HomeMy WebLinkAboutStaff Report 301-06City
City of Palo Alto
Manager’s Report 2
TO:HONORABLE CITY COUNCIL
FROM:CITY MANAGER DEPARTMENT: HUMAN RESOURCES
DATE:JULY 17, 2006 CMR: 301:06
SUBJECT:RESOLUTION OF INTENTION AND FIRST READING OF AN
ORDINANCE TO AMEND THE CALIFORNIA PUBLIC EMPLOYEES’
RETIREMENT SYSTEM CONTRACT TO IMPLEMENT THE PRE-
RETIREMENT OPTIONAL SETTLEMENT 2 DEATH BENEFIT FOR THE
INTERNATIONAL ASSOCIATION OF FIREFIGHTERS, LOCAL 1319
RECOMMENDATION
Staff recommends that Council approve the attached resolution stating its intent to amend the
contract between the California Public Employees’ Retirement System (CalPERS) and the City of
Palo Alto to provide Section 21548 Pre-Retirement Optional Settlement 2 Death Benefits for City
fire employees. This report also requests that Council hold the first reading of an ordinance to
amend said contract as indicated.
BACKGROUND
The City of Palo Alto contracts with CalPERS to provide a retirement plan and benefits for regular
employees. As a contracting agency, the City may amend its contract to provide various optional
benefits offered by CalPERS, one of which being the Pre-Retirement Optional Settlement 2 Death
Benefit. This benefit was negotiated by the International Association of Firefighters (IAFF), Local
1319 in 2004 when the City agreed to amend its contract with CalPERS to provide IAFF employees
Section 21548 Pre-Retirement Optional Settlement 2 Death Benefits no later than June 30, 2006.
Council authorized this benefit change when it approved the resolution to adopt the Memorandum of
Agreement with IAFF, Local 1319 on August 9, 2004. (CMR 382:04.)
DISCUSSION
The Pre-Retirement Optional Settlement 2 Death Benefit allows the spouse or domestic partner of a
member who dies before retirement but who was age-eligible to retire for service at the time of death
to elect an alternative to the lump sum Basic Death Benefit, The alternative provides a monthly
allowance equal to the amount the member would have received if he or she had retired from service
on the date of death and elected the highest monthly allowancea member can leave a spouse or
domestic partner. In order to amend the CalPERS contract to permit this alternative for IAFF
members, CalPERS regulations require that Council approve a Resolution of Intention giving public
notice of the intention to approve a specified amendment to the CalPERS contract. The CalPERS
CMR: 301:06 Page 1 of 3
contract must be amended by ordinance, the first reading of which may be done concurrently with the
Resolution of Intention, with a second reading no earlier than 20 days after adoption of the
Resolution of Intention.
RESOURCE IMPACT
Amending the CalPERS contract for City fire members to provide Section 21548, Pre-Retirement
Optional Settlement 2 Death Benefit, increases the accrued liability of the retirement plan benefits by
$131,296 and increases the present value to $212,404 over a 20-year period. This change will
increase the City’s employer contribution rate by 0.118% according to the CalPERS actuarial cost
analysis conducted in February 2006, which used 2004 data as the valuation basis. This change
represents an increase of approximately $12,000 annually over the City’s current payment for the
employer share of pension costs. This increase is in contrast to the previous CalPERS actuarial cost
analysis presented in 2004, which used 2002 data as the valuation basis, when CalPERS estimated
the increase in the accrued liability of the retirement plan benefits to be $26,428 with an increase in
the present value of $43,814, representing an approximate $4,000 increase to the City’s annual
pension contribution The resulting increase over the 2002 change to annual cost is estimated at
$8,000. According to CalPERS, since the 2002 valuation, its assumptions changed based on the
firefighters demographic profile, which now indicates a projected retirement age greater than 50.
This change increases the City’s exposure for payment of this death benefit and, accordingly,
increases the annual cost. The 2006-2007 Adopted Budget has sufficient funds to cover the $12,000
annual cost for this benefit and no additional budget adjustments are necessary.
POLICY IMPLICATIONS
This request represents a change to the contract between the California Public Employees’
Retirement System (CalPERS) and the City of Palo Alto~
ENVIRONMENTAL REVIEW
This is not a project under the California Environmental Quality Act (CEQA).
