HomeMy WebLinkAbout53-178 RESOLUTION NO. 53-178
RESOLUTION OF INTENTION TO APPROVE
~NE~IT TO CONTRACT PROVIDING FOR
PARTICIPATION IN
STATE ~.~PLOYEES' RETIREt~ENT SYSTF2~
WHEREAS, the State Employees' Retirement Law permits the participation of public
agencies in the State Employees' Retirement System, by the execution of a contract
making their employees members of said System, and sets forth the procedure by which
said public agencies may elect to subject themselves and their employees to amendments
to said law, providing for a guaranteed percentage of final compensation for each
year of service as "Member", and providing for the portion of compensation to be in-
cluded in computations under said law; and
~tEREAS, onestep in said procedure is the adoption by the legislative body of
the public agency, of a resolution giving notice of its intention to approve an amend-
ment to a contract between said governing board and the Board of Administration of
said Retirement System, providing for said participation, which said resolution shall
contain a summary of the major provisions of the proposed Retirement System; and
WHEREAS, the following is a sunznary of the major provisions of the proposed
Retirement System:
The System is administered by a board of eightmembers, composed of
three members of the System, an official of a bank, an official of a
life insurance company, the Director of Finance, a member of the State
Personnel Board, and an official of the University of California.
e
Retirement for service is optional upon attainment of age 55 by to-
cal firemen and local policemen, and age 60 or age 55 at the election
of the Public Agency, by other employees, and completion of twenty
years of service for the Public Agency, and is compulsory at age 65
for local firemen and local policemen, and at age 70 for other employees.
The monthly retirement allowance payable upon retirement for service
is dependent upon such factors as age, sex, salary and years of ser-
vice. For local firemen and local policemen, retiring at age 55 in
paragraph 2, or at a higher age with 20 years of service, the month-
ly allowance is approximately one-half the average monthly salary
during the five years immediately preceding retirement, unless the
Public Agency elects to provide prior service benefits at less than
the full amount. For other Agency employees, the monthly allowance,
upon retirement at age 65 if the Agency elects 60 as the lowest op-
tional service retirement age, is approximately 1/70th of the aver-
age monthly salary during the five years immediately preceding
retirement, for each year of service after the effective date of
participation, plus approximately 1/7Oth, or less as may be pro-
vided in said contract by the Public Agency for its employees, of
"final compensation" or of the average monthly salary during the
three years immediately preceding the effective date of partici-
pation, for each year of service prior to that date. Upon retire-
merit at age 60, if the agency elects 55 as the lowest optional
service retirement age, the fraction is approximately 1/60th instead
of 1/70th.
F 122d - i (Guar. % & Comp.) 10-50
10.
A minimum service retirement allowance of $~O per month is ~uaranteed
upon retirement at age ?O with credit for service rendered prior to
said effective date, if the Public Agency elects age 60 as the lop,est
optional service retirement age, or a minimum allowance of $60 per
month upon retirement at age 65 or over with twenty years of service,
or upon retirement at age ?0 with credit for prior service, if the Pub-
lic Agency elects age 55 as the lowest optional service retirement age.
P. etirement for disability, except in the case of local firemen and lo-
cal policemen- disabled from injury arising out of and in the course
of employment, is permitted only after ten years of service and upon
proof of incapacity for the performance of duty.
The monthly retirement allowance payable upon disability retirement,
described in preceding item 5, is dependent upon such factors as age,
salary and years of service, but generally is equal to 90% of 1/?Oth,
or 1/6Otb as the case may be, of the average monthly salary during
the five ~rears immediately preceding retirement, for each year of
service, with a ~uarantee of 25% of said salary, subject to certain
restrictions and modifications.
Disability retirement of local firemen and local policemen, in the
event of disability arising out of and in the course of employment,
is permitted regardless of age and service, the monthly retirement
allowance being one-half the average monthly salary during the five
years immediately preceding retirement.
