December 18, 2006 Certificate of Compliance

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: DECEMBER 18, 2006 TITLE: RESOLUTION TO PROVIDE TWO YEARS ADDITIONAL SERVICE CREDIT TO ELIGIBLE MEMBERS CITY MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ❑ As Recommended ❑ As Amended ❑ Ordinance on 1" Reading ❑ Ordinance on 2n' Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Adapt a resolution to provide a designated time period for granting Two -Years Additional Service Credit pursuant to Government Code Section 20903 to eligible members retiring in the Public Employees Retirement System. DISCUSSION On October 7, 1991, the City Council adopted a resolution that amended the City's contract with the California Public Employees Retirement System (CalPERS) to provide Two Years Additional Service Credit to eligible members under Section 20903 of the California Government Code. The criteria required for offering this benefit to employees is that they must be eligible to retire, have at least five years of service with CalPERS and must retire within the period designated by the City Council. Additionally, the program requires the City to provide public notice of the potential cost based on CalPERS actuarial formula. Notice of the costs was made public at the City Council meeting of November 20, 2006, for employees in the following two classifications: Executive Director of Community Development Redevelopment Project Manager III. Adoption of this resolution will provide that option to eligible members retiring between the dates of December 19, 2006 through March 20, 2007.