56-192 - Laserfiche WebLink

Home Browse Search

ll. Contributions required of local firemen and local policemen, without credit for prior service, depend upon salary and upon age of entry into the Retirement System, the contributions per $100 of salary varying from $7.63 at entry age 21, to $1h.35 at entry age 35. Contributions of firemen and policemen having credit for prior service depend on salary, entry age, and amount of prior service, the amount of contribu- tions per $100 being $16.33 for example, at entry age 54, with 19 years of prior service. 12. For other ~gency employees, the contributions depend upon salary, sex and age of entry into the Retirement System, the contributions per of salary ~rying from $4.62 at age 20, to $7.99 at age 64, for men, and from $5.36 at age 20, to $9.45 at age 64, for women, all based on the Public Agency's election of age 60 as the lowest optional service retirement age. If the Public Agency elects age 55 as the lowest op- tional service retirement age, the contributions per $100 of salary vary from $?.36 at age 20, to $10.88 at age 59, for men, and from $8.35 at age 20, to $12.81 at age 59, for Women. 13. The Agency is required to contribute the balance of funds necessary to meet the cost of the benefits provided under the Retirement System for the Agency employees. The Agency also is required to pay its propor- tionate share of the administrative costs of the System. Ability of the Retirement System to pay benefits is safeguarded by a pro,~ision authorizing the Board of Administration to revise contribu- tions of both employees and the Agency, in the light of experience under the System. of BE IT RESOL~ED~ that the ~ COUNCIL · ' ' (Name of Governing Body) the CITY OF SANTA ANA , give, and it hereby gives notice of inten- (Name 'of P~bl~c Agency) tion to approve an amendment to the contract between said CITY COUNCIL (Name of ~o~rning Body) and the Board of Administration of the State Employees' Retirement System, providing in said Retire- for the participation of said QITY OF ~NTA ~NA . (Name of Public Agency) ment System, a copy of said amendment being attached hereto, marked "Exhibit A", aud by reference made a part hereof. CITY COUNCIL ('Name of Governing Body')"' July 2 , 19 56 '(Date ~d0pted and Appro~-~ CITY OF SANTA ANA (Name of Public Agency) /~ATOR -(Title) / F122d - 3 (Guar. % & Comp.)