The benefit payable at death before retirement, except in the case of
local firemen and local policemen dying from injury arising out of
and in the course of~employment, consists of the contributions of the
member plus interest~ and plus 1/12th of the me~Toer's annual salary
during the year immediately preceding death~ for each year, not ex-
ceeding six years, of service as a member of the System. Upon death
after retirement, and at the election of the Public Agency, a bene-
fit of $~00 is payable.
The monthly allowance payable to the widowand children, at the death
of local firemen and local policemen arising out of ~nd in the course
of employment~ is one-half the average monthly salary during the five
years immediately preceding death.
The benefit upon separation from service by other cause than death
or retirement~ is the refund of the member's contributions, with in-
terest. Hembers having accumulated contributions of at least $~00
upon resignation or discharge, may elect irrevocably, within ninety
days, to leave contributions in the Retirement Fund~ and then upon
reaching the lowest optional service retirement age or becoming dis-
abled, to be entitled to receive such retirement allowance as will
be provided by their and the Agency's contributians and their
credited service, regardless of service rendered.
F 122d - 2 (Guar. % & Comp.)
ll.
Contributions required of local firemen and local policemen, without
credit for prior service, depend upon salar~y and upon age of entry into
the Retirement System, the contributions per $100 of salary varying
from $7.63 at entry age 21, to $14.35 at entry age 35. Contributions
of firemen and policemen having credit for prior service depend on
salary, entry a~e, and amount of prior service, the amount of contribu-
tions per $100 being $16.33 for example, at entry age 54, with 19 years
of prior service.
12.
For other Agency employees, the contributions depend u~on salary, sex
and age of entry into the Retirement System, the contributions per $100
of salary varying from $4.62 at age 20, to $7.99 at age 64, for men,
and from $5.36 at age 20, to $9.45 at age 64, for women, all based on
the Public Agency's election of age 60 as the l~vest optional service
retirement age. If the Public Agency elects age 55 as the lowest op-
tional service retirement age, the contributions per $100 of salary
vary from $7.36 at age 20, to $10.88 at age 59, for men, and from
$8.35 at age 20, to $12.81 at age 59, for women.
The Agency is required to contribute the balance of f~nds necessary to
meet the cost of the benefits provided under the Retirement System for
the Agency employees. The Agency also is required to pay its propor-
tionate share of the administrative costs of the System.
14.
Ability of the Retirement System to pay benefits is safeguarded by a
provision authorizing the Board of &dministration to revise contribu-
tions of both employees and the Agency, in the light of experience
under the System.
~E IT RESOLVED, that the CITY COUNCIL of
(Name of Governing Body)
the CITY OF SANTA ANA , give, and it hereby gives notice of inten-
(Name of Public Agency)
tion to approve an amendment to the contract between said CIT~ COUNCIL
(Name of Governing Body)
and the Board of Administration of the State Employees' Retirement System, providing
for the participation of said CITY OF SANTA ANA in said Retire-
(Name of Public Agency)
ment System, a copy of said amendmentbeing attached hereto, marked "Exhibit A", and
by reference made a part hereof.
CITY COUNCIL of the
(Name of Governing Body) ~'
December 21 , 19 53
(Date Adopted and Appro~--~
CITY OF SANTA ANA
(Name of Public Agency)
' -(Title)
F122d - 3 (Guar. % & Comp.)
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITI OF SANTA ANA )
I, ERMA KEELER, do hereby certify that I am the Clerk of the Council of the
City of Santa Aha; that the foregoing Resolution was regularly introduced and read
to the said City Council at its regular meeting held on the 21st day of December,
1953 and was at said meeting regularly passed and adopted by said Council by the
following vote, to-wit:
AYES, COUNC~w~:
Willtam Jerome, J. L. McBride, Thomas Fo T~rsen,
Milford Wo Dahl, Courtney R. Chandler
NOES, COUNC1VA~I: None
ABSENT, COUNCILMEN: None
CLERK C~ THE COUNCIL