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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />DECEMBER 18, 2006 <br /> <br />TITLE: <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 15t Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />RESOLUTION TO PROVIDE <br />TWO YEARS ADDITIONAL SERVICE <br />CREDIT TO ELIGIBLE MEMBERS <br /> <br />~AJ:Z <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 <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 /> <br />DISCUSSION <br /> <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 />(CalPERS) 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 /> <br />Executive Director of Community Development <br />Redevelopment Project Manager III. <br /> <br />Adoption of this resolution will provide that option to eligible members <br />retiring between the dates of December 19, 2006 through March 20, 2007. <br /> <br />55A-1 <br />