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TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN STATE EMPLOYEES' RETIREMENT SYSTEM V~HEREAS, the State Employees' Retirement Act permits the participation of municipal corporations in the State Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be acomnplished; and WHEREAS, one step in said procedure is the adoption by the legislative body of the municipal corporation, of a resolution giving notice of intention to approve a contract between said legislative body and the Board of Administration of said Retirement System, providing for said participation, which said resolu- tion shall contain a suzm~ry of the major provisions of the proposed retirement system, and ~HEREAS, the following is a summary of the major provisions of the proposed retirement system: 1. The System is administered by a board of eight members, composed of -- three members of the System, an official of a bank, an official of an insurance company, the Director of Finance, a member of the State Personnel Board, and an official of the University of California. 2. Retirement for service is optional upon attainment of an age which -- shall be not less than 55 or more than 60, as provided in said contract, by city firemen and city policemen, and age 60 by other employees, and completion of twenty years of service for the municipal corporation, and is compulsory at age 65 for city firemen a~d city policemen, and at age 70 for other employees. 3. The monthly retirement allowance payable upon retirement for service '-- is dependent upon such factors as age, sex, salary and years of ser- vice. For city firemen and city policemen, retiring at the optienal age in paragraph 2, or at a higher age with twenty years of service, the monthly allowance is approximately one-half the average monthly salary during the five years immaediately preceding retirement. For~ other city employees, the monthly allo~ance, upon retirement at age 65, is approximately 1/~Oth of the average monthly salary during the five years immediately preceding retirement, for each year of service after the effective date of participation, plus appro×imately 1/~Oth, or less as may be provided in said contract by the municipal corpora- tion for its employees, of the average monthly salary during the three years i~ediately preceding the effective date of participation, for each year of service prior to that date. F122-1 6-40 200