Agmt_1956_August 6_Amendment - Laserfiche WebLink

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• • 11. Contributions required of local firemen and local policemen, without credit for prior service, depend upon salary and upon age of entry into the Retirement System, the contributions per X100 of salary varying from X7.63 at entry age 21, to $11.35 at entry age 35. Contributions of firemen and policemen having credit for prior service depend on salary, entry age, and amount of prior service, the amount of contribu- tions per X100 being $16.33 for example, at entry age SIB, with 19 years of prior service. 12. For other Agency employees, the contributions depend upon salary, sex and age of entry into the Retirement System, the contributions per X7.00 of salary varying from ~1t.62 at age 20, to X7.99 at age 61~, for men, and from X5.36 at age 20, to ~9.l~5 at age 61;, for tivomen, all based on the Public Agency's election of age 60 as the lolvest optional service retirement age. If the Public Agency elects age 55 as the lowest op- tional service retirement age, the contributions per ,100 of salary vary from X7.36 at age 20, to X10.88 at age 59s for men, and from X8.35 at age 20, to X12.81 at age 59, for women. 13. The Agency is required to contribute the balance of funds necessary to meet the cost of the benefits provided under the Retirement System for the Agency employ*ees. The Agency also is required to pay its propor- tionate share of the administrative costs of the System. 111. Ability of the Retirement System to pay benefits is safeguarded by a provision authorizing the Board of Administration to revise contribu- tions of both employees and the Agency, in the light of experience under the System. BE IT RESOLVED, that the of tdame of Governing Body the CITY OF SANTA ANA , give, and it hereby gives notice of inten- ame of b is Agency tion to approve an amendment to the contract between said CITY C OUNCI L Name of Governing Bo y and the Board of Administration of the State Employees' Retirement System, providing for the participation of said CITY 0 3 NTA ANA in said Retire- dame of blic Agency went System; a copy of said amendment being attached hereto, marked "Exhibit A", and by reference made a part hereof. CITY COUNCIL P1ame of Governing Body CITY OF SANTA ANA Name of Public Agency By R itle July 2 , 19 56 ate dopte and Approved F122d - 3 (Guar. ~ & Comp.)