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fO4f <br /> <br />RESOLUTION OF INT[2~TION TO APPROVE <br /> <br />~I~NT TO CONTRACT PROVIDING FOR <br /> <br />PARTICIPATION IN <br /> <br />STATE ~IPLOYEES' RETIP~IT SYSTEM <br /> <br /> WHEF~TAS, the State Employees' Retirement Law permits the participation of public <br />agencies in the State Employees' Retirement System, by the execution of a contract <br />making their employees members of said System, and sets forth the procedure by which <br />said public agencies may elect to subject themselves and their employees to amendments <br />to said law, providing for a guaranteed percentage of final compensation for each <br />year of service as "Nember"~ and providing for the portion of compensation to be in- <br />cluded in computations under said law; and <br /> <br /> WHEREAS, one' step in said procedure is the adoption by the legislative body of <br />the public agency, of a resolution giving notice of its intention to approve an amend- <br />ment to a contract between said governing board and the Board of A~ministration of <br />said Retirement System, providing for said participation, which said resolution shall <br />contain a stummary of the major provisions of the proposed Retirement System; and <br /> <br /> WHEREAS, the following is a summary of the major provisions of the proposed <br />Retirement System: <br /> <br />The System is administered by a board of eightmembers, composed of <br />three members of the System, an official of a bank, an official of a <br />life insurance company, the Director of Finance, a member of the State <br />Personnel Board, and an official of the University of California. <br /> <br />Retirement for service is optional upon attainment of age 55 by lo- <br />cal firemen and local policemen, and age 60 or age 55 at the election <br />of the Public Agency, by other e~ployees, and completion of twenty <br />years of service for the Public Agency, and is compulsory at age 65 <br />for local firemen and local policemen, and at age 70 for other e~ployees. <br /> <br />me <br /> <br />The monthly retirement allowance payable upon retirement for service <br />is dependent upon such factors as age, sex, salary and years of ser- <br />vice. For local firemen and local policemen, retiring at age 55 in <br />paragraph 2, or at a higher age with 20 years of service, the month- <br />ly allovmnce is approximately one-half the average monthly salary <br />during the five years immediately preceding retirement, unless the <br />Public Agency elects to provide prior service benefits at less than <br />the full amount. For other Agency employees, the monthly allowance, <br />upon retirement at age 65 if the Agency elects 60 as the lowest op- <br />tional service retirement age, is approximately 1/70th of the aver- <br />age monthly salary during the five years immediately preceding <br />retirement, for each year of service after the effective date of <br />participation, plus approximately 1/7Oth, or less as may be pro- <br />vided in said contract by the Public Agency for its employees, of <br />"final compensation" or of the average monthly salary during the <br />three years immediately preceding the effective date of partici- <br />pation, for each year of service prior to that date. Upon retire- <br />ment at age 60, i£ the agency elects 55 as the lowest optional <br />service retirement age, the fraction is approximately 1/60th instead <br />of 1/7Oth. <br /> <br />F 122d - 1 (Guar. % & Comp.) 10-50 <br /> <br /> <br />