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Contract Amendment with PERS <br />November 7, 1994 <br />Page Two <br />1959 SURVIVOR BENEFITS <br />Current Benefits <br />Proposed Level of Benefits <br />1 Dependent 2 Dependents 3+ Dependents <br />$180 $360 $430 <br />$350 $700 $840 <br />The Public Employees' Retirement System set the pooled, flat dollar <br />monthly rate for local public agencies at $2.00 per covered <br />employee for the Third Level 1959 Survivor Benefits. <br />FISCAL IMPACT <br />City cost is $2.00 per covered employee per month. Annual cost is <br />$5,500.00. However, an actuarial study conducted by the Public <br />Employees' Retirement System confirms surplus assets in the City's <br />1959 Survivor Benefits account that will cover the City's cost for <br />at least the first 25 years. <br />K mit F cis <br />xecutive Director <br />Personnel Services <br />KF/LL:ck <br />H:\BEN—DOCS\OC94PERS.RFC <br />i <br />4o C o <br />Ex utiv Director <br />Finance and Management Services <br />Im <br />