HomeMy WebLinkAboutAgenda Report - April 5, 2000 H-040
'� • •EL
COUNCIL COMMUNICATION
k 3
AGENDA TITLE: Amendment to CalPERS Retirement Plans for All City Employees
MEETING DATE: April 5, 2000
SUBMITTED BY: Human Resources Director
RECOMMENDED ACTION: 1) That the City Council adopt a resolution of intention to amend
the City contract with Ca1PERS to adopt the following:
• 2% at 55 formula for Miscellaneous employees
• 3% at 50 formula for Fire Safety
• 3% at 50 formula for Police Safety
• One -Year Final Compensation for Police Safety
BACKGROUND INFORMATION:
Per the direction of the City Council, staff had requested and received actuarial valuations explaining the
impact of amending our CAPERS contract plan to include the enhancement of benefits for Miscellaneous,
Fire, and Police units.
As you may recall, the timing for these changes is partially driven by the "window period" offered by
CaIPERS in which they will increase the actuarial value of assets from 90% of market value to 95%, thus
reducing our plan's liability due to the change in benefits.
Equally if not more important is the impact on the City's employees as recognized by the City Council's
goals stated in the 1999-2001 Budget and Financial Plan. The implementation of this benefit will enable
us to attract, retain, and invest in a quality workforce to ensure an efficient and productive City
Organization.
During the next several years it is expected that we will be recruiting key personnel to continue our
journey into the 21St century. With the increased competition among agencies for a limited experience
pool, it is imperative that we remain comparable and attract qualified applicants to our City.
APPROVED: 'e�ZO "l—k144-2
H. Dixon Flynn -- City Manager
o� �o
a 1COUNCIL COMMUNICATION
h4<I.FOR�'
COST: Miscellaneous Plan:
1) Change in Present Value of Benefits $5,180,277
2) Change in the Unfunded Accrued Liability $ (256,984)
3) Change in Employer Rate $0.000%
Police Plan:
1) Change in Present Value of Benefits $5,283,707
2) Change in the Unfunded Accrued Liability $2,661,314
3) Change in the Employer Rate $11.484%
Fire Plan:
1) Change in Present Value of Benefits $2,311,726
2) Change in the Unfunded Accrued Liability $ 635,630
3) Change in the Employer Rate $0.000%
Respectfully submitted,
Joann M. Narloch, Human Resources Director
cc: City Attorney
APPROVED:
H. Dixon Flynn -- City Manager
ORDINANCE NO. 1690
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF LODI
AUTHORIZING AMENDMENT TO THE CONTRACT BETWEEN THE CITY
COUNCIL OF THE CITY OF LODI AND THE BOARD OF ADMINISTRATION OF
THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
------------------------------------------------------------------------
------------------------------------------------------------------------
BE IT ORDAINED BY THE LODI CITY COUNCIL AS FOLLOWS:
Section 1. That an amendment to the contract between the City Council of the City of Lodi
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 of Lodi is hereby authorized, empowered, and directed to
execute said amendment for and on behalf of said Agency.
Section 3. All ordinances and parts of ordinances in conflict herewith are repealed insofar
as such conflict may exist.
Section 4. This ordinance shall be published one time in the "Lodi News Sentinel", a daily
newspaper of general circulation printed and published in the City of Lodi and shall be in force
and take effect thirty days from and after its passage and approval.
Adopted and Approved this day of , 2000.
STEPHEN J. MANN
Mayor
Attest:
JACQUELINE L. TAYLOR
Acting City Clerk
State of California
County of San Joaquin, ss.
I, Jacqueline L. Taylor, Acting City Clerk of the City of Lodi, do hereby certify that Ordinance No.
1690 was introduced at a regular meeting of the City Council of the City of Lodi held April 5,
2000 and was thereafter passed, adopted and ordered to print at a regular meeting of said
Council held , 2000, by the following vote:
AYES:
COUNCIL MEMBERS —
NOES:
COUNCIL MEMBERS —
ABSENT:
COUNCIL MEMBERS —
ABSTAIN:
COUNCIL MEMBERS —
I further certify that Ordinance No. 1690 was approved and signed by the Mayor on the date of
its passage and the same has been published pursuant to law.
