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MEMORANDUM <br />To: Jan Guy, Clerk of the Council Date: <br />From: Benefits & Compensation Manager <br />Subject: PERS Contract Amendment - Cost Implications <br />Government Code Section 7507 requires that the cost implications of <br />the proposed contract amendment to provide Third Level 1959 <br />Survivor Benefits be made public at a public meeting at least two <br />weeks prior to the adoption of the final Ordinance. November 7th <br />is the anticipated date for the first reading of the Ordinance. <br />Attached are copies of the Request for Council Action, Resolution <br />and Ordinance for your information <br />The information for making the cost public can be found in the <br />Request for Council Action, Fiscal Impact section: <br />City cost is $2.00 per covered employee per month. <br />Annual cost is approximately $,5,500.00. However, an <br />actuarial study conducted by PERS confirms surplus assets in <br />the Survivor Benefits account will cover the City's cost for <br />at least 25 years. <br />Please proceed with necessary steps to make this cost public. I've <br />provided you with PERS CON -12A which is the Certification of <br />Compliance which should be completed and returned to me after the <br />cost is made public. Call me if you have any questions at x6967. <br />Thanks for your help. <br />Lucia Lanzner <br />CS 808 <br />