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Home My WebLink AboutORD 2791• • ()(~~ult~AL ORDINANCE NO. 2791 • ORDINfu\ICE OF '!'HE COUNCIL OF THE CITY OF PALO .ALTO ' AUTHORIZING AN MtENDMENT TO THE CON'l'RACT BETWEEN THE CITY COUNCIL AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES 1 RETIREMENT SYSTEM. Th~Council of the City of Palo Alto does ORDAIN as follows: SECTION 1. That an amendment to the contract between the City Council of the City of Palo Alto and the Board of Administration of the California Public Employees• Retirement System is hereby a'J,thorized, a copy of said amendment being attached hereto, marked EXHIBIT A and by such reference made a part hereof as though herein set out in full. SECTION 2. The mayor, as presiding officer of the City Council is hereby authorized, empO\'Iered and directed to execute said amend ment for and on behalf of the city •. SECTION 3. This ordinance. shall become effective July 1, 1.974. INTRODUCED: May 13, 1974 PASSED: June 3, 1974 . AYES: Beahrs, Ben·rald, Clay, Comstock, Henderson, Pearson, Rosenbaum, Sher .. NCJES: None. ABSENT: Norton. APPROVED: g~~c.& Mayor ' APPROVED AS T0 FORH: APPR~ :) ·cijf~ • ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN 'l'riE CITY COUNCIL AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM The council of the City of Palo Alto does ORDAIN as follows: SECTION 1. That an amendment to the contract between the City councl.l of the City of Palo Alto and the Board .of Administration of the California Public Employees' Retirement Systgm is hereby authorized, a copy of said amendment being attached hereto, marked EXHIBIT A and by such reference made a part hereof as though herein . set out in full. SECTION 2. The mayor, as presiding officer of the City Council is hereby authorized, empowered and directed to execute said amend ment for and on behalf of the City~ SECTION 3. This ordinance shall become effective upon the expiration of thirty days from its passage. INTRODUCED; ,y-;~~_p';? Y / ', PASSED: 0. '-'~' / 7 1 ?.7.;/ ... y· AYES: NOES: ABSENT: ATTEST: City Clerk ?- D J/1 -J /"'aA../o A/ APPROVED AS TO FORM: Assistant City Attorney APPROVED: city controller APPROVED: city Manager APPROVED: ~-tayor '' ··~···.··· . . / :..; ' \ • • EXHIBIT A AUEND:.IENT TO COUTRACT BET'NEEN' TID~ DOARD 0~ AD:.Utr!STRATION PU.BLIC EMPLOYEES' RETIHEMENT SYS~$M AlfD TliS . CITY COOllOIL Olf THE CI!J.lY OF PALO ALTO The Board of Administratio~, Public Employeea 1 Retirement System, hereinafter referred to as Board and the CI'l'Y COUllCIL of the CITY OF PALO ALTO, hereinafter . referred to ns Public Agency having entered into a contract Wlder date of l.!a-y;ch 9, 1942, effective .January 1, 1942, as amended ef'.fective January l., 1948, April 1, 1949, January 1, 1952, Ju2y 1, 1954, l! .. ebruary 1, 1956, !1ovember 1, 1964, September 23, 1968, December 14, 1970, and February lt 1974, and as provided by Chapters 170 and 316, Statutes of 19'/1, which provide for participation of Public Agency ·in said System~ Board and Public Agenc~ hereby agree as follows: ;oj A. Paragraphs 1 through 9 are hereby stricken from said .contract as executed effective Janu~J l, 1942, and are hereby replaced by the following paragraphs numbered l through 9 inclus:i.ve: 1. All words a..'ld terms used herein wbioh m·e defined in the Public Employ ees' Retirmn.~nt Law shall have t-he meaning as defined therein unless otherwise opecifically provided. nNormal retirement age" sha.ll mean ege 60 for miscellaneous members, age 50 for looa..1. fireaen, and age 55 for local policemen. · 2. Public Agency shall participate in th.c: Public Employees 1 Retirement System froz;1 and after January l, 194?, making its employees as here irurl'ter provided, members of aa.i.d System subject .to all provisions ·of the Public Employees' .Retirement Law except such as apply only on electiot;t of a contracting agency and are not provided for herein· and to all amendments to said Law hereafter enacted except such as by express prov.lsions th~reo:t apply. only OJ:l the el~cti9n of cont~cting agencies. · ;. Employees o't P"wblic Agency in the following classes shall become mem bers of said Retirement System except such in each such class as are excluded by law or thio agreement: a. Local. firemen (herein referred to aa .local ea.tety members); b. Local policemen (herein re:terred to as local safe~ members); c. Employees other than loca.l. safety' members (herein ~eferred to u JDisoellanoous members). · The f'ollowing employees shall be excluded from membership in said Retirement System: J.'EHSONS COI.i£'ENSAT.8D ON AU HOURLY BASIS HIRED ON OR AF~~la NO\~k~ l, 1964. 