ATTACHMENTS
1.IAFF, Local 1319 Memorandum of Agreement for the period of July 1, 2004 - June 30,
2006, Article XXIII, Retirement Benefits, Section 4.
2.Resolution of Intention to approve an amendment to the contract between the California
Public Employees’ Retirement System (CalPERS) and the City of Palo Alto to provide
Section 21548, Pre-Retirement Optional Settlement 2 Death Benefit for local fire
employees, IAFF, Local 1319. c
3.Ordinance Authorizing An Amendment to the Contract between the California Public
Employees’ Retirement System (CalPERS) and the City of Palo Alto.
CMR: 301:06 Page 2 of 3
PREPARED BY: Sandra T.R. Blanch, Risk and Benefits Manager
DEPARTMENT HEAD:
RUSS CARLSEN
Director of Human Resources
CITY MANAGER APPROVAL:EMII_k-Y HAR -- ~---7~-- ~4"- RISON
Assistant City Manager
CMR: 301:06 Page 3 of 3
Attachment 1
ARTICLE XXIII - RETIREMENT BENEFITS
Section 1. The current Public Employees’ Retirement System (PERS) benefits, known as
the "3 percent at 50" Plan shall continue in effect. Employees in represented classes will
make PERS member contributions by payroll deduction. The City will provide for member
contributions to be made as allowed under provisions of IRS Code Section 414(h)(2).
Section 2. Military Service Credit. The City will provide the Public Employees’
Retirement System benefit known as "Section 20930.3, Military Service Credit as Public
Service,"
Section 3. PERS Retirement Formula. The Citywill maintain a "3% @ 50" formula for
IAFF representation unit members.
Section 4. Option 2 Death Benefit. No later than June 30, 2006 the City will amend its
PERS contract to provide the Pre-Retirement Option Settlement 2 Death Benefit. The
Pre-Retirement Optional Settlement 2 Death Benefit provides the spouse of a deceased
member, who was eligible to retire for service at the time of death, with an alternate
option to the lump sum Basic Death Benefit whereby the surviving spouse can elect a
monthly allowance equal to the amount the member would receive if he/she had retired
from service on the date of death and elected Optional Settlement 2 (the highest
monthly allowance a member can leave a spouse).
Section 5. EPMC. The City will continue paying the employees 9% PERS contribution.
This payment will be reported to PERS as special compensation making the 9%
"PERSable". Effective June 30, 2006, or the closest payroll date, the City will discontinue
paying the employees’ 9% PERS conversion, concurrently salaries will be increased by 9%.
ARTICLE XXlV - RETIREMENT MEDICAL PLAN
Section 1. Monthly City-paid premium contributions for a retiree-selected PEMHCA
optional plan will be made in accordance with the Public Employees’ Medical and Hospital
Care Act Resolution.
Retiree Medical coverage for Unit employees hired after January 1, 2004 shall be as
follows:
a) Twenty (20) year vesting in PERS system for the full retiree medical benefit, including
a minimum of five (5) years with City of Palo Alto. Eligible employees te receive Fifty (50)
percent of benefit after ten (10) years; each additional service credit year after Ten (10)
years will increase employer credit by Five (5%) percent until Twenty (20) years is reached
at which time employee is eligible for One Hundred (100%) percent and Ninety (90%)
percent for dependents ef4he-State. The City of Palo Alto’s health premium contribution for
eligible post January 1, 2004 hires shall be the minimum contribution set by PERS under
Section 22825.5 based on a weighted average of available health plan premiums.
14
***NOT YET APPROVED***
RESOLUTION NO.
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO
ALTO TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN
THE BOARD OF ADMINISTRATION OF THE CALIFORNIA
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM AND THE CITY
COUNCIL, CITY OF PALO ALTO TO IMPLEMENT THE PRE-
RETIREMENT OPTIONAL SETTLEMENT 2 DEATH BENEFIT
FOR LOCAL FIRE MEMBERS
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 of 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 of the change proposed in said contract; and
change:
WHEREAS, the following is a statement of the proposed
To provide Section 21548 (Pre-Retirement
Optional Settlement 2 Death Benefit) for
local fire members only.
