Agmt_1946_November 25_SERS_Amendment to Contract

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.. ~, ~ ..., employment by Public Agency as Local Firemen, Local Folicf\men or County Peace Officers, shall be allowed only as a percentage of the average salary specified in said Retirement Law, for each year of such service, and said percentage shall be 100 per cent of the fraction of final compensation, as defined in the state Employees I Retirement Law, for each year of service rendered after said date, as determined for said respective members under said law, for retirement for service at age 22' or upon qualification for service retirement at a higher aee. If a member retires for service before attaining age 5S, his prior service pension shall be reduced to that arrlo~Dt which the value of the pension as deferred to age 22 will purchase at the actual age of ret irement. 8. The provisions of Section 21258b of the State Employees' Retirement Law, guaranteeing a minimum retirement allowance under certain condi- tIons shall apply to persons who are members because of employment by Public Agency. 9. The provisions of Section 21367.5 of the State Employees' Retirement Law, providing a ~300 death benefit after retirement shall apply to persons who are members because of employment by Public Agency. 10. The provisions of Section 20025 of the State Employees' Retirement Law, providine that there shall be no maximum limitation in the compensation which shall be included in computations under the Retirement Law, shall apply to employees of Public Agency who be- come members of said Hetirement System. 11. The retirement allowances of persons who were r~embers because of employmen t by Public A, ency and \-Jho were retired prior to the effective date of this ~mendment shall be recalculated on the basis of this contract, but in no event shall any allowance be decreased, and said allowances shall be paid for time beginnir~ wi th the effec ti ve date of this amendment in the recalculated amounts. Paragraph 9 of this contract shall apply to persons retired prior to the effective date of this amendment ana whose death occurs while receiving a retirement allowance based on time after said effective date because of employment by Publ ic ilgency. 12. PUblic Agency shall contribute to said Retirement System as follows: a. The s'lm of ~65,093.00 per annum, or more freq1 ent installments as Board shall require, for the period of years stated in said Contract, less the time elapsed from the date of' participation to the effflcti ve date hereof. b. S.071 per cent of total salaries paid by Public Agency each mon th to its employees who are members of sa id hetirement Sys- tern, provided that only salary ear'ned as members of said System shall be included in said total salaries, and the employees who are members of said system shall include employees who are mem- bers upon the effective date hereof and employees who become members thereafter. c. A reasonab Ie amo',mt per annum, all fixed by T'oard, to cover the costs of administering said System as it affects the e~ployees of Pllblic Agency, not including the costs of special valuations -2-