11111111 ...................................... _. ______________ ~~~~~ ?n~_, ' ' • • 4. ~he fraction ot final compensation to be provided for e~ch year of Qrcdited prior and current service as a miacellsneous member oball be that provided in Section 21251.13 of said Retirement Law. 5. The fraction of final compensation to be pr~vided for each year of credited prior and current service as a local fireman shall be that provided in Section 21252.01 of the Retirement Law and for local policemen shall be that provided i.n. Section 21252 .. 1. 6. The following addi tiona.l provisions of the Public Employees 1 Retire ment Law which apply upon election o~ a contracting agency shall apply to the Public Agency and its employees~ a. Section 20952.5 (providing for nge 55 es the ndr.im'J£! voluntal"1 retirement age for loco.J_ po1:i.t;c:wen Yli tl1 b:.=n-.efi t. pP.~T;·.m ts com mencing prior to o.ge 55 subject to actur:.r:i.cl discO\Jl'\t). b. Sectton 21380-7 (providing for allowances for survivors of mem bers covered under the program upon deatn before retirement). c. Section 21222.1 (providing :tor increases in o.llows.nces 'to which the 3IIDUal coat-of-living pr-.JYisions apply, payabl.e for time com mencing on the first day of the calendar month. coinciding with or next following the effective date of this amendment t~ or on account of person~ retired or members deceace·i on or prior to December 31, 1970). 7. Public Agency shall contribute to said Retirement System as follows: a. With respect to miscellaneous members, the publio agency shall contrl·bute the following porcentn,ges of monthly salarie.s eazned as miscellaneous members of said System: - ~ ~ . . (1)· o. 33 percent until June 30, 2000 on account of the li.abili tr for prior se~ice benefits. (2} 7 .. 67 percent on account of the liability for current seivice benet'it~;~. {3}. 1.00 percent on account of t.l}e liability for the 1959 Survivo~·s pl'Ograiil. (4) · o. 76 percent until January 31, 1977 to provide for benefits ·under Section 21222 .. 1 of. the Goverrunent Code. b. Yfi th respect tG local safety members~: the public agency· shall con tribute the following percentages of monthly salaries eB-~ed as locul safety members of said System: .. · (l) 0.390 percent until June 30, .1981 on account ot' the liability for prior service benefits. · . (2) 1.6.140· perc~t on account of the lio.bility for current service · benefits. ' . . ' • (3) 0~046 percent on account of the liability for the 1959 Survivors program. (4) 1.210 percent until·January 31, 1977 to provide for benefits under Section 21222.1 of the Government Code. c.. A reasonable a::lOunt per annum, as fixed by Board to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or the period ical. investigation s.nd valuation required by la·N .. d. A reasonable rur.ount a.s :fixed by the Board, payable in one install ment as the occasions arioe, to cover costa of special vnlustiona on account of e!!ployees of Public Agency, and costs of the period-· ical investigati.on end valuation required by law .. e. Contributions required by Public Agency and its employees shall be sub ject t...o adjustme.nt by Board on account of amendmeo.ts to the Public Employees' Retir::ment Law, and on account of the experience under the Retirement System, as determined by the periodical investig~tion and valv..ation required by said Retirement Lo..w. 9. Contributions required o! Fublio Agency and its employees aha~~ be paid by Public· Agency to me Reti:reJUent System wi t...lrln thirty days after the end of the period +,o l"lhich s~id contribut:i.ons refer. !:f more or less than the correct M:vunt of contributj.ons is pair.! for any period, proper adjustrr.ent shall be made in cmmectiou \'<i th cutsc~t~~nt. r;;.·rJ. t·i~~-~;c es: or ad.justments on aceount of errors in contributj.ons required of a..f"J:j employee may be made by direct ca-sh paymen·cs between the employee and Board. · Fa.yments by Public Agency to Board :may be made in the form of warrants, btmk: checks, bwll< drafts, certi.ficd ch,ecks, money or·dcrs, or oa.sh. Da This amendment shall be attached to sa1.d contract and shall be effective on the day of _ __ .. Wi tn~ss our bands tbis -----------day of ----------·---· BOARD QF ADMINISTRATION PUBLIC EMPLOYEES 1 RETIREMF.N'r SYSTEM BY -~~~--~~----~~--~--~~----\'lilliwn E., Payne, E-;;:.ecutive Officer CITY COUNCIL OF THE · CUY OF l'.ALO :!::~r \, ~:.-.·· ~' ·.-':,":_; lSY ..:::!· '.. -~ .. ,..;:-". Presffing o:r(i:cer ;,...._,·-.-. :<· >) "'Asttes·~;-.;,:v · ~\· .. ;:;--/ -:r.,.--· ¥~ --o-1-e_r_k_· ---------------------