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REQUEST FOR <br />COUNCIL ACT-ION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 4, 2006 <br />TITLE: <br />RESOLUTION TO PROVIDE <br />TWO YEARS ADDITIONAL SERVICE <br />CREDIT TO ELIGIBLE MEMBERS <br />c~~ ti;-.~.L> <br />CI Y MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1S' Reading <br />^ Ordinance on 2nd Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution to provide a designated time period for <br />granting Two-Years Additional Service Credit pursuant to <br />Government Code Section 20903 to eligible members retiring in the <br />Public Employees Retirement System. <br />DISCUSSION <br />On October 7, 1991, the City Council adopted a resolution that amended the <br />City's contract with the California Public Employees Retirement System <br />(Ca1PERS) to provide Two Years Additional Service Credit to eligible <br />members under Section 20903 of the California Government Code. The <br />criteria required for offering this benefit to employees is that they must <br />be eligible to retire, have at least five years of service with CalPERS and <br />must retire within the period designated by the City Council. Additionally, <br />the program requires the City to provide public notice of the potential <br />cost based on CalPERS actuarial formula. Notice of the costs was made <br />public at the City Council meeting of November 20, 2006, for employees in <br />the following two classifications: <br />Executive Director of Community Development <br />Redevelopment Project Manager III. <br />Adoption of this resolution will provide that option to eligible members <br />retiring between the dates of December 5, 2006 through March 6, 2007. <br />55A-1 <br />