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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL <br />MEETING DATE <br />MARCH 15, 1993 <br />TITLE RESOLUTION TO PROVIDE <br />C.S. 383 <br />TWO -YEARS ADDITIONAL SERVICE <br />CREDIT TO ELIGIBLE MEMBERS <br />ACTION <br />CLERK OF THE COUNCIL USE ONLY <br />As Recommended M.45 15 1993 <br />❑ As Amended (see M es <br />❑ Ord inane on 1st Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />Continued to: <br />FILE <br />Adopt a Resolution to provide a designated window period for <br />granting Two -Years Additional Service Credit pursuant to Government <br />Code Section 20818 for local miscellaneous members and local safety <br />members. <br />DISCUSSION <br />The City Council on October 7, 1991 adopted a resolution which <br />amended the City's contract with the Public Employees Retirement <br />System to provide the Two -Years Additional Service Credit Option, <br />Section 20818 to local miscellaneous members. On February 16, 1993 <br />an ordinance which would amend the PERS contract providing two - <br />years additional service credit option to local safety members as <br />well was placed on first reading. For the City to offer the <br />benefit to those impacted by budget conditions or changes in <br />operational focus, a resolution designating a window period for <br />employees to utilize the service credit needs to be adopted. <br />Adoption of the resolution would provide two -years additional <br />service credit to local miscellaneous members retiring April 3, <br />1993 through July 1, 1993 and to local safety members retiring <br />April 16 through July 14, 1993. <br />FISCAL IMPACT <br />Cost for providing the Two -Years Additional Service Credit Option <br />is an average of $26,665 per eligible employee. However, a savings <br />of approximately $1,372,000 will be realized by the City in salary <br />and benefit costs. <br />9 <br />Arl, <br />it Fran iscutive D rector <br />Personnel S rvices <br />KF:LR:ck <br />RETWIN.RES <br />CONCUR: <br />o Colo R <br />25; Executiv Director <br />Finance and Management Services <br />