JACQUELINE L. TAYLOR
Acting City Clerk
Approved as to Form:
RANDALL A. HAYS
City Attorney
Ca1PERS
California
Public Employees' Retirement System
Between the
Board of Administration
California Public Employees' Retirement System
and the
City Council
City of Lodi
EXHIBIT
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 June 1, 1966, and witnessed April 27, 1966, and as
amended effective July 6, 1966, May 1, 1970, July 1, 1973, July 1, 1977, April 1, 1991, July 7, 1993,
June 30, 1996 and November 15, 1998 which provides for participation of Public Agency in said
System, Board and Public Agency hereby agree as follows:
A. Paragraphs 1 through 14 are hereby stricken from said contract as executed effective
November 15, 1998, and hereby replaced by the following paragraphs numbered 1 through 14
inclusive:
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.
2. Public Agency shall participate in the Public Employees' Retirement System from and
after June 1, 1966 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.
NOT Slt jtij °t iI l v ii.
C. Sections 21624 and 21626 (Post -Retirement Survivor Allowance) for local
miscellaneous members.
d. Section 21573 (Third Level of 1959 Survivor Benefits).
e. Section 21427 (Improved Non -Industrial Disability Allowance) for local
miscellaneous members only.
f. Section 20042 (One -Year Final Compensation) for local safety members only.
g. Section 20903 (Two Years Additional Service Credit) for local miscellaneous
members and local safety members only.
Section 20434 ("Local Fire Fighter" shall include any officer or employee of a fire
department employed to perform firefighting, fire prevention, fire training,
hazardous materials, emergency medical services, or fire or arson investigation
services as described in Government Code Section 20434).
Section 20965 (Credit for Unused Sick Leave).
Section 20938 (Limit Prior Service to Members Employed on Contract Date) for
elected officials employed on November 15, 1998.
10. Public Agency, in accordance with Government Code Section 20790, ceased to be an
"employer" for purposes of Section 20834 effective on July 1, 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.
11. 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.
12. Public Agency shall also contribute to said Retirement System as follows:
a. Contributions required per covered member on account of the 1959 Survivor
Benefits provided under Section 21573 of said Retirement Law. (Subject to
annual change.) In addition, all assets and liabilities of Public Agency and its
employees shall be pooled in a single account, based on term insurance rates,
for survivors of all local miscellaneous members and local safety members.
b. 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 costs of special
valuations or of the periodic investigation and valuations required by law.
C. 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.
13. 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.
14. 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 contributions required of any employee may be made by direct payments between
the employee and the Board.
B. This amendment shall be effective on the
BOARD OF ADMINISTRATION e
PUBLIC EMPLOYEES' RETIRkWENT SYSTEM
BY
KENNETH W. MARZION.ZHIEF
ACTUARIAL & EMPLOYt
SERVICES DIVISION
PUBLIC EMPLOYEES�'FiETIREMENT SYSTEM
AMENDMENT
PERS-CON-702A (Rev. 8\96)
day of
CITY COUNCIL
CITY OF LODI
BY'c�
PRESIDING OFFICER
vC�'�
Witness Date ;•-a
f �
Attest:
Clerk
3. 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:
a. Local Fire Fighters (herein referred to as local safety members);
b. Local Police Officers (herein referred to as local safety members);
C. Employees other than local safety members (herein referred to as local
miscellaneous members).
4. 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:
a. PERSONS COMPENSATED ON AN HOURLY BASIS WHO ARE HIRED JUNE
1, 1966 OR THEREAFTER.
5. Assets heretofore accumulated with respect to members in the local retirement system
have been transferred to the Public Employees' Retirement System and applied against
the liability for prior service incurred thereunder. That portion of the assets so
transferred which represent the accumulated contributions (plus interest thereof)
required of the employees under said local system has been credited to the individual
membership account of each such employee under the Public Employees' Retirement
System.
6. Benefits paid to pensioners and annuitants under the local system on the effective date
of the contract were recalculated, as authorized by Section 20481 of the Government
Code, to conform with benefits applicable to persons retiring after the effective date of
the contract except that no benefit which would have been payable under the
continuation of the local system shall be reduced.
