Agmt_1954_February 1_Amendment & correspondence

Home Browse Search

' J • t 1 ~ I i j/ { d 5 '.. .. .. ,'. _, .- ~~^ ~,~, R,NI~ _.Y 10. Anew Section 21367.51 was added to the Retirement Law providing an increase in the death benefit payable to the beneficiary or beneficiaries of members who die after retirement. The former amount was ~~300 and that is increased to ~l~00. The contract would have to be amended before this provision could be adopted and an actuarial valuation would be required to determine the a additional liability to the employer. '~ ~ 11. '~ Anew Section 20193 was added to the Retirement Law affecting only School p``' w. ~' Districts which have separate contracts with the System. It does not af- ~ ~ ~r'~ fect School Districts which are under the automatic contract with the `" C ount y Superintendents of Schools. The Section provides that a School District ma amend its contr y act so that it agrees to subject itself to all amendments to the Retirement Law whether effective prior or subsequent to the effective date of the contract and tl^.at the r~arties to the contract shall be subject to si~ch amended legislation without further action by the Board of Administration or by the contracting agency. An amendment to the contract would be required before this Section could be adopted. An actu- arial valuation would not be required if the contract already provides all of the benefits available, but if the adoption of the Section increases the benefits so that the cost to the employer is increased, then an actuarial valuation would be necessary, If, by the adoption of this amendment, the cost to the employees is increased, then an election among employees is re- auired. a~. ~12. ,1 ' Anew Section 20607.6 is added to the Government Code providing that the ~~+ normal age for the retire,~:ent of Firemen shall be 50 providing there has been twenty years of service. The ~ esent law provides the normal retire- ment age for all safety members at 55 with tti~Tenty years of servicz required but this amendment reduces the age to 50 for Firemen only. The benefit provided would be 5~ of the final compensation. An amendment to the con- tract trould be necessary and an actuarial valuation would be required to determine the additional cost to the employer. TYie rates of contributions to be paid by the Firemen would also be increased and an election among Firemen would be req~.zired before the amendment could be valid. ,~,~`~ 13. ,,, Anew Section X021.6 was added to the Retirement Law providing that the definition of Count Peace Offi h l ¢~ ° y cers s ou d include the Constables and f. ~ ;_~', Deputy Constables who at the present time are considered as miscellaneous mer~ibers. kn amendment to the contract would be required, Z~dhether or not an actuarial valuation would be required for this amendment would depend on whether or not there were any Constables or Deputy Constables in the membership whose benefits would be changed. If soy a valuation ti~aould be r ~~ required and an election among the employees affected would be required. ~," .1~. - Anew Section 20839 was added to the Retire~~ierit Law providing for the ~_: . r ~ granting of prior service credit to employees who were under the direction h `~`~~ and supervision of the Public kgency, but z~rhose corn,~ensation was received from some other source. The Section also permits increase in the retirement Ret, Form 829-3 8/53 400