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HomeMy WebLinkAboutResolutions - No. 3360WHEREAS, RESOLUTION NO. 3360 RESOLUTION CF INTENTION TO APPROVE AN AMENDI ENT TO CONTRACT BETWEEN THE BOARD CF ADMINISTRATION CF THE PUBLIC EINFLOYEES' RETIREI€IIT SYSTIZ-1 AND THE CITY COUNCIL TEE CITY CF LODI 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 summary of the changes proposed in said con- tract; and WHEREAS, the following is a statement of the proposed change: 1. Retirement allowances payable for time commencing on the first day of the calendar month coinciding with or next following the effec- tive date of this amendment to or on account of any person whose retirement became effective on or prior to December 31, 1966 are hereby increased according to a sliding scale ranging from two percent for those whose retirement became effective during the twelve months ending December 31, 1966, to a maximum of twelve percent for those whose retirement became effective prior to January 1, 1962. This increase shall be applicable to pensioners and annuitants who were retired under the local system on the effective date of the contract. NOW, THEREFORE, BF, IT RESOLVED, that the CITY COUNCIL of the CITY OF LODI gives, and it hereby gives notice of intention to approve an amendment to the contract between the CITY COUNCIL and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto, marked "Exhibit A" and by this reference made a part hereof. March -4;'1970 (Date adopted and approved) CITY COUNCIL OF THE CITY CF LODI Ret. Form 122 Alf? TO CONTRACT INTialA TNN BOARD OF AHZQ hISTRtTION P BLIC EIPL0T I3' RITIRTBIBT SYSTEM AND TUB CIT? mumm. 0? TIW CITY OF iota EXHIBIT A The Board of Administration. Public Impleyeesc Astiremest Syster,, hereinafter referred to as Beard# sad the CZTI COUNC1L of the CITY 0? Lt1CI, hereinafter referred to as Public Agenaf, hating entered into a sontrsct ander date of April 27, 13166, effective June 1, 1966, sad as need sffeative July 6, 1966, *deb prides for the partisipatiee at Potblio Agency is said Byetem, Beard sad glias Agency herehy agree as fellows A. `7e following subparagraph shall be added to Paragraph 12 of said Caatrsett 12 (j) Section 21251.75 of the Ooverument Code (providing for increases in alienees p&ysble for time commencing en the first day of the calendar math ooineidin; Frith or next folledag the effective date of this amendment to persons retired prior to daniairy 1, 1961). This increase shall be applicable to pensioners and emma trate mho sere retired wader the local system an the effective date of the contract. H. Paragraphs 13 (a) std 13 (1) shall be strieksn from said met and the follow - tag paragraphs substituted tkersfors 13(a) With respect to adseellaso ss members, the pab1ie *d. ► shall contribute the following ps+smantag.s of monthly salaries *arced as miscellaneous members of said 3ystest - (1) 1455 percent +setil Jana 30, 1986 as ssoaant of the liabili far prior service benefits. (1) 5.t$ psrsent nae amount of tks liability tar current service beasfits. 13(b) With respest to lesal safety warners, the public agemey sled soatribnt the fells,iag peroaatmiss of aosatkly salaries served ens local safety embers st said Systems (1) 8.303 Ferment *nttl Jane 30, 1106 ca aseoemi of the liability far prier service itesyslita. (t) SAO pa resat ea seee+lat s[,, tae liability tar *arrest lorries hematite. G. This amendment shall to *Mashed to soda •fit sad abet tissues oflistivo ea the day' et Witness err berets this DOM 07 iCl1011112l►TICX PUBLIC IMPLOTIOW 12N1WINIMM ar willtma X. roque, ixsaattte =leer day at CT!"1' -07 Int .