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<br />CITY COUNCIL MEETING DATE: <br /> <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />NOVEMBER 20, 2006 <br />TITLE: <br /> <br />PUBLIC EMPLOYEES' RETIREMENT <br />SYSTEM (PERS) - TWO YEAR <br />SERVICE CREDIT (PUBLIC NOTICE) <br /> <br />APPROVED <br /> <br />D As Recommended <br />D As Amended <br />D Ordinance on 151 Reading <br />D Ordinance on 2nd Reading <br />D Implementing Resolution <br />D Set Public Hearing For <br /> <br />CONTINUED TO <br /> <br />Mi", . to " <br />"" ., /' ". j / I .I, ~.Y, \''l.,- ....,. .. .4. ,.,. ,J <br />ft.; ~ -.... VV___ ""-J' ,,^-'~>irV-~ <br />CITY MANAGER . <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Receive and file. <br /> <br />DISCUSSION <br /> <br />On October 7, 1991, the City Council amended its contract with the <br />California Public Employee's Retirement System (CaIPERS) providing <br />eligible members Two-Years Additional Service Credit Option pursuant to <br />Government Code Section 20903. <br /> <br />To comply with California Government Code Section 20903, the City of <br />Santa Ana hereby makes a two-week notice public that it intends to offer <br />employees in designated classifications a two-year retirement credit as <br />part of the budget reduction process for fiscal year 2006-2007. This <br />offer is available to eligible members for a designated period starting <br />November 21, 2006, and continuing through February 20, 2007. <br /> <br />All eligible members in the designated classifications must retire within <br />the window period to qualify for this provision. The designated <br />classifications are as follows: <br /> <br />Executive Director of Community Development <br />Redevelopment Project Manager III <br /> <br />According to California Government Code Section 7507, the average cost as <br />determined by the California Public Employees Retirement System actuarial <br />formulas is approximately $65,630 per applicant. CalPERS will amortize <br />the cost for this retirement credit over an amortization period of thirty <br />years. <br /> <br />65A-1 <br />