Ord 1923 - Amending Contract between the Board of Administration of the Public Employees' Retirement System and the Town of Los Gatos to Provide for a 2% at 55 RetirementORDINANCE 1923
ORDINANCE OF THE TOWN OF LOS GATOS
AMENDING CONTRACT BETWEEN THE BOARD OF ADMINISTRATION
OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE
TOWN OF LOS GATOS TO PROVIDE FOR A 2%
AT 55 RETIREMENT BENEFIT
THE TOWN COUNCIL OF THE TOWN OF LOS GATOS DOES HEREBY
ORDAIN:
SECTION I
That an amendment to the contract between the Town of Los Gatos and the Board
of Administration of the California Public Employees Retirement System is hereby
authorized. A copy of said amendment being attached hereto marked Exhibit A and by
such reference made a part hereof as though herein set out in full.
SECTION II
The Mayor of the Town of Los Gatos is hereby authorized, empowered, and directed
to execute said amendment for and on behalf of said agency.
SECTION III
This ordinance takes effect 30 days after it is adopted. Within 15 days after this
ordinance is adopted the Town Clerk shall cause it to be published once in a newspaper
of general circulation published and circulated in the Town.
This ordinance was introduced at a regular meeting of the Town Council of the
Town of Los Gatos on November 2, 1992 and adopted by the following vote as an
ordinance of the Town of Los Gatos at a regular meeting of the Town Council of the Town
of Los Gatos on November 16, 1992.
COUNCIL MEMBERS:
AYES: Randy Attaway, Joanne Benjamin, Steven Blanton, Brent N. Ventura
Mayor Eric D. Carlson
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED:
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
r
CLERK OF THE TOWNkOF LOS GATOS
LOS GATOS, CALIFORNIA
AMENDMENT TO CONTRACT
BETWEEN THE
BOARD OF ADMINISTRATION
OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
TOWN COUNCIL
OF THE
TOWN OF LOS GATOS
r.• -
The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board,
and the governing body of above public agency, hereinafter referred to as Public Agency, having entered
into a contract effective April 1, 1972, and witnessed March 1, 1972, and as amended effective August
2, 1972, June 1, 1976, July 1, 1976, October 1, 1976 and January 4, 1990, which provides for
participation of Public Agency in said System, Board and Public Agency hereby agree as follows:
A. Paragraphs 1 through 13 are hereby stricken from said contract as executed effective January 4,
1990, and hereby replaced by the following paragraphs numbered 1 through 14 inclusive:
1. All words and terms used herein which are defined in the Public Employees' Retirement
Law shall have the meaning as defined therein unless otherwise specifically provided.
"Normal retirement age" shall mean age 55 for local miscellaneous members and age 50
for local safety members.
2. Public Agency shall participate in the Public Employees' Retirement System from and
after April 1, 1972 making its employees as hereinafter provided, members of said
System subject to all provisions of the Public Employees' Retirement Law except such
as apply only on election of a contracting agency and are not provided for herein and to
all amendments to said Law hereafter enacted except those, which by express provisions
thereof, apply only on the election of a contracting agency.
3. Employees of Public Agency in the following classes shall become members of said
Retirement System except such in each such class as are excluded by law or this
agreement:
a. Local Fire Fighters (herein referred to as local safety members);
b. Local Police Officers (herein referred to as local safety members).
C. Employees other than local safety members (herein referred to as local
miscellaneous members).
4. In addition to the classes of employees excluded from membership by said Retirement
Law, the following classes of employees shall not become members of said Retirement
System:
a. ALL PERSONS EMPLOYED ON OR PRIOR TO CONTRACT DATE
WHO WERE MEMBERS OF THE LOCAL SYSTEM EXCEPT THOSE IN
EMPLOYMENT ON CONTRACT DATE WHO WAIVED THEIR RIGHTS
UNDER THE LOCAL SYSTEM AND THOSE PERSONS WHO WAIVED
THEIR RIGHTS BETWEEN MARCH 18 AND MARCH 26, 1976.
5. Prior to January 1, 1975, those members who were hired by Public Agency on a
temporary and /or seasonal basis not to exceed 6 months were excluded from PERS
membership by contract. Government Code Section 20336 supersedes this contract
provision by providing that any such temporary and /or seasonal employees are excluded
from PERS membership subsequent to January 1, 1975.