NOW, THEREFORE, the Council of the City of Palo Alto
does RESOLVE as follows:
SECTION i. That the Council of the City of Palo Alto
does hereby give notice of intention to approve an amendment to
the contract between the City of Palo Alto and the Board of
Administration of the Public Employees’ Retirement System, a
copy of said amendment being attached hereto, as an "Exhibit"
and by this reference made a part hereof.
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060711 cs 8260289
***NOT YET APPROVED***
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:
AYES:
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk
APPROVED AS TO FORM:
Mayor
APPROVED:
City Attorney City Manager
Director of Human Resources
Director of Administrative
Services
060711 cs 8260289
CalPERS
California
Public Employees’ Retirement System
EXHIBIT
AMENDMENT TO CONTRACT
California
Between the
Board of Administration
Public Employees" Retirement
and the
City Council
City of Palo Alto
System
The Board of Administration, California Public Employees’ Retirement System,
hereinafter referred to as Board, and the governing body of the above public
agency, hereinafter referred to as Public Agency, having entered into a contract
effective January 1, 1942, and witnessed March 9, 1942, and as amended effective
January 1, 1948, April 1, 1949, January 1, 1952, July 1, 1954, February 1, 1956,
November 1, 1964, September 23, 1968, December 14, 1970, February 1, 1974,
July 8, 1974, January 5, 1975, April 1, 1975, September 11, 1977, July 1, 1979,
February 21, 1981, July 11, 1981, December 12, 1981, June 12, 1982, September
17, 1983, November 12, 1983, February 11, 1991, October 15, 1994, December 10;
1994, February 27, 1996, October 15, 1998, January 1, 1999, October 14, 1999,
July 1, 2000, October 20, 2001 and March 9, 2002 which provides for participation
of Public Agency in said System, Board and Public Agency hereby agree as follows:
Paragraphs 1 through 12 are hereby stricken from said contract as executed
effective March 9, 2002, and hereby replaced by the following, paragraphs
numbered 1 through 12 inclusive:
PLEASE DO NOT SIGN "EXHIBIT ONLY"
All words and terms used herein which are defined in the Public
Employees’ Retirement Law shall have the meaning as defined
therein Unless otherwise specifically provided. "Normal retirement
age" shall mean age 55 for local miscellaneous members and age 50
for local safety members.
Public Agency shall participate in the Public Employees’ Retirement
System from and after January 1, 1942 making its employees as
hereinafter provided, members of said System subject to all provisions
of the Public Employees’ Retirement Law except such as apply only
on election of a contracting agency and are not provided for herein
and to all amendments to said Law hereafter enacted except those,
which by express provisions thereof, apply only on the election of a
contracting agency.
Employees of Public Agency in the following classes shall become
members of said Retirement System except such in each such class
as are excluded by law or this agreement:
Local Fire Fighters (herein referred to as local safety
members);
b.Local Police Officers (herein referred to as local safety
members);
Employees other than local safety members (herein referred to
as local miscellaneous members).
In addition to the classes of employees excluded from membership by
said Retirement Law, the following classes of employees shall not
become members of said Retirement System:
PROJECT PROFESSIONAL; PROJECT MANAGER;
PROJECT TECHNICIAN; PROJECT ASSISTANT; PROJECT
LABORER; LANDSCAPE MAINTENANCE , TRAINEE;
LIBRARY PAGE; RECREATION LEADER; WATER SAFETY
INSTRUCTOR/LIFEGUARD; AND POOL MANAGER HIRED
ON OR AFTER OCTOBER 14, 1999.
The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member
shall be determined in accordance with Section 21354 of Said
Retirement Law (2% at age 55 Full).
PLEASE DO NOT SIGN "EXHIBIT ONLY"
o
°
The percentage of final compensation to be provided for each year of
credited prior and current service as a local safety member shall be
determined in accordance with Section 21362.2 of said Retirement
Law (3% at age 50 Full).
Public Agency elected and elects to be subject to the following
optional provisions:
a.Section 21571 (Basic Level of 1959 Survivor Benefits).
Section 21222.1 (One-Time 5% Increase - 1970). Legislation
repealed said Section effective January 1, 1980.
Section 21222.2 (One-Time 5% Increase - 1971). Legislation
repealed said Section effective January 1, 1980.
