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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />. CITY COUNCIL MEETING DATE: <br /> <br />~ <br />~ <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />APRIL 5, 2004 <br />TITLE: <br />RESOLUTION TO PROVIDE <br />TWO YEARS ADDITIONAL SERVICE <br />CREDIT TO ELIGIBLE MEMBERS <br /> <br />APPROVED <br />0 As Recommended <br />0 As Amended <br />0 Ordinance on 1" Reading <br />0 Ordinance on 2"' Reading <br />0 Implementing Resolution <br />0 Set Public Hearing For <br /> <br />f24la <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />.¡ <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Adopt a Resolution to provide a designated time period for granting Two- <br />Years Additional Service Credit pursuant to Government Code Section 20903 <br />to eligible members retiring in the Public Employees Retirement System. <br /> <br />DISCUSSION <br /> <br />4IÞThe City Council on October 7, 1991 adopted a resolution that amended the <br />City's contract with the Public Employees Retirement System to provide <br />the Two Years Additional Service Credit Option, Section 20903 to eligible <br />members. For the City to offer the benefit to those impacted by budget <br />conditions or changes in operational focus, a resolution designating a <br />window period for employees to utilize the service credit needs to be <br />adopted. Adoption of the resolution would provide two years additional <br />credit to eligible members retiring between the dates of April 6, 2004 <br />through July 4, 2004. <br /> <br />FISCAL IMPACT <br /> <br />The average cost as calculated by using the California Public Employees <br />Retirement System actuarial formula is approximately $30,305 per <br />employee. <br /> <br /> <br /> <br />Services <br /> <br />55A-1 <br />