Resolution 3490_1946_August 23_of Intention No_SERS

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", - - RiSOLUTION OF INTENTIJN 110. 3490 TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN STAtE EMPLOiEES' RETIREMENT SiSTEM I "i ~rl~rlEAS, the State 1mployees' Retirement Law permits the participatlon of ~ Puulic A~encies in the Stste Employees' Retirement System, making their employees .members of said System, and sets forth the procedure by which partlcipation may ue accompllshed; and WrlEREAS, one step in sald procedure is the adoption by the legislatlve oody of the Public Agency of a resolution giving notice of intention to approve a contract between sald Governing body and the Hoard of Adminlstratlon of said Rstirement System, provlding for said participation, which said reeolutlon shall contsln a summary of the major orovisions of the propoaed Retirement System; and WHEnEAS, the following is a summary of the major proviaions of the oroposed Retirement System: 1. The System is administered oy a board of eight Demeers, compossd of three memoers of the Syetem, an official of a oank, an official of a life lneurance company, the ~lrector of FinanCE, a member of the State Personnel doard, and an official of the University of California. 2. Retlrement for service is optional upon attainment of age 55 by local flrsmen and local pollcemen, and age 60 or age 55 at the election of tne Puolic Agency, by other employeea, and completion of twenty years of servlce for the Puollc Agency, and 10 compulsory at age 65 for local flremen and local policemen, and at age 70 for other employees. 3. The montnly retirement allowance payable upon retirement for Ber~1ce is dependent upon such factors as age, sex, salary and years of service. ,'or local firemen and local pollcemen, retlrlng st age 56 in paragraph 2, or at a hl~her age With 20 years of service, the monthjy allowancs ls approximately one-half the average monthly salary durlng the five years immediately precedlng retirement, unleas the Public Agency elects to provide prior aervlce beneflt. at lesa than the full amount. Far ather Agency employees, the monthly allowance, upon retirement at age 65 lf the Agency elects 50 as the lowest optional service retlrsment age, is approxlmately 1/70th of the average monthly aalary during the fl ve yeare immediately precedlrlg retirement, for eacb year ot service after the efrectlve date of participation, plua approximately 1/70th, or less ae may bs provided in said contract by the Public Agency far jts smployees, of the average monthjy salary during the three year. ""