Section 21319 (One-Time 15% Increase for Local
Miscellaneous Members Who Retired or Died Prior to July 1,
1971). Legislation repealed said Section effective January 1,
2002,
Section 21325 (One-Time 3% to 15% Increase For Local
Miscellaneous Members and Local Safety Members Who
Retired or Died Prior to January 1, 1974). Legislation repealed
said Section effective January 1, 2002.
Section 20042(0ne-Year Final Compensation).
Section 21317 (One-Time 15% Increase for Certain Local
Safety Members Who Retired for Service Retirement).
Legislation repealed said Section effective January 1, 2002.
Section 21326 (One-Time 1% to 7% Increase For Local
Miscellaneous Members and Local Safety Members Who
Retired or Died Prior to July 1, 1974). Legislation repealed said
Section effective January 1, 2002.
Section 21024 (Military Service Credit as Public Service);
Section 20692 (Employer Paid - -Member- Contributions
Converted to Payrate During theFinal Compensation Period)
for local miscellaneous members and local safety members in
the following groups:
bu NOT o uN EXHIBIT ONLY"
o
10.
Local miscellaneous members who are Management and
confidential employees;
Local police members who are Management and confidential
employees;
Local fire members who are Management and confidential
employees;
Local miscellaneous members represented by Local 715, SEIU
AFLLCIO and CLC; and
Local police members represented by the Palo Alto Peace
Officer’s Association.
Section 20434.5 ("Local Fire Fighter" shall include any officer or
employee of a fire department employed to perform hazardous
materials services as described in Government Code Section
20434.5).
Section 21548 (Pre-Retirement Optional Settlement 2 Death
Benefit) for local fire members only.
Public Agency, in accordance With Government Code Section 20790,
ceased to be an "employer" for purposes of Section 20834 effective
on September 11, 1977. Accumulated contributions of Public Agency
shall be fixed and determined as provided in Government Code
Section 20834, and accumulated contributions thereafter shall be held
by the Board as provided in Government Code Section 20834.
Public Agency shall contribute to said Retirement System the
contributions determined by actuarial valuations of prior and future
service liability with respect to local miscellaneous members and local
safety members of said Retirement System.
Public Agency shall also contribute to said Retirement System as
follows:
ao A reasonable amount, as fixed by the Board, payable in one
installment within 60 days of date of contract to cover the costs
of administering said System as it affects the employees of
-Public Agency, not including the costsof:special-valuations-or
of the periodic investigation and valuations required by law.
A reasonable amount, as fixed by the Board, payable in one
installment as the occasions arise, to cover the costs of special
valuations on account of employees of Public Agency, and
costs of the periodic investigation and valuations required by
law. "
11.Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the
Public Employees’ Retirement Law, and on account of the experience
under the Retirement System as determined by the periodic
investigation and valuation required by said Retirement Law.
12.Contributions required of Public Agency and its .employees shall be
paid by Public Agency to the Retirement System within fifteen days
after the end of the period to which said contributions refer or as may
be prescribed by Board regulation. If more or less than the correct
amount of contributions is paid for any period, proper adjustment shall
be made in connection with subsequent remittances. Adjustments on
account of errors in contributio~required of any employee may be
made by direct payments the employee and the Board.
B. This amendment shall be on the __ day of
BOARD OF ADMINISTRATI(CITY COUNCIL
PUBLIC EMPLOYEES’ R iMENT SYSTEM CITY OF.PALO ALTO
BY .,.’BY
LORI MCG.A~,,.~ND, CHIEF PRESIDING OFFICE~B’~.,.~’(,"~’
EMPLO~I~RVICES DIVISION
PUBLIC"I~i~PLOYEES’ RETIREMENTSYSTEM ,,,~,,-:~"
~X~ "~ttest:
Clerk
AMENDMENT ER# 14
PERS-CON-702A (Rev. 10\05)
***NOT YET APPROVED***
ORDINANCE NO.
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO
ALTO AUTHORIZING AN AMENDMENT TO THE CONTRACT
BETWEEN THE BOARD OF ADMINISTRATION OF THE
CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
AND THE CITY COUNCIL, CITY OF PALO ALTO TO
IMPLEMENT THE PRE-RETIREMENT OPTIONAL SETTLEMENT
2 DEATH BENEFIT FOR LOCAL FIRE MEMBERS
The Council of the City of Palo Alto does ORDAIN as follows:
SECTION I. Findings and Declarations. The City Council
finds and declares as follows:
That an amendment to the contract between the City
Council of the City of Palo Alto and the Board of
Administration, California Public Employees’ Retirement System
is hereby authorized, a copy of said amendment being attached
hereto, marked Exhibit, and by such reference made a part hereof
as.though herein set out in full.
