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Ord 1329 - AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE LOS GATOS TOWN COUNCIL AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM.ORDINANCE NO.. 1329 AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE LOS GATOS TOWN COUNCIL AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM. THE TOWN COUNCIL OF THE TOWN OF LOS GATOS DOES ORDAIN: SECTION 1. That an amendment to the Contract between the Los Gatos Town Council of the Town of Los Gatos and the Board of Administration, 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 2. 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 3, The Ordinance shall take effect 30 days after the date of its adoption, and prior to the expiration of 15 days from the passage thereof shall be published at least once in the Los Gatos Times - Saratoga Observer, a newspaper of general circulation, published and circulated in the Town of Los Gatos and thenceforth and thereafter the same shall be in full force and effect. PASSED AND ADOPTED as an Ordinance of the Town of Los Gatos, -1- California, at a on the 16th AYES: ATTEST: NOES: ABSENT: regular meeting of the Town Council, held day of August , 1976. COUNCIL MEMBERS Mr. Mark B. DiDuca, Mrs. Mardi G ualtieri, Mr. John B. Lochner, Mr. Albert B. S mith and Mrs. Ruth Cannon. COUNCIL MEMBERS None. COUNCIL MEMBERS None. SIGNED: MAYOR OF THE TOWN OF LOS GATOS CLERK THE TOWN OF b'' f OS GATOS C% -2- EXHIBIT A AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE TOWN COUNCIL OF THE TOWN OF LOS GATOS The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board and the TOWN COUNCIL of the TOWN Or LOS GATOS, hereinafter referred to as Public Agency, having entered into con- tract under date of March 1 1972, effective April 1, :1972, as amended effective August 1,, 1972, and July 1, 1976, which provides for participa- tion of Public Agency in.said System, Board and Public Agency hereby agree as follows: __.___A. Paragraphs 1 through 9 are = hereby_...st_ricken_ from= said._contract,_ _... _.... _ _., as executed effective April 1, 1972, and are hereby replaced by the following paragraphs numbered 1 through 9-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 60 for._ miscella -. neous members and age 56 for local safety members._____ - -._ 2. Public Agency shall participate in the Public Employees' Retirement System from and after :April - - 1-972, - 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 such as by express pro- vision thereof apply only on the election of contracting agencies. 3. Employees of Public Agency in the following classes and groups shall become members of said Retirement System except such in each such class and group as are excluded by law or this agreement. a. Local policemen (herein referred to as local safety members); - -- b. ..Local firemen (herein _r- eferr_e d.to..,as. local- safety- members)�.,s c. Employees other than local safety members (herein referred to as miscellaneous members). In addition to the classes excluded from membership by said Retirement Law, the following employees shall become mem- bers of the Retirement System: Ret. Form 702 -� 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 EXCEPT FOR PERSONS WHO WAIVED THEIR RIGHTS BETWEEN MARCH 18 AND MARCH 26 1976• 4. - - -- Assets heretofore accumulated - with respect `to meriiers o -ra the - =' local Retirement System who become members of the Public °Employees' Retirement System on contract date and applied against the lia- bility for prior service incurred hereunder. That portion of the assets so transferred which represents the accumulated con - tributions (plus interest thereupon) required of the employees under-.said local: system shall: -be-- credited to _the . individual membership account o.f each such employee under the Public Employees' Retirement System. - 5. The fraction of -final compensation to be provided= for miscel- laneous members for each year cif= credited prior - anct =current service shall be that provided in° Section - 21251 - 13 - with all service prior to the termination of Social Security coverage subject to the-reduction provided by 6. The following provisions.of the -- Public- Employees' Retirement Law which apply only upon election of a contracting agency shall apply to the Public Agency and rts_ employees: _ - - a. Section 21252.01 (providing for the fraction of final com- pensation to be provided for each year of credited prior and current service as a local safety b. Section 21361.5 (providing that years of - servic -e - rendere - d - M - - - as a member of the Town of Los Gatos Local Retirement .System prior to the effective date of this contract shall be included in the computation of basic death benefit - provided in Section 21361 upon the death of any member who _ - was also a member of said Local System). c. Sections 21263 and 21263.1 (providing upon the death - of a member who has retired for service or disability for the continuation of the post =ret rement allowances to certain survivors). Allowance adjustments to commence on the first day of the•calendar month coinciding with next following the effective date of the, to _.pro ,..:..r ,:...; vide this benefit. de Section xy (providing' fo' allowanc'e's.rfor aury .vors> of : r- members covered under the program upon death before retire- ment). e. Section 20024.2 (defining "final c- ompensation" on the basis of average compensation earnable during the year immediately Ret. Form 702 -2 - preceding retirement or any other one -year period elected by the members). 7. Public Agency, in accordance with Section 20740, Government Code, shall cease to be an "employez" for purposes of Chapter 6 of the Public Employees' Retirement Law effective July 1 1:9 76. Accumulated contributions of the Public Agency as of the date of such amendment shall be fixed and determined as -- provided in Section 20759, Government Code, and -such accumula-- ted contributions and contributions hereafter made shall be held by the Board as provided in Section 20759, Government Code. 8. Public Agency shall contribute to said Retirement System as follows: a. With respect to miscellaneous members, the Public Agency shall contribute the following percentages of monthly salaries earned as miscellaneous-members-of said System. a (1) 1.34 percent until June 30, 1990 on account of the liability for prior service benefits. - -- (2) 7.69 percent on account of the liability for current service benefits. - (3) 1.00 percent on account of the .liability for -the 1959 Survivors program. - b. With respect to local safety members, the public Agency - shall contribute the following - percentages -- of - monthly - -- salaries earned as local safety members of said System:--- - (1) 3.957 percent until June 30, 2001 on account of the liability for prior service benefits. (2) 20.705 percent on account of the liability for cur- rent service benefits. (3) 0.500 percent on account of the - liability for the 1959 Survivors program. c. A reasonable amount per annum, as fixed by Board to cover the costs of administering said System as it affects the employees of Public Agency, not .including - the..costs of _ special valuation required by law. d. reasonable amount as fixed by the Boar -d, -- payable= in- one - ,installment as the occasions arise, to cover costs of spe clal valuations on account of employees of Public Agency and costs of the periodical investigation and valuation required by law. Ret. Form 702 -3 9. Contributions required by Public Agency and its employees shall be subject to adjustment by Board on, account of amend- ments to the Public Employees' Retirement Law, and on account of the experience under the Retirement System, as determined° - by the periodical investigation and valuation required by said Retirement Law. 10. Contributