55E - CONTRACT AMEND PUBLIC EMPLOYEES RETIREMENT

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: JULY 7, 2008 TITLE: CONTRACT AMENDMENT WITH THE PUBLIC EMPLOYEES'RETIREMENT SYSTEM FOR MISCELLANEOUS MEMBERS ~_ Ct2 ,Cu,..---- CI MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ^ As Recommended ^ As Amended ^ Ordinance on 1 S` Reading ^ Ordinance on 2"d Reading ^ Implementing Resolution ^ Set Public Hearing For_ CONTINUED TO FILE NUMBER 1. Adopt a Resolution of Intention to approve an amendment to the contract between the Public Employees' Retirement System and the City of Santa Ana to provide Section 21354.5, 2.7o @ 55 Full Formula, for all active local miscellaneous members, to be effective January 1, 2009. 2. Adopt an Ordinance authorizing an amendment to the contract between the City of Santa Ana and the Public Employees' Retirement System to be effective October 6, 2008. DISCUSSION In accordance with provisions of the Memorandum of Understanding between the City of Santa Ana and the City's bargaining units for Fiscal Year 2004- 2010, the City agreed to amend its contract with the Public Employees' Retirement System (Ca1PERS) to provide Government Code Section 21354.5, 2.70 @ 55 retirement formula, for all active local miscellaneous members, effective January 1, 2009. The costs to provide the new retirement benefit will be shared by both the employees and the City of Santa Ana. The miscellaneous members represented by SEIU, Firemen's Benevolent Association, Police Officers Association, Fire Management Association, Police Management Association, Santa Ana Management Association and the Unaffiliated Confidential have agreed to pay 6.30 of the cost of the new benefit. Unrepresented employees participating in the retirement system will also be required to pay 6.3o toward the cost of this benefit. The total cost of the new retirement benefit is 7.5900. 55E-1