SECTION 2.
The Mayor of the City Council, City of Palo Alto, is
hereby authorized, empowered, and directed to executesaid
amendment for and on behalf of the City of Palo Alto.
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060711 cs 8260290 1
***NOT YET APPROVED***
SECTION 3. This ordinance shall take effect 31st day
after the date of its adoption.
INTRODUCED:
PASSED:
AYES:
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk
APPROVED AS TO FORM:
Mayor
APPROVED:
City Attorney City Manager
Director of Human Resources
Director of Administrative
Services
060711 cs 8260290
CalPERS
California
Public Employees’ Retirement System
EXHIBIT
AMENDMENT TO CONTRACT
California
Between the
Board of Administration
Public Employees" Retirement
and the
City Council
City of Palo Alto
System
The Board of Administration, California Public Employees’ Retirement System,
hereinafter referred to as Board, and the governing body of the above public
agency, hereinafter referred to as Public Agency, having entered into a contract
effective January 1, 1942, and witnessed March 9, 1942, and as amended effective
January 1, 1948, April 1, 1949, January 1, 1952, July 1, 1954, February 1, 1956,
November 1, 1964, September 23, 1968, December 14, 1970, February 1, 1974,
July 8, 1974, January 5, 1975, April 1, 1975, September 11, 1977, July 1, 1979,
February 21, 1981, July 11, 1981, December 12, 1981, June 12, 1982, September
17, 1983, November 12, 1983, February 11, 1991, October 15, 1994, December 10;
1994, February 27, 1996, October 15, 1998, January 1, 1999, October 14, 1999,
July 1, 2000, October 20, 2001 and March 9, 2002 which provides for participation
of Public Agency in said System, Board and Public Agency hereby agree as follows:
- A.- -___Par~a_graphs 1 through i2 are herebystricken from said contract as executed
effective March 9, 2002, and hereby replaced by the following, paragraphs
numbered 1 through 12 inclusive:
PLEASE DO NOT SIGN "EXHIBIT ONLY"
All words and terms used herein which are defined in the Public
Employees’ Retirement Law shall have the meaning as defined
therein unless otherwise specifically provided. "Normal retirement
age" shall mean age 55 for local miscellaneous members and age 50
for local safety members.
Public Agency shall participate in the Public Employees’ Retirement
System from and after January 1, 1942 making its employees as
hereinafter provided, members of said System subject to all provisions
of the Public Employees’ Retirement Law except such as apply only
on election of a contracting agency and are not provided for herein
and to all amendments to said Law hereafter enacted except those,
which by express provisions thereof, apply only on the election of a
contracting agency.
o Employees of Public Agency in the following classes shall become
members of said Retirement System except such in each such class
as are excluded by law or this agreement:
Local Fire Fighters (herein referred to as local safety
members);
b.Local Police Officers (herein referred to as local safety
members);
Co Employees other than local safety members (herein referred to
as local miscellaneous members).
In addition to the classes of employees excluded from membership by
said Retirement Law, the following classes of employees shall not
become members of said Retirement System:
au PROJECT PROFESSIONAL; PROJECT MANAGER;
PROJECT TECHNICIAN; PROJECT ASSISTANT; PROJECT
LABORER; LANDSCAPE MAINTENANCE -TRAINEE;
LIBRARY PAGE; RECREATION LEADER; WATER SAFETY
INSTRUCTOR/LIFEGUARD; AND POOL MANAGER HIRED
ON OR AFTER OCTOBER 14, 1999.
5.The percentage of final compensation to be provided for each year of
credited prior and cuErent service as a local, miscellaneous member
..........................shall--be-determined-~in- accordance- with- Section -2-1354---of - Said
Retirement Law (2% at age 55 Full),
PLEASE DO NO-[ SIGN "EXHIBIT ONL’{"
o
The percentage of final compensation to be provided for each year of
credited prior and current service as a local safety member shall be
determined in accordance with Section 21362.2 of said Retirement
Law (3% at age 50 Full).
