HomeMy WebLinkAboutResolution_1959_August 17~, ~ _
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Rt~;'C3I,IJTIUN
OF Tii~ CI3.'Y Cf~UY~CII
AU1"IiU~.IL1:Td0 .'gad Ai ~'a17td:~ TO 'Pi: u(ikdT~.C1` PT~:)iiI17.t,'3G:.~'OR Tfi~•: PAitTti:Tp~'aTT~3I~
OF T~ CITY t.~' S~1.tdTA A1~A
I.~ `i°:°i~; ~1t1T~ JkPIljY~1:;S r !~°f:t~:,~t~l` SY~aTEC~, r~Al~T~G TTS w~UJY3~~ 1>i~~~IB~~.S
OF 5AxCi ~YaTiat~
~iil~:EtEAS, tPie hoard of Administration of the State Rrnployees r Retirement System
and the City Council of the City o.t Santa Ana en'bered into a cant~ract
effective July 1, 19117, providing for the participation of said
i'ity of :~aanta Asa 3.n the State Rmployeers r Retirement Systart; and
Ii~i~,iti~AS~ said contract provides for the funding of than liabilities for benefits
based on aprior service" by annual ix~stalLnent payments by said Agency
extending Dues a 25 year period beginnir-g on the effective data of
said contract; and
ir~it~',itl=;A,~, the amount of said annual insta.L"l.tt~e~nt paymr~t hag been determined by
actuarial, r®valuation to be ntateriaily larger than pr®viausly
determined; and
t~1t1:~RtA:i, it is desirable thaub the contributions required of said Agency under
said ea~nti~aet not be excessive; and
~~~w, it is desirable to have prior service liabilities liquidated by can-
tributions expressed as a percents~e of member payroll instead of as
a level annual ammount s ~iow, therefore, be it
k~LV~,`fhat said Gity Conseil authorize, ar~d it does hereby authorize, an
amendment to said Contract, a copy of said amendment being; attached
hereto marked ue~hibit A,u and by such referaance made a part hereof
as ti~ou~;h herein set out in fully and bB it flarther
ii3.i~::~LVi;!?, 't'hat; thB presidia officer of saiai City Council be, and he is hereby
authorized, empowered, and directed to execute said amendment .for and
an benal,f of said City of Santa Ana.
Adopted this 17th~„_,day' of _ -- August ~ ~~,.
ri` .,
<Presiding Offiete~ MAXOR
Attestr
~- i
er o . e .ounez