6. Assets heretofore accumulated with respect to members under the local retirement system
who waived their rights under that system have been transferred to the Public Employees'
Retirement System and applied against the liability for prior service incurred thereunder.
That portion of assets so transferred which represent the accumulated contributions (plus
interest thereof) required of the employees under said local system have been credited to
the individual membership account of each such employee under the Public Employees'
Retirement System.
7. The percentage of final compensation to be provided for local miscellaneous members for
each year of credited prior and current service shall be determined in accordance with
Section 21251.13 of said Retirement Law, subject to the reduction provided therein for
service prior to June 30, 1976, termination of Social Security, for members whose
service has been included in Federal Social Security (2% at age 55 Full and Modified).
8. The percentage of final compensation to be provided for each year of credited prior and
current service as a local safety member shall be determined in accordance with Section
21252.01 of said Retirement Law (2% at age 50 Full).
9. Public Agency elected to be subject to the following optional provisions:
a. Section 21361.5 (Local System Service Credit Included in Basic Death Benefit).
b. Sections 21263 and 21263.1 (Post- Retirement Survivor Allowance).
C. Sections 21380 -21387 (1959 Survivor
(Increased 1959 Survivor Benefits) and
Survivor Benefits).
Benefits) excluding Section 21382.2
Section 21382.4 (Third Level of 1959
d. Section 20024.2 (One -Year Final Compensation).
e. Section 20930.3 (Military Service Credit as Public Service),
Statutes of 1976.
10. Public Agency, in accordance with Government Code Section 20740, ceased to be an
"employer" for purposes of Section 20759 effective on July 1, 1976. Accumulated
contributions of Public Agency shall be fixed and determined as provided in Government
Code Section 20759, and accumulated contributions thereafter shall be held by the Board
as provided in Government 'Code Section 20759.
11. Public Agency shall contribute to said Retirement System the contributions determined
by actuarial valuations of prior and future service liability with respect to local
miscellaneous members and local safety members of said Retirement System.
12. Public Agency shall also contribute to said Retirement System as follows:
a. A reasonable amount, as fixed by the Board, payable in one installment within
60 days of date of contract to cover the costs of administering said System as it
affects the employees of Public Agency, not including the costs of special
valuations or of the periodic investigation and valuations required by law.
b. A reasonable amount, as fixed by the Board, payable in one installment as the
occasions arise, to cover the costs of special valuations on account of employees
of Public Agency, and costs of the periodic investigation and valuations required
by law.
13. Contributions required of Public Agency and its employees shall be subject to adjustment
by Board on account of amendments to the Public Employees' Retirement Law, and on
account of the experience under the Retirement System as determined by the periodic
investigation and valuation required by said Retirement Law.
14. Contributions required of Public Agency and its employees shall be paid by Public
Agency to the Retirement System within fifteen days after the end of the period to which
said contributions refer or as may be prescribed by Board regulation. If more or less
than the correct amount of contributions is paid for any period, proper adjustment shall
be made in connection with subsequent remittances. Adjustments on account of errors
in contributions required of any employee may be made by direct payments between the
employee and the Board.
B. This amendment shall be effective on the /lo day of
JQZICU�6 , 19 �A A.
BOARD OF ADMINISTRATION TOWN COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF THE
TOWN OF LOS GATOS
BY
IEF, CONTRACT SERVICES DIVISION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
PERS- CON -702 (AMENDMENT)
(Rev. 1/92)
BY
Presiding Officer
I,gh /1
Witness Date
Attest:
Clerk
oc A"ro RNl•
I
Contract Services Division
P.O. Sox 942709
Sacramento, CA 94229 -2709
(916) 326 -3420
(916) 326 -3240 (Telecommunications
Device for the Deaf)
January 7, 1993
Mr. Mark Linder
Assistant Town Manager
Town of Los Gatos
P. 0. Box 949
Los Gatos, CA 95031
Dear Mr. Linder;
Reply to Section 220
Public Agency Contract Services
Contract Services Division
Employer Code #0870
The contract amendment has been executed by our office. The effective date of the contract
amendment is December 16, 1992.
If you have any questions, please do not hesitate to contact Nancy Seegmiller, the Retirement
Specialist who has been assisting your agency with its contract activity at the above address and or
phone number.
Sincerely,
Darlene Eredia
Contract Services Division
Public Agency Contract Services
Attachment
CO308 (Rev. 1/93)
California Public Employees' Retirement System
Lincoln Plaza - 400 P Street - Sacramento, CA 95814