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HomeMy WebLinkAboutAgenda Report - April 16, 2003 J-01CiTy op LODI AGENDA TITLE., Ordinance No. 1728 Entitled, "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" MEETING DATE-, April 10, 2003 RECOMMENDED ACTION: Following reading by title, it would be appropriate for the City Council to adopt the attached Ordinance No. 1728. BACKGROUND INFORMATION: Ordinance No, 1728 entitled, "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 01 Administration Of The California Public Employees' Retirement System" was introduced at the regular City Council meeting of March 19,2003. Pursuant to State statute, an ordinance may be adopted five days after its introduction following reading by title, This ordinance has been approved as to form by the City Attorney, FUNDING: None required, Attachment Susan J. Blackston City Clerk APPROVED', IY7 ------- - - M�b � �Fn n BE IT ORDAINED BY THE L DI CITY COUNCIL AS FOLLOWS: 3 SAN SLACKSTON ity 0ork State of California County of San Joaquin, ss. AYE& COUNCIL MEMBERS — Beckman, Hansen, Howard, Land, arW Mayor Hitchcook EAR900W ABSENT, COUNCIL MEMBERS ® None ABSTAIN: COUNCIL MEMBERS — None VAN +JLACKSTON jty Clerk Approved as to Form. RANDALL A.HAYS City Attorney CaIPERS California Public Employees' Retirement System AMENDMENT TO CONTRACT Between the Board of Administration A, Paragraphs I through 14 are hereby stricken from said contract as executed effective June 12, 2000, and hereby replaced by the following paragraphs - numbered I 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. L-A DO NOT SIGN "EMBIT DIL" Employees Of Public Agency in the following classes shail 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 ar, 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), 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). `N "EXHIBIT ON"" DO NOT SIG It Lil 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). Legislatior., repealed said Section effective January 1, 1980, Sections 21624 and 21626 (Post- Retirement Survivor Allowance) for local miscellaneous members. mzwm�= e, Section 21427 (improved Nonindustrial Disability Allowance) for local miscellaneous members only. t. Section 20042 (( ne-Year Final Compensation) for local safety members only. 14 MIS, Section 20938 (Limit i*rior Service to Members Employod on Contract Date) for elected officials employed on November 15, 1998. k, Section 21024 (Military Service Credit as Public Service), Statutes of 1976. Public Agency shalf contribute to said Retirement System 1he contributio determined by actuarial valuations of prior and future service liability wi respect to local miscellaneous members and local safety members of sa Retirement System. 11 12, 2. ,:,c shall also contribute to said Retirement Systern as follows: 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 «»2. o. the periodic investigation and valuations required by law. 413, Contributions required of Public Agency and its employees shall be subject tz»:< «© by Board on account of amendments to the Public Employees' Retirement Law, «:d,» account of the experience under the Retirement System as determined by the periodic :<,s' 2wn and valuation required by said Retirement Law. PUBLIC EMPLOYEE$,L RETIREMENT SYSTEM AMENDMENT ER# 0626 PEM -00N -702A (Rev. 8) Clerk