NS-2459 - Authorizing an Amendment to the Contract Between the City Council of the City of Santa Ana and the Board of Administration of the California Public Employees Retirement System

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10. Section 20475 (Different Level of Benefits Provided for New Employees). Section 21024 (Military Service Credit as Public Service), Statutes of 1974; is not applicalbe to local miscellaneous members and local safety members entering membership after October 1, 1981. Section 20042 (One-Year Final Compensation). Section 20903 (Two Years Additional Service Credit). Section 21573 (Third Level of 1959 Survivor Benefi;[s). Section 21548 (Pre-Retirement Optional Settlement 2 Death Benefit). Section 21024 (Military Service Credit as Public Service), Statutes of 1976 for local safety members. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on December 16, 1976. 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. 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. Public Agency shall also contribute to said Reiirement System as follows: 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. 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. 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.