7. The percentage of final compensation to be provided for local miscellaneous members
for each year of credited prior and current service shall be determined in accordance
with Section 21354 of said Retirement Law, subject to the reduction provided therein for
service prior to June 30, 1977, termination of Social Security, for members whose
service has been included in Federal Social Security (2% at age 55 Full and Modified).
8. 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).
9. Public Agency elected and elects to be subject to the following optional provisions:
a. Section 21536 (Local System Service Credit Included in Basic Death Benefit).
b. Section 21222.1 (Special 5% Increase -1970). Legislation repealed said Section
effective January 1, 1980.
RESOLUTION NO. 2000-55
A RESOLUTION OF INTENTION OF THE LODI CITY COUNCIL
TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN
THE BOARD OF ADMINISTRATION OF THE CALIFORNIA
PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY
COUNCIL OF THE CITY OF LODI
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 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
WHEREAS, the following is a statement of the proposed change:
To provide Government Code Section 20042 (One -Year
Final Compensation) for local police members only; and
Government Code Section 21354 (2% @ 55 Full and
Modified formula) for local miscellaneous members.
NOW, THEREFORE, BE IT RESOLVED that the governing body of the above
agency does hereby give notice of intention to approve an amendment to the contract
between said public agency 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.
Dated: April 5, 2000
I hereby certify that Resolution No. 2000-55 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held April 5, 2000, by the following vote:
AYES: COUNCIL MEMBERS — Hitchcock, Land, Nakanishi, Pennino and
Mann (Mayor)
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
r •�
7 TAY UELINE
9JA
City
rk
2000-55
Ca1PERS
California
Public Employees' Retirement System
4*_ _
EXHIBIT
AMENDMENT TO CONTRACT
Between the
Board of administration
California Public Employees' Retirement System
and the
City Council
City of Lodi
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 June 1, 1966, and witnessed April 27, 1966, and as
amended eiiective July o, 1966, May 1, 1970, July 1, 1973, July 1, 1977, April 1, 1991, July 7, 1993,
June 30, 1996 and November 15, 1998 which provides for participation of Public Agency in said
System, Board and Public Agency hereby agree as follows:
A. Paragraphs 1 through 14 are hereby stricken from said contract as executed effective
November 15, 1998, and here -by replaced by the following paragraphs numbered 1 through 14
inclusive:
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.
2. Public Agency shall pa rlicipate in the Public Employees' Retirement System from and
after June 1, 1966 making its employees as hereirafter provided, members of said
System SUb)t^Ct 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
E provisions thereof, apply only on the election of a contracting agency.
n nnT-At
i1t
rL -
t ""` 3. 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:
a. Local Fire Fighters (herein referred to as local safety members);
b. Local Police Officers (herein referred to as local safety members);
C. Employees other than local safety members (herein referred to as local
miscellaneous members).
4. 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:
a. PERSONS COMPENSATED ON AN HOURLY BASIS WHO ARE HIRED JUNE
1, 1966 OR THEREAFTER.
5. Assets heretofore accumulated with respect to members in the local retirement system
have been transferred to the Public Employees' Retirement System and applied against
the liability for prior service incurred thereunder. That potion of the assets so
transferred which represent the accumulated contributions (plus interest thereof)
required of the employees under said local system has been credited to the individual
membership account of each such employee under the Public Employees' Retirement
System.
o. Benefits paid to pensioners and annuitants under the local system on the effective date
of the contract were recalculated, as authorized by Section 20481 of the Government
Code, to conform with benefits applicable to persons retiring after the effective date of
the contract except that no benefit which would have been payable under the
continuation of the local system shall be reduced.
7. The percentage of final compensation to be provided for local miscellaneous members
for each year of credited prior and current service shall be determined in accordance
with Section 21354 of said Retirement Law, subject to the reduction provided therein for
service prior to June 30, 1977, termination of Social Security, for members whose
service has been included in Federal Social Security (2% at age 55 Full and Modified).
8. The percentage of final compensation to be provided far each year of credited prior and
current service as a local safety member shall be determined in accordance with
lection 21302.2 of said Retirement Law (3% at age 50 Full).
