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Contract Amendment with PERS <br />April 18, 1994 <br />Page Two <br />1959 SURVIVOR BENEFITS <br />1 Dependent 2 Dependents 3+ Dependents <br />Current Benefits $180 $360 $430 <br />Proposed Level of Benefits $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 />$32,544.00. 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 />�.� <br />Ke it Francis 4_ ma <br />a <br />Executive Director E utive6 'rector <br />Personnel Services Finance an Management Services <br />KF/LL <br />156 <br />