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Home My WebLink AboutORD 2829• 0~\IGINAL ORDINANCE NO. 2829 ORDINANCE OF THE COUNCIL OF THE CITY O:P PALO ALTO APPROVING AN Al'1ENDMENT TO THE CON;rRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY OF PALO-AI~To (LOCAL SAFETY MEMBERS--2% AT AGE 50 RETIREMENT PROG~J1) WHEREAS, on September 18, 1974, the Council of the City of Palo Alto did adopt Resolution No~ 5006 .giving notice of its intention to approve an amendment to the contract bet;-1een the City of Palo Alto and the Board of Administration of the Public Employees' Retirement System relating to a retirement program for local safety members .. at age 50; and WHEREAS, the Council .of the .City of Palo Alto desires to approve said amendment; NOW, THEREFORE, the Council of the City 0f Palo Alto does ORDAIN as follows: SECTION 1.. The amendment to the contract between the City of Paio AI~nd the .Board of Administration of the California Public Employees 1 Retirement System,_. ~,.,hich is attached hereto as, Exhibit 11 A11 and by reference :made-a part hereof.as though fully set forth herein~· hereby is approved. SECTION 2. The Mayor of the City. of Palo.Alto, as presiding officerof the Council· of the ·City· .of Palo lUto, hereby is authorized, empowered, and-directed to execute .said amendmeut for, and on behalf of, the City of PaloAltoo SECTION 3. The Council finds· that this orJinance is not a governmental action· as defined by. Section ll.04o100 .of the Palo Alto Municipal Code,. and,. therefore,. no environmental .assessment is necessarye SECTION 4. This ordinanc•!. shall-.become effective· upon· the commencernenFOf the-thirty-first day a·£"ter the day .of its passage. INTRODUCED: November ll, 19"14 PASSED 1 November 25, 1974 AYES: Beahrs, Berwald~ Clay, Comstock, Henderson, Norton~ Pearson, Rosenbaum, Sher NOES: None ABSENT :None ATTEST: ~~:~- APPROVED ~S T -APPROVED1 c-~ .. ~-:Jln. r=-Mayor cit . oni#Q er -, AMEND.M&NT TO CONTRACT BETWEf!N TIIE :OOARD OF ADMINISTRATION :PUBJ~IC EMPLOYEES ' RETIREMENT SYS'l'EM AND THE CITY COUNCIJ~ OF' Tiffi CITY OF PALO ALTO The Board of Administration, PubUc Employees' Retirement System, hereinaf'ter referred to as Board and the CITY COU1WIL of the CITY OF PALO AT/i'O, hel'eine.fter retcl'red to as Public Agency having entered into a contract under date of Marcih 9. 1942, effective January 1, 1942, as amended ef:tective January 1, 1948, April 1, · 1949, January 1, 1952, July 1, 1954, February l, 1956 9 November 1, 1964, Septemoer 23, l968t December 14, 1970, Februe.ry 1, 19'74, and ~-ruly 8, 1974, and o.o provided by Chapt.ers 170 and 316, Statutes of 1971, which provide for participat-ion of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Pa:t'agraphll 1 through 9 a.re hereby stricken from said contract as exeuuted ef'fec"tive Janu8.!7' 1, 1942, and are hereby-rep:iaced by the fClllowing :_>a.ra graphs numbered 1 through 9 inclusive; l. All words and terms used herein which are 'lefin.ed in tr.e Public Employ ee~' Retirement Law shall have the meaning a.a defined therein unless otherwi.se specifically prov~ded. "Normal retirement age 1f shall mean.' age 60 :for miacf.llaneoua membere and age 50 for local firemen and lOcal policemen. 2. Public Agency_ shall partic~pate in the Public Employees' Retirement Systt:!Ill from and after January 1, 1942, making its employees as here inafter provitied, members of said Sys·tem subject to all provisions o:r the Public Emplorees 1 Retirement Law except such e.s apply only on election of a contr-acting agency &~d are not provided :ro~ herein and to all aLtendmenta to said Law h.ereEi.fter enacted except auch as by express provisions thereof apply only on the el.ecUon o:f contracting agencies. 