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53-178
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1/3/2012 12:38:56 PM
Creation date
6/26/2003 10:27:23 AM
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City Clerk
Doc Type
Resolution
Doc #
53-178
Date
12/21/1953
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ll. <br /> <br />Contributions required of local firemen and local policemen, without <br />credit for prior service, depend upon salar~y and upon age of entry into <br />the Retirement System, the contributions per $100 of salary varying <br />from $7.63 at entry age 21, to $14.35 at entry age 35. Contributions <br />of firemen and policemen having credit for prior service depend on <br />salary, entry a~e, and amount of prior service, the amount of contribu- <br />tions per $100 being $16.33 for example, at entry age 54, with 19 years <br />of prior service. <br /> <br />12. <br /> <br />For other Agency employees, the contributions depend u~on salary, sex <br />and age of entry into the Retirement System, the contributions per $100 <br />of salary varying from $4.62 at age 20, to $7.99 at age 64, for men, <br />and from $5.36 at age 20, to $9.45 at age 64, for women, all based on <br />the Public Agency's election of age 60 as the l~vest optional service <br />retirement age. If the Public Agency elects age 55 as the lowest op- <br />tional service retirement age, the contributions per $100 of salary <br />vary from $7.36 at age 20, to $10.88 at age 59, for men, and from <br />$8.35 at age 20, to $12.81 at age 59, for women. <br /> <br />The Agency is required to contribute the balance of f~nds necessary to <br />meet the cost of the benefits provided under the Retirement System for <br />the Agency employees. The Agency also is required to pay its propor- <br />tionate share of the administrative costs of the System. <br /> <br />14. <br /> <br />Ability of the Retirement System to pay benefits is safeguarded by a <br />provision authorizing the Board of &dministration to revise contribu- <br />tions of both employees and the Agency, in the light of experience <br />under the System. <br /> <br /> ~E IT RESOLVED, that the CITY COUNCIL of <br /> (Name of Governing Body) <br />the CITY OF SANTA ANA , give, and it hereby gives notice of inten- <br /> (Name of Public Agency) <br />tion to approve an amendment to the contract between said CIT~ COUNCIL <br /> (Name of Governing Body) <br />and the Board of Administration of the State Employees' Retirement System, providing <br />for the participation of said CITY OF SANTA ANA in said Retire- <br /> (Name of Public Agency) <br />ment System, a copy of said amendmentbeing attached hereto, marked "Exhibit A", and <br />by reference made a part hereof. <br /> <br />CITY COUNCIL of the <br />(Name of Governing Body) ~' <br /> <br /> December 21 , 19 53 <br />(Date Adopted and Appro~--~ <br /> <br /> CITY OF SANTA ANA <br />(Name of Public Agency) <br /> <br /> ' -(Title) <br /> <br />F122d - 3 (Guar. % & Comp.) <br /> <br /> <br />
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