9. Public Agency elected and elects to be subject to the following optional provisions:
a. Section 21530 (Local System Service Credit Included in Basic Death Benefit).
b. Section 21222.1 (Special 5% Increase -1970). Legislation repealed said Section
effective January 1, 1980.
a i
`•;: - J'Ji 1'ttii t 3�L:EV-=n,�:�l Ltii i:i
C. Sections 2162^ and 21626 (Post -Retirement Survivor Allowance) for local
miscellaneous members.
d. Section 21573 (Third Level of 1959 Survivor Benefits).
e. Section 21427 (Improved Non -Industrial Disability Allowance) for local
miscellaneous members only.
Section 20042 (One -Year Final Compensation) for local safety members only.
g. Section 20903 (Two Years Additional Service Credit) for local miscellaneous
members and local safety members only.
h. Section 20434 ("Local Fire Fighter" shall include any officer or employee of a fire
department employed to perform firefighting, fire prevention, fire training,
hazardous materials, emergency medical services, or fire or arson investigation
services as described in Government Code Section 20434).
i. Section 20965 (Credit for Unused Sick Leave).
j. Section 20938 (Limit Prior Service to Members Employed on Contract Date) for
elected officials employed on November 15, 1998.
10. Public Agency, in accordance with Government Code Section 20790, ceased to be an
"employer" for purposes of Section 20834 effective on July 1, 1977. Accumulated
contributions of Public Agency shall be fixed and determined as provided in
Government Code Section 2083:, and accumulated contributions thereafter shall be
held by the Board as provided in Government Code Section 20834.
11. 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.
12. Public Agency shall also contribute to said Retirement System as follows:
a. Contributions required per covered member on account of the 1959 Survivor
Benefits provided under Section 21573 of said Retirement Law. (Subject to
annual change.) In addition, all assets and liabilities of Public Agency and its
employees shall be pooled in a single account, based on term insurance rates,
for survivors of all local miscellaneous members and local safety members.
b. 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 costs of special
valuations or of the periodic investigation and valuations required by law.
C. A reasonable amount, as fixed by the Board, payable in one installment as tht
occasions arise, to cover the costs of special valuations on account of employee;
of Public Agency, and costs of the periodic investigation and valuations requirec
by law.
13. 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.
14. 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 contributions required of any employee may be made by direct payments between
the employee and the Board.
B. This amendment shall be effective on the
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
BY
KENNETH W. MARZIOIV,,�HIEF
ACTUARIAL & EMPLOYER SERVICES DIVISION
PUBLIC EMPLOYE ES�ETIREMENT SYSTEM
�i
day of ,
CITY COUNCIL
CITY OF LODI -3�
�•J
BY
PRESIDING OFFICER
�J
Witness Date .0
�J t
Z}�
Attest: =:y
Clerk
RESOLUTION NO. 2000-56
A RESOLUTION OF INTENTION OF THE LODI CITY COUNCIL
TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN
THE BOARD OF ADMINISTRATION OF THE CALIFORNIA
PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY
COUNCIL OF THE CITY OF LODI
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 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
WHEREAS, the following is a statement of the proposed change:
To provide Government Code Section 21362.2 (3% @ 50
Full Formula) for local safety members.
NOW, THEREFORE, BE IT RESOLVED that the governing body of the above
agency does hereby give notice of intention to approve an amendment to the contract
between said public agency 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.
Dated: April 5, 2000
--------------------------------------------------------------------
--------------------------------------------------------------------
I hereby certify that Resolution No. 2000-56 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held April 5, 2000, by the following vote:
AYES: COUNCIL MEMBERS -- Hitchcock, Land, Nakanishi and Mann
(Mayor)
NOES: COUNCIL MEMBERS — Pennino
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
IJA UELINE L TA R
pm City
InteClerk
41HO 1W.
Ca1PERS
California
Public Employees' Retirement System
EXHIBIT
AMEN i ) MENT TO CONTRACT
Between the
Board of Administration
California Public Employees' Retirement System
and the
City Council
City of Lodi
4*
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 June 1, 1966, and witnessed April 27, 1966, and as
amended effective July 6, 1966, May 1, 1970, July 1, 1973, July 1, 1977, April 1, 1991, July 7, 1993,
June 30, 1996 and November 15, 1998 which provides for participation of Public Agency in said
System, Board and Public Agency hereby agree as follows:
A. Paragraphs 1 through 14 are hereby stricken from said contract as executed effective
November 15, 1998, and hereby replaced by the following paragraphs numbered 1 through 14
inclusive:
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.
