HomeMy WebLinkAboutRESO 4779• • ORl~INAL .
RESOLUTION NO. 4779
RESOLUTION OF THE COUNCIL OF THE CITY OF PAI.O ALTO
OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT
BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC
EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL
OF 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 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 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
swmnary of the changes proposed in said contract: and
WHEREAS, the following is a statement of the proposed change:
Retirement allowances to which the annual cost-of-living
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 prior to
December 31, 1970, are hereby increased by five percent (~~).
NOW, THEREFORE, the Council of the City of Palo Alto does
RESOLVE as follows:
SECTION 1. That the City Council of the City of Palo Alto
gives, and it does hereby give notice of intention to approve an
amendment to contract between said City Council and the Board of
Administration of the Public Employees' Retirement System.
SECTION 2. The estimate of the cost of such change for the
City of Palo Alto is set forth in a copy of the valuation report
attached hereto, marked EXHIBIT A and by this ref~rence incorporated
-1 -
• •
into the amendment as though therein set out in full.
INTRODUCED AND PASSED: June 25, 1973
AYES: Beahrs, Berwald, Clark, Comstock, Norton, Seman, Henderson,
Pearson, Rosenbaum
NOES: None
ABSENT: None
ATTEST: APPROVED:
~J-~ city cl
APPROVE::$ TO FORM: ·
~~
Mayor
~~=rv\e~
Assistant City Attorney
APPROVED:
Cli€y Manager
APPROVED:
ci coi)troller
C E R T I F I C A T I 0 N
I hereby certify that the foregoing is a true and correct
copy of a Resolution 1dopted ~ the City Council of the City of
Palo. Al to on Monday, """"I J.5. I '113 , and the original of which
is on file in the of&a-Ci!of the City Clerk of the City of Palo Alto.
~f·d~
. .. ..
AGEI~CY N!\~·n~::
/~GEHCY mnmr.m:
DATE: FF.imU!1'i:Y
•• J:>'.lilliiT A •
City of
14
9, 19i'J
pi1:11.1c 1·::.;1•1.on::·:~; 1 !.l.'n1·•:•::·:!;'1' f.\'~~·,·r:~;
1.c·1·l1ti:.1.-.r. \',~i.1,;,\·:·i(•.: 'fl! P:.::::.::'"!~'·: n1::·,·~;
lli:iJ!:!: :.:ii l ::·., tl1/.l"l )'.i! ) 11 I 3 (.l 'J71.)
('ii.: I tic: 1.·l'il~:1 !)
l'alo Alto
lt?~iccte ueG1i:Cd \~:~;:\;-.:l 1"\f ftnl1H\1~ thti 1 i~M.l {ty for th~ :incrc1:cc;.; \-~lth rcnp~ct
to pertams rcti red ())." ::it·~.~~,nr.;; <lccc.:::. c~! rrr.:l<:1r t 0 J1:nu:n:j• l , 1971:
$ 137798
LUHP Sti;-f P,.',\'l·iE?iT --------$ 93571
.76%
.u~
1.27%
5 YEARS
.46%
5 Yi~!>ilS
.77%
10 YEArS ------
.24%
!.Q-1.~~
.39%