Resolution 3490_1946_August 23_of Intention No_SERS

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'" .....",. ~ttaining age 55, his prior service peneion shall be reduced to that amount which the value of the pension aa deferred to age 55 will purchaee at the actual age at retirement. 6. Prior service benefits to miscellaneoua members emploled bl Public Agencl, that is, members other tnsn Local Firemen and Local Policsmen, upon retirement for service at the normal minimum age entered in paragraph 4 hereof, shall be allowed only ss a percentage of tne avsrage salarl apecified in said Retirement '-' Law, for each year of such service, and said percentage shall be 100 suCh as .50., w75w,1I100M per cent of one-aixtieth ("one aixtieth" if minimum age above is 60, or "one-seventieth" if minimum . If a memoer retires tor service before attaining the normal minimum above is 65) in item 4, his prior service pension shall be reduced to that amount which the age age value of tne pensi~n as deferred to aaid minimum age will purchase at the actual ag. of retirement. 7. Tne provisions at Section 21258b ("21258b" it minimum age above ia 60, or at the State Emplolees' Retirement Law, guarantee- "21258c" it minmum age above is 65) iog a minimum retirement allowance under certain conditions shall {Wehall- or -shall not-} at Public Agency who bscoms members at said Retirement System. apply to employees '-' 8. Tne provisions at Section 21367.5 at the State Imployees' Retirement Law, providing a $300 death teneflt after retirement shall ("shall" or "shall not') apply to employees of Public Agency who become membars at said Retirement System. 9. Public Agency shall contribute to said Retirement System as tollows: a. The sum of $51080.69 per annum, payable in equal montnly or less frequent installments as board shall require, for a period of ~ years, on account of the liability for benefits 'cased on service rendered to Public Agency prior to the effective dste hereof. .,..., b. ~ per cent of total salaries paid by Public Agency eacn month to its employees who are members of said Retirement System, provided tnat only salary earned as members at said System shall be included in said total salari.s, and the employeee who are members ot said System ahall include employees WhO become members upon the ettective date hereof and employees who become members tnereatter. c. A reasonable amount per annum, as fixed by Board, payable in equal monthly or less frequent installments, ae board shall require, to cover the costs of administering said System as it affects the employeea of Public Agency, not including the coat. of special valuatlcns or of the periodical investigation and valuation required by law, provided tnat said amount shall be determined on the basis of the number of employees of PUblic Agency who are members on July let of the respective flscRl years, or with respect to tne first year of participation, on the eftective date of .aid participation. d. A reasonsble amount as fixed by tne aoard, payable in one install- ment from time to time as tne occasions arise, to cover tne costa of special valuations on account of employees at PUblic Agency, end the coets of the periodical investigation into the experience under said Retirement System, as it affects said employees, and the valuation of the assets and liabilities at said System on account at ...1<1. employees.