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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL <br />AGENDA DATE <br />June 7. 1982 <br />TITLE RESOLUTION AUTHORIZING AN AMENDMENT <br />TO THE CITY'S CONTRACT WITH P.E.R.S. <br />TO CORRECT AN ERROR OF OMISSION <br />DATE OF COUNCIL ACTION L- "1 - <br />6- +�.4wfi'L"'"..rr ,� c <br />CITY MANAGER / CLERK OF THE COUNC <br />ACTION ( // <br />It is recommended that the City Council adopt the attached Resolution authorizing the <br />Mayor to execute an amendment to correct an error in the contract between the City of <br />Santa Ana and the Board of Administration of the Public Employees" Retirement System <br />(P.E.R.S.). <br />EXECUTIVE SUMMARY <br />Effective October 1, 1981, the City amended its contract with P.E.R.S. to provide a <br />different level of benefits for new employees hired on or after that date, including a <br />reduction of the 2% at Age 50 benefits formula for future police and fire safety employees <br />to the 2% at Age 55 formula. However, the contract amendment prepared by the P.E.R.S. <br />staff inadvertently omitted a mandatory provision regarding the actuarial discounting <br />(reduction) of pension benefits for such future safety employees who might choose to take <br />a service retirement after age 50 but prior to attaining age 55. <br />Section 20461 of the Government Code provides that errors in a contract may be corrected <br />through contract error amendments executed by the adoption of suitable resolutions by the <br />contracting parties. Adoption of the attached Resolution prepared by P.E.R.S. authorizes <br />the Mayor to execute said contract error amendment for and on behalf of the City of Santa <br />Ana. <br />