3. Employe~e of' Publin Agency in the :f'ollowi..ag classes shall baco:ce mem burs o~ aaid Retirement system except such in each such class aa are excluded b;y law or this agreement: a. Loo&l firemen (herein referred to as local safety members); b~ Local policemen (herein rei"erred to as looal. safety members); e •. Bmpioyeea other than local sa.t'ety members (her~i.h referred to as mi.s~ella.'leous umbers). · ·fb.e: following e11plo;yeea Bb.all be excluded from aembersb:ip in said Re-tirealent System: - PERSONS COMPDSATED ON AN HOURLY BASIS HIRED ON OR AlTER BOVEUBER l, 1964. Bet. Po'l"'m 702-l 4. The fraction of final compensation to be provided for each year of credited prior and currqnt service as a miocolloneoua member Shall be that provided in Section 21251.1} of oaid Retirement Law. 5., The fraction of final compensation to be provided :for each year of credited prior and current service as a local sa:fety member shall be that provided in Section 21252.01 of the Retirement Law. 6. The following additional proVisions of the Public Employees• Retire ment Law which apply upon election of a contracting agency shall apply to the Public Agency and ita employees: a. Section 20952.5 (prov:ldin.g for age 55 o.s the minimu.m voluntary retir~ment age £or local policemen with benefit payments co~ mencing prior to age 55 subject to actuarial <liecount). b. Section 21}80-7 (providing for allowances for survivors of mem bers covered under the program upon death before retirement)~ c. Section 21222.J. (providing for increases in al.lowancee to which tb.e annual cost-of-living provisions apply, payable for Jllimt: com mencin& on the .first day of the calendar month coinciding with or next follo1fing the effective date of this amendment to or on accolh~t of persons retired or members dEceased on or·prior to December 31, 1970). 7. Public Agency shall contribute to said Reti:rer:ent System a.s follows~ a. l'i th respect to ruiscellaneou.~ JUemb9rs, t.he public &.geucy shall contribute the following percentagee of monthl7 salaries earned as miscellaneous members of said Syatem: (l) o. 33 percent until June 30, 2000 on l:I.Ccount of the liability for prior ~ervice benefits~ (2) 7. 67 percent on account of the llabili ty tor current service benefits. (3) l.OO percent on account of t 1 .e liability for the 1959 Survivor& progreJL . (4) o. 76 percent until Januaey 31, 1977 to provide for benefits under Section 21222.1 of the GoTernment Code. 'b. '11th respect to local satetT members, the public agency shall con tribute the following percentages ot monthlr sslaries earned as. locel safety members of said S;ystem.: (1) (2) 0.531 percent until JWle 30, 198l on account of the liabilit7 tCJr ~).::dr service beneti ts. 20.152 percent on acc<r..ult ot the liabi.li v for current serY'ice benefits. Ret. Porm 702-2 ' . B., (3) 0.041 percent on account of the liability for the 1959 Survivors pi."'gram. (4) 1. 270 percent until Jo.nuary 31, 19'17 to provide for benefits under Section 21222.1 of the Government Code. c. A reasonable amount per annum, as fj.xed by Board to cover the coats of administering said System as it affects the employeea of Public Agency, not includi.ng t..~c coste of ::.pecial valuat2.ons or the period ical investigation and Yaluation required by law. d. A reasonable amount as fixed by the Board, payable in one install ment as the occasions arise, to cover costa of syecial valuations on account of employees of Public Agency, and costs of the period ical investigation and valuation requi_red by law. 8. Contributions required by Public Agency and its employees ahall be sub ject to adjustment by Board on accnunt of amendments to the Public Empl~ye:es 1 Retirement Law, and on account of the experience under the Retirement System, as.determined by the periodical investigation and valuation required by ea:id Retirement L_aw. 9. Contribution~ requirCd of Public Agency and i tr: employees sh(Lll be paid by Public Agency to the Retirement System \Ti thin thirty days a:~ter the end of the period to which said contributions rerer. If more or lesa than the correct amount o:f contributions is paid fo!" a.ny period, proper adjustment shall be made in con.nection with· mtbsequeut; remi. ttances, or adjustments Qn account uf errors in contributions require4 of any employee may be ma.C.e by direct caah p03D1ents between the employ\:!e and Board. Payments by Public Agency to Board may be made in the form of warrants, bank checks, bank ~rafts~ certified checks, money orders, or.aash. · This amendaent shall be attached to aaid contract and shall be effecti.ve on the day of ------..,.--------· Witness our hands this ----------·day of-------------· l30ARD OF A.DLnNISTBATION OITY COONOD.. PUBLIC EW'LOlEES I BETIR:EliEIT SYS!FJI OP mE CITY OF PALO ALTO .Bf~~--~~~--~~--~--~~--William E. PBJD.e, Executive Officer BY~--~~~~~-------------Preaiding Officer Attest:: Clerk Ret. Pora 702-3