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55B - RESO/ORD AMENDING PERS CONTRACT
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04/16/2007
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55B - RESO/ORD AMENDING PERS CONTRACT
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Last modified
1/3/2012 4:40:27 PM
Creation date
4/11/2007 1:32:02 PM
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City Clerk
Doc Type
Agenda Packet
Item #
55B
Date
4/16/2007
Destruction Year
2012
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<br />'" <br /> <br />; ~ ;....,.; '.', : <br /> <br />'. ~ <br /> <br />e. Section 21024 (Military Service Credit as Public Service). <br /> <br />f. Section 20965 (Credit for Unused Sick Leave). <br /> <br />g. Section 21574 (Fourth Level of 1959 Survivor Benefits). <br /> <br />8. Public Agency, in accordance with Government Code Section 20790, <br />ceased to be an "employer" for purposes of Section 20834 effective on <br />December 16, 1976. Accumulated contributions of Public Agency shall be <br />fixed and determined as provided in Government Code Section 20834, <br />and accumulated contributions thereafter shall be held by the Board as <br />provided in Government Code Section 20834. <br /> <br />9. Public Agency shall contribute to said Retirement System the contributions <br />determined by actuarial valuations of prior and future service liability with <br />respect to local miscellaneous members and local safety members of said <br />Retirement System. <br /> <br />10. Public Agency shall also contribute to said Retirement System as follows: <br /> <br />a. Contributions required per covered member on account of the 1959 <br />Survivor Benefits provided under Section 21574 of said Retirement <br />Law. (Subject to annual change.) In addition, all assets and <br />liabilities of Public Agency and its employees shall be pooled in a <br />single account, based on term insurance rates, for survivors of all <br />local miscellaneous members and local safety members. <br /> <br />b. A reasonable amount, as fixed by the Board, payable in one <br />installment within 60 days of date of contract to cover the costs of <br />administering said System as it affects the employees of Public <br />Agency, not including the costs of special valuations or of the <br />periodic investigation and valuations required by law. <br /> <br />c. A reasonable amount, as fixed by the Board, payable in one <br />installment as the occasions arise, to cover the costs of special <br />valuations on account of employees of Public Agency, and costs of <br />the periodic investigation and valuations required by law. <br /> <br />11. Contributions required of Public Agency and its employees shall be <br />subject to adjustment by Board on account of amendments to the Public <br />Employees' Retirement Law, and on account of the experience under the <br />Retirement System as determined by the periodic investigation and <br />valuation required by said Retirement Law. <br /> <br />558-6 <br />
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