HomeMy WebLinkAboutRES CC 1984 072 1984 0307RESOLUTION NO. 84—
RESOLUTION OF INTENTION
TO APPROVE A CONTRACT
BETWEEN THE
BOARD OF ADMINISTRATION
OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF MOORPARK
WHEREAS, the Public Employees' Retirement Law permits the participation of
public agencies in the Public Employees' Retirement System, making
their employees members of said System, and sets forth the procedure
by which participation may be accomplished; and
WHEREAS, one of the steps required in the procedui
Governing Body of the Public Agency of a
intention to approve a contract for such
Governing Body and the Retirement System
which resolution shall contain a summary
the proposed retirement plan; and
-e is the adoption by the
resolution giving notice of
participation between said
Board of Administration,
of the major provisions of
WHEREAS, attached is a summary of the major provisions of the proposed plan:
NOW, THEREFORE, BE IT RESOLVED, that the Governing Body of the above agency
gives, and it does hereby give notice of intention to approve a con-
tract between said Governing Body and the Board of Administration of
the Public Employees' Retirement System, providing for participation
of said agency in said Retirement System, a copy of said contract and
a copy of the summary of the major provisions of the proposed plan
being attached hereto, as an "Exhibit ", and by this reference made a
part hereof.
March 7, 1984
(Date adopted and approved)
Ret. Form 122
C0301
i
i�
BY.. �• G
Name)
Mayor of the City of Moorpark
(Title)
ATTF.q'I'
CONTRACT
BETWEEN THE
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
f ='l£AS _ CITY OF MOORPARK
� DO r
In consideration of the �We j nd agreement hereafter contained and on
the part of both parties to be kept a'rld j�^ med, the governing body of above
public agency, hereafter referred to as "P�d' cy ", and the Board of Admin-
istration, Public Employees' Retirement System, W&Oi'ter referred to as
"Board ", hereby agree as follows:
1. All words and terms used herein which are defined in the Public Employ-
ees' Retirement Law shall have the meaning as defined therein unless
otherwise specifically provided. "Normal retirement age" shall mean
age 60 for Loral miscellaneous member-".
2. Public Agency shall participate in the Public Employees' Retirement
System from and after 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.
3. Employees of Public 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 this agreement:
a. 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. LOCAL SAFETY MEMBERS.
5. The fraction of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member
shall be determined in accordance with Section 21251.13 of said
Retirement Law (2% at age 60 Full).
"EXHIBIT A"
6. The following additio;9ll�0ravisions of the Public Employees' Retire-
ment Law, which apply only' pYi , p�ection of a contracting agency,
shall apply to the Public AgencyVa � is employees:
a. Section 20835.1 (Limits prior serviYe bers employed on con-
tract date). ��ll
7. Public Agency, in accordance with Section 20759.1 Government Code,
shall not be considered an "employer" for purposes of Chapter 6 of the
Public Employees' Retirement Law. Contributions of the Public Agency
shall be fixed and determined as provided in Section 20759, Government
Code, and such contributions hereafter made shall be held by the Board
as provided in Section 20759, Government Code.
8. Public Agency shall contribute to said Retirement System as follows:
a. With respect to local miscellaneous members, the agency shall
contribute the following percentages of monthly salaries earned
as local miscellaneous members of said Retirement System:
(1) 0.454 percent until June 30, 1994 on account of the lia-
bility for prior service benefits. (Subject to annual
change.)
(2) 8.954 percent until June 30, 2011 on account of the lia-
bility for current service benefits. (Subject to annual
change.)
b. A reasonable amount, as fixed by the Board, payable in one in-
stallment 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 in-
stallment 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.
9. 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.
10. Contributions required of Public Agency and its employees shall be
paid by Public Agency to the Retirement System within thirty 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 cor-
rect amount of contributions is paid for any period, proper adjustment
shall be made in connection with subsequent remittances, or adjust-
ments on account of errors in contributions required of any employee
may be made by direct cash payments between the employee and the
Board. Payments by Public Agency to Board may be made in the form of
warrants, bank checks, bank drafts, certified checks, money orders or
cash.
Witness our hands the day of , 19
BOARD OF ADMINISTRATION CITY COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF THE
CITY OF MOORPARK
BY BY
SIDNEY C. McCAUSLAND, /1/ ,, Presiding Officer
EXECUTIVE OFFICER 4)YI
8IT
Approved as to form: Attest:
Roland K. Bow egal Of ice, 15aee Clerk
PERS CON -702
SUMMARY OF MAJOR PROVISIONS
2% Q 60 (1/50) Retirement Program
Local Miscellaneous Members
SERVICE RETIREMENT
The earliest retirement is age 50; the normal retirement age is 60; and the
compulsory retirement age is 70. An employee may retire any time between these
ages, 50 and 70, provided he meets the minimum requirements that he either have
five years of service or have attained the compulsory retirement age of 70.
The monthly income is determined by age
service, and "final compensation ". The
compensation" for each year of credited
retirement is earlier than age 60 the p
each year of service are decreased. If
the percentages of "final compensation"
age 63.
at retirement, years of credited
basic benefit will be 2% of "final
service upon retirement at age 60. If
,?rcentages of "final compensation" for
retirement is deferred beyond age 60,
for each year of service increases to
"Final compensation" is the average monthly salary (full -time rate excluding
overtime) earned either during (1) the final 36 consecutive months unless
member specifically requests another 36 consecutive month period, or (2) if
provided by your agency by contract amendment, during the final 12 consecutive
months unless member specifically requests another 12 consecutive month
period.
DISABILITY RETIREMENT
An employee becoming disabled to the extent., that he is incapable of performing
his duties shall be eligible for disability retirement provided he has at least
five years of .service. The monthly retirement allowance is 1.80 of "final
compensation" for each year of service with a minimum guarantee of one -third of
final compensation for most employees who have rendered at least 10 years of
service. (If provided by your agency, the benefit would be a minimum of 30,/,f) of
fi.na compensation for five years of service and 1"), of final compensation for
each additional year of service to a maximum benefit of 50`" of final compensa-
tion). The disability retirement allowance shall under no circumstances exceed
the service retirement allowance payable upon retirement for service at age 60
if employment could be continued to that age.
DEATH BENEFITS
D• ?ath Before Retirement
Basic Death Benefit: This benefit is a refund of the- member's
contributions plus interest and up to six month's pay (the sum of one
month's salary rate for each year of current service to a maximum of
six months).
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) SS.
CITY OF MOORPARK )
1, DORIS D- RANKITs , City Clerk of the City of
Moorpark, California, do hereby certify that the foregoing
Resolution No. 84 -72 was adopted by the City Council of the City of
Moorpark at a regular meeting thereof held on the , +r, day of
March , 1984 and that the same was adopted by
the following vote, to wit:
AYES: Councilmembers Straughan, Harper, Beaulieu,
Prieto and Mayor Yancy- Sutton;
NOES: None;
ABSENT: None.
WITNESS my hand and the official seal of said City this 7th
day of March , 19 84
CITY CLE K