56-192 - Laserfiche WebLink

Home Browse Search

NO, ~6-I72 RESOLUTION/OF INTENTION TO APPROVE A~U~.~F~T TO CONTRACT PROVIDING FOR PARTICIPATION IN STATE E~PLOYEES' RETIRemeNT SYST~ WHEREAS, the State Employees' Retirement Law permits the participation of public agencies in the State 1~mployees' Retirement System, by the execution of a contract making their employees members of said System, and sets forth the procedure by which said public agencies may elect to subject themselves and their employees to amendments to said law, providing for a guaranteed percentage of final compensation for each year of service as "5{ember", and providing for the portion of compensation to be in- cluded in computations under said law; and WHEREAS, one-step in said procedure is the adoption by the legislative body of the public agency, of a resolution giving notice of its intention to approve an amend- ment to a contract between said governing board and the Board of Administration of said Retirement System, providing for said participation, which said resolution shall contain a summary of the major provisions of the proposed Retirement System; and WHEREAS, the following is a suFm~ary of the major provisions of the proposed Retirement System: The System is administered by a board of eightmembers, composed of three members of the System, an official of a bank, an official of a life insurance company, the Director of Finance, a member of the State Personnel Board, and an official of the Universityof California. Retirement for service is optional upon attainment of age 55 by lo- cal firemen and local policemen, and age 60 or age 55 at the election of the Public Agency, by other employees, and completion of twenty years of service for the Public Agency, and is compulsory at age 65 for local firemen and local policemen, and at age 70 for other amployees. The monthly retirement allowance payable upon retirement for service is dependent upon such factors as age, sex, salary and years of ser- vice. For local firemen and local policemen, retiring at age 55 in paragraph 2, or at a higher age with 20 years of service, the month- ly allowance is approximately one-half the average monthly salary during the five years immediately preceding retirement, unless the Public Agency elects to provide prior service benefits at less than the full amount. For other Agency employees, the monthly allowance, upon retirement at age 65 if the Agency elects 60 as the lowest op~ tional service retirement age, is approximately 1/70th of the aver- age monthly salary during the five years immediately preceding retirement, for each year of service after the effective date of participation, plus approximately 1/70th, or less as may be pro- vided in said contract by the Public Agency for its employees, of "final compensation" or of the average monthly salary during the three years immediately preceding the effective date of partici- pation, for each year of service prior to that date. Upon retire- ment at age 60, if the agency elects 55 as the lowest optional service retirement age, the fraction is approximately 1/60th instead of 1/?Oth. F 122d - 1 (Guar. % & Comp.) 10-50