Public Agency elected and elects to be subject to the following
optional provisions:
a.Section 21571 (Basic Level of 1959 Survivor Benefits).
Do
Co
do
Section 21222.1 (One:Time 5% Increase- 1970). Legislation
repealed said Section effective January 1, 1980.
Section 21222.2 (One-Time 5% Increase - 1971). Legislation
repealed said Section effective January 1, 1980.
Section 21319 (One-Time 15% Increase for Local
Miscellaneous Members Who Retired or Died Prior to July 1,
1971). Legislation repealed said Section effective January 1,
2002,
Section 21325 (One-Time 3% to 15% Increase For Local
Miscellaneous Members and Local Safety Members Who
Retired or Died Prior to January 1, 1974). Legislat!on repealed
said Section effective January 1, 2002.
Section 20042(One-Year Final Compensation).
Section 21317 (One-Time 15% Increase for Certain Local
Safety Members Who Retired for Service Retirement).
Legislation repealed said Section effective January 1, 2002.
ho Section 21326 (One-Time 1% to 7% Increase For Local
Miscellaneous Members and Local Safety Members Who
Retired or Died Prior to July 1, 1974). Legislation repealed said
Section effective January 1, 2002.
Section 21024 (Military Service Credit as Public Service);
..... Section-_~20692_~ (Employer ...... Paid ~Member~Contdbutions. .......
................. Genverted--to--Payrate During-the-Final-Compensation-Period) ....
for local miscellaneous members and local safety members in
the following groups:
DO hOI iGN "EXHIBIT ONLY"
Local miscellaneous members who are Management and
confidential employees;
Local police members who are Management and confidential
employees;
Local fire members who are Management and confidential
employees;
Local miscellaneous members represented by Local 715, SEIU
AFL:-CIO and CLC; and
Local police members represented by the Palo Alto Peace
Officer’s Association.
10.
No Section 20434.5 ("Local Fire Fighter" shall include any office~ or
employee of a fire department employed to perform hazardous
materials services as described in Government Code Section
2.0434.5).
Section 21548 (Pre-Retirement Optional Settlement 2 Death
Benefit) for local fire members only.
Public Agency, in accordance with Government Code Section 20790,
ceased to be an "employer" for purposes of Section 20834 effective
on September 11, 1977. Accumulated contributions of Public Agency
shall be fixed and determined as provided in Government Code
Section 20834, and accumulated contributions thereafter shall be held
by the Board as provided in Government Code Section 20834.
Public Agency shall contribute to said Retirement System the
contributions determined by actuarial valuations of prior and future
service liability with respect to local miscellaneous members and local
safety members of said Retirement System.
Public Agency shall also contribute to said Retirement System as
follows:
a.A reasonable amount, as fixed by the Board, payable in one
installment within 60 days of date of contract to cover the costs
of administering said.- System as Jtaffects~the -employees ~of
...........................Public Agency,--~not-including the-costs oflspecial valuations or
of the periodic investigation and valuations required by law.
Do A reasonable amount, as fixed by the Board, payable in one
installment as the occasions arise, to cover the costs of special
valuations on account of employees of Public Agency, and
costs of the periodic investigation and valuations required by
law.
11.
12.
Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the
Public Employees’ Retirement Law, and on account of the experience
under the Retirement System as determined by the periodic
investigation and valuation required by said Retirement Law.
Contributions required of Public Agency and its.employees shall be
paid by Public Agency to the Retirement System within fifteen days
after the end of the period to which said contributions refer or as may
be prescribed by Board regulation. If more or less than the correct
amount of contributions is paid for any period, proper adjustment shall
be made in connection with subsequent remittances. Adjustments on
account of errors in contributiol required of any employee may be
made by direct payments the employee and the Board.
Bo This amendment shall be on the ~ day of
BOARD OF ADMINISTRATI(
PUBLIC EMPLOYEES’ R :_MENT SYSTEM
LORI MCG~.~ND,..C IEF
EM PLOY_EE;b-’ERVlCES DIVISION
PUBLIC~.~LOYEES’ RETIREMENT SYSTEM
AMENDMENT ER# 14
PERS-CON-702A (Rev. 10\05)
Clerk