions or the proposed retirement eysteL, ~d
WHEREAS, the following ia a sUJIDI8ry of the major pro·-
v1sions or the proposed r~tirement syatem:
1. The System is adm1n15tered by a board or eight members,
composed of three members or the System~ an official
of a bank, an official or an insurance company, the
Director of Finance, a member of the State Personnel
Board, and an official ot the University of California.
2. Retirement for service is optional upon attainment of
~97
an ~ge which 3hall be not less than 55 or more than 60,
as provided in said contract, by city firemen and city
policemen, and age 60 by other employees, and comple-
tion or tventy years ot serv1.ce ft'"Jr the municipal
corporation, and is compulsory at age 65 for city fire-
mon and city policemen, and at age 70 tor other employee3.
3. The monthly retirement allowance payable upon retire-
ment tor ~ervice is dependent upon such factors ae age,
se~, sal~rJ and years or service. For city firemen and
city policemen, retiring at the optional age in paragraph
2, or at a higher a~e Yith twenty years or serv!ce,
the monthly e.llow8J'l.ce is approJtimately one-half the
average 1nonthly salary during the five years im.mediately
preceding retirement. For other city employees, the
monthly allowance, upon retirement at age 65, is ap-
proximately l/70th ot the average monthly salary during
the five years immediately preceding retirement, for
e8ch year ot service attar the effective date or parti-
cipation, plus appl'OJtimately l/70th, or leas a.s ma.y be
provided 1n said contract by the municipal corporation
for its employees, or the average monthly aalary during
the three years 1mmed1atel'f pt-eced1ng the effective
date or participation, tor each yewr or service prior
to that date.
4. Retirement for disability, except 1n the case or city
firemen and city policemen disabled from injury arising
out or and 1n the course of employment, 1s perm1tt~J
only after ten years or service and upon proof of in-
capacity for the performance or duty.
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398
5. The monthly retireme.tP.t allowance payable upon 1:!1sability
retirement# described 1n preceding item 4, 1a dependent
upon such factors aa age, salary and years or service,
but generally is equal to 9~ ot l/70th o~ the average
monthly salary during the f1ve years immediately preced-
ing retirement, for each year or service, vith a guaran-
tee ot 25~ ot said salary, subject to certa1n reatrict1one
and mod1f1cetions.
01 1 ~~ =, at
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6. Disability ret.1rement of city firemen and city policemen# .J
in the e'~lent or ~1sab1lity arising ont or and 1n the ; .
course or employment, is pe~tted regardleas ot age and
service, the monthly retirement allowance being one-halt
the average monthly salary during the five years immed-
iately preceding retirement.
7. The benefit payable at death, e~c8pt 1n the case or city
firemen and city policemen dying rrom injury ar1~1ng out
or and 1n the course ot employment, consists or the con-
tr1but1ona of the member plus interest, and plus l/12th ot the memberta annual salary during the year immediately
preceding death, tor each year~ not exceeding e1x years,
of service aa a member ot the system.
8. The monthly allowance payable to the widow and children,
at the death ot city firemen. and city policemen arising
out or and in the course or employmeJlt, is one-halt th~
average monthly salary during the t1~e yeara immediately preceding death.
9. The benefit upon separation from aerv1ce by other cause
than death or ret1r6~ent 1 1~ the refund or the memberrs
contributions, vith interest.
10. Contributions required of city firemen and city police-
men, v1thout credit for prior servi~e, depend upon salary
and upon age of ent~ into the retirement system, the
contributions per $1.00 or salary varying trom $4.69 at
entry age 21, to $8.42 at entry age 35, for e~ample.
Cont~1but1ons or firemen and policemen having credit tor
prior service, depend on salary, entry age and amount or
~r1or serv1oe, the amount ot contribution per $100.00
being $13.28, for e~ample, at entry age 59, with 19
7ears or prior service.
ll. For other city employees, the contributions depend upon
sex, salary and age of ent1 into the service, the
contributions varying .from 3. '77 at age of' 20, to $6.6?.
at age 64, for men, and from $4.59 at age 20, to $7.61
at age 64, tor women. .
12. The city is required to cont~1bute the balance or the
funds neeeaaa~ to meet the coat or the benefits provided
under the retirement syst~m tor the city's employees.
The city also is re~uired to pay ita proportionatP.
share or the administrative costa or the system.
138 Ability or the Retirement System to pay benefits is ·J
safeguarded by a provision authorising the Board or ··
Aelm1Distr-ation to revise contributione or both employees '
and the city, in the light or e~perience under the system~ Now, theref'ore,
BE IT RESOLVED, that the City Council of' th€ City of Palo
Alto, give, and does hereby give notice of' intention to approve
a contract between said City Council and th& Board or Administ~
tion ot the State Employees• Retirement System, providing for t~e
participation of said City of' Palo Alto 1n said Retirement Syst4m,
a copy of said cont~act being attached hereto# marked ·~hibit A,w
snd by reference made a part hereof.
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The above and tor~go1ng reBolut1on vas duly and
reg\uarly introduced and paased by the City Council or the
City or Palo Alto at a regular meeting ot ea1d Council held
on the 9th day or Pebrua~, 1942.
AYES:
NOES:
ABS!M':
Bentrott, Blo1e, Cypher, Hoy, Merner, Mitchell,
Morten, Reed, Richards, Thoits.
None.
C&ehel, Radford, Southwood, Thomas, Wood.
APPROVED: -~..:_~ c7for
,~pL, ATTEST: _£/"'jer
399
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