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Home My WebLink AboutRES CC 2005 2320 2005 0504RESOLUTION NO. 2005 -2320 RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL CITY OF MOORPARK 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 Section 21623.5 ($5,000 Retired Death Benefit) for local miscellaneous members. NOW, THEREFORE, BE IT RESOLVED that the govern does hereby give notice of intention to ar contract between said public agency and the Public Employees' Retirement System, a cc attached hereto, as an "Exhibit" and "By: i P —1/ Mayor Title May 4, 2005 Date adopted and approved (Amendment) CON -302 (Rev. 4/96) body of the ove gency ve an 4rren to the ird Ad nistrat' n of the o sai a keina , '-Patrick Hunter Resolution No. 2005 -2320 Page 2 Rte- CaIPERS California Public Employees' Retirement System EXHIBIT AMENDMENT TO CONTRACT Between the Board of Administration California Public Employees' Retirement System and the City Council City of Moorpark Ell 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 May 16, 1984, and witnessed April 5, 1984, and as amended effective November 22, 1997, June 2, 2000, August 2, 2003 and November 13, 2004 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 11 are hereby stricken from said contract as executed effective November 13, 2004, and hereby replaced by the following paragraphs numbered 1 through 11 inclusive: 1. 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. 2. Public Agency shall participate in the Public Employees' Retirement System from and after May 16, 1984 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. Resolution No. 2005 -2320 Page 3 ,= ISO NOT IGIN "EXHIBIT ONLN� 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. 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. SAFETY EMPLOYEES. 5. The percentage 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 21354 of said Retirement Law (2% at age 55 Full). 6. Public Agency elected and elects to be subject to the following optional provisions: a. Section 20938 (Limit Prior Service to Members Employed on Contract Date). b. Section 21574 (Fourth Level of 1959 Survivor Benefits). C. Section 20903 (Two Years Additional Service Credit). d. Section 21548 (Pre - Retirement Optional Settlement 2 Death Benefit). e. Section 21623.5 ($5,000 Retired Death Benefit). 7. Public Agency, in accordance with Government Code Section 20834, shall not be considered an "employer" for purposes of the Public Employees' Retirement Law. Contributions of the Public Agency shall be fixed and determined as provided in Government Code Section 20834, and such contributions hereafter made shall be held by the Board as provided in Government Code Section 20834. 8. 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 of said Retirement System. 9. 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 21574 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. Resolution No. 2005 -2320 Page 4 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. 10. 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. 11. 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 emplgyee and the Board. B. This amendment shall be effectivep� day of BOARD OF ADMINISTRATION �,`{��`� CITY COUNCIL PUBLIC EMPLOYEES' RETIR E�K1T SYSTEM CITY OF MOORPARK �r�� 5 BY BY LORI MCGARTLA , ACTING CHIEF PRESIDING OFFICER ACTUARIAL & EMPLOYER SERVICES DIVISION PUBLIC EMPLOYEES' RETIREMENT SYSTEM Witness Date. Attest:\ C AMENDMENT ER# 1362 PERS- CON -702A (Rev. 8102) Resolution No. 2005 -2320 Page 5 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) CITY OF MOORPARK ) ss. I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2005 -2320 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 4th day of May, 2005, and that the same was adopted by the following vote: AYES: Councilmembers Harper, Hunter NOES: None ABSENT: Councilmember Millhouse ABSTAIN: None Mikos, Parvin, and Mayor WITNESS my hand and the official seal of said City this 10th day of May, 2005. Deborah S. Traffenste City Clerk (seal)