2. Public Agency shall participate in the Public Employees' Retirement System from and
after June 1, 1966 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
t provisions thereof, apply only on the election of a contracting agency.
r
-"' 3. 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:
a. Local Fire Fighters (herein referred to as local safety members);
b. Local Police Officers (herein referred to as local safety members);
C. Employees other than local safety members (herein referred to as local
miscellaneous members).
4. 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:
a. PERSONS COMPENSATED ON AN HOURLY BASIS WHO ARE HIRED JUNE
1, 1966 OR THEREAFTER.
5. Assets heretofore accumulated with respect to members in the local retirement system
have been transferred to the Public Employees' Retirement System and applied against
the liability for prior service incurred thereunder. That portion of the assets so
transferred which represent the accumulated contributions (plus interest thereof)
required of the employees under said local system has been credited to the individual
membership account of each such employee under the Public Employees' Retirement
System.
o. Benefits paid to pensioners and annuitants under the local system on the effective date
of the contract were recalculated, as authorized by Section 20481 of the Government
Code, to conform with benefits applicable to persons retiring after the effective date of
the contract except that no benefit which would have been payable under the
continuation of the local system shall be reduced.
7. The percentage of final compensation to be provided for local miscellaneous members
for each year of credited prior and current service shall be determined in accordance
with Section 21354 of said Retirement Law, subject to the reduction provided therein for
service prior to June 30, 1977, termination of Social Security, for members whose
service has been included in Federal Social Security (2`/a at age 55 Full and Modified).
8. 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).
9. Public Agency elected and elects to be subject to the following optional provisions:
a. Section 21536 (Local System Service Credit Included in Basic Death Benefit).
b. Section 21222.1 (Special 5% Increase -1970). Legislation repealed said Section
effective January 1, 1980.
S K3
C. Sections 21624 and 21626 (Post -Retirement Survivor Allowance) for lova(
miscellaneous members.
d. Section 21573 (Third Level of 1959 Survivor Benefits).
e. Section 21427 (improved Non -Industrial Disability Allowance) for local
miscellaneous members only.
Section 20042 (One -Year Final Compensation) for local safety members only.
g. Section 20903 (Two Years Additional Service Credit) for local miscellaneous
members and local safety members only.
h. Section 20434 ("Local Fire Fighter" shall include any officer or employee of a fire
department employed to perform firefighting, fire prevention, fire training,
hazardous materials, emergency medical services, or fire or arson investigation
services as described in Government Code Section 20434).
Section 20965 (Credit for Unused Sick Leave).
Section 20938 (Limit Prior Service to Members Employed on Contract Date) for
elected officials employed on November 15, 1998.
r
10. Public Agency, in accordance with Government Code Section 20790, ceased to be an
"employer" for purposes of Section 20834 effective on July 1, 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.
11. 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.
12. Public Agency shall also contribute to said Retirement System as follows:
a. Contributions required per covered member on account of the 1959 Survivor
Benefits provided under Section 21573 of said Retirement Law. (Subject to
annual change.) In addition, all assets and liabilities of Public Agency and its
employees shall be pooled in a single account, based on term insurance rates,
for survivors of all local miscellaneous members and local safety members.
b. 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 costs of special
valuations or of the periodic investigation and valuations required by law.
C. 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.
13. 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.
14. 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 contributions required of any employee may be made by direct payments between
the employee and the Board.
B. This amendment shall be effective on the day of
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
BY
KENNETH W. MARZIOI` HIEF
ACTUARIAL & EMPLOYER SERVICES DIVISION
PUBLIC EMPLOYEES�ETIREMENT SYSTEM
Q
1
AMENDMENT
?E-S•CON-702A (Ray. SIS5)
CITY COUNCIL -
CITY OF LODI _';
ia
BY
PRESIDING OFFICER
�J
Witness Date }C
Attest:
Clerk