55A - 2 YR ADD SERVICE ELIGIBLE MEMBERS

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY: DECEMBER 4, 2006 TITLE: RESOLUTION TO PROVIDE TWO YEARS ADDITIONAL SERVICE CREDIT TO ELIGIBLE MEMBERS APPROVED o As Recommended o As Amended o Ordinance on 151 Reading o Ordinance on 2nd Reading o Implementing Resolution o Set Public Hearing For C)( 1'\ ~ aJ%;a~ elty MANAGER CONTINUED TO FILE NUMBER RECOMMENDED ACTION Adopt a resolution to provide a designated time period for granting Two-Years Additional Service Credit pursuant to Government Code Section 20903 to eligible members retiring in the Public Employees Retirement System. DISCUSSION On October 7, 1991, the City Council adopted a resolution that amended the Ci ty' s contract with the California Public Employees Retirement System (CalPERS) to provide Two Years Additional Service Credit to eligible members under Section 20903 of the California Government Code. The criteria required for offering this benefit to employees is that they must be eligible to retire, have at least five years of service with CalPERS and must retire within the period designated by the City Council. Additionally, the program requires the City to provide public notice of the potential cost based on CalPERS actuarial formula. Notice of the costs was made public at the City Council meeting of November 20, 2006, for employees in the following two classifications: Executive Director of Community Development Redevelopment Project Manager III. Adoption of this resolution will provide that option to eligible members retiring between the dates of December 5, 2006 through March 6, 2007. 55A-1