Laserfiche WebLink
<br /> <br />~~~~ <br />7. <br />h~r~ <br />~:rL'~- ~' 8. <br />~e~,~..-- ~;. <br />~~ K <br />v ~ r,;~`'~~. <br />~~ ~, . <br />h ~` ~r ~ +s . r, <br />~.~.~. <br />~. <br />6. Payments to the beneficiaries of the deceased retired members who selected <br />Option P1o. 1, under the new amendment, may be made in monthly installments <br />fixed in number and amount and not involving life contingency, or in equal <br />monthly installments for the life of the beneficiary with 120 installments <br />certain, provided the member chooses one of these plans at the time of re- <br />tirement. In the event the member dies without having made such an election, <br />then the beneficiary is permitted to choose monthly installments fixed in <br />number and amount, but is not permitted to choose the equal monthly install- <br />ments for the life of the beneficiary, with 120 months certain. Previously, <br />Option No. 1 payments were only permitted in a lump sum. <br />Amendments applying only if contract is amended: <br />-- _~ <br />A new Section 20962.5 was added to the law providing that local safety mem- <br />bers may be retired at age 50, providing they have 20 ,years of continuous <br />service, but the allowance payable would be on a discounted basis. The nor- <br />mal retirement remains at 56 with half pay as the goal. As the normal re- <br />tirement basis is unchanged, no valuation is necessary to adopt this amend- <br />ment and the rates of contribution by the member and by the employer twill <br />not be changed. <br />A new Section 2126l~ was added to the law to ?provide that anon the death of <br />a local safety member after retirement for service or industrial disability, <br />including members heretofore retired, one-half of his retirement allowance <br />as it was at his death shall be continued throughout the life or until re- <br />marriage, to his surviving wife, or in the event that there was no surviving <br />wife, it could be contin~a.ed until all children of the deceased member at- <br />tained the age of 18. Should there be no surviving wife and no children <br />under the age of 18, but there was parent or parents depending upon the de- <br />ceased retired member for support, the parents so dependent would be en- <br />titled collectively to receive a monthly allowance equal to one-half of <br />that which the surviving wife otherwise would have received during such <br />dependency. An amendment to the contract wo~.zld be necessary before this <br />section could be adopted and an actuarial valuation would be required in <br />order to determine the additional cost. <br />9. Anew Section 200211.01 is added to the Retirement Law providing that in <br />calculating the average compensation to be used for the calculation of <br />'~ allowances, the average of the highest three consecutive years shall be <br />used instead of the average of five years as formerly. An amendment to <br />the contract will be required before a public agency can accept this pro- <br />vision. An actuarial valuation will not be required, for the additional <br />cost of the amendment is not readily determinable and only in future peri- <br />odical valuations could the increase in liability, if any, be determined. <br />If an agency amends the contract to adopt this section, it would agree to <br />abide by the results of future valuations and accent any additional lia- <br />bility therefrom. <br />Ret. Form 829-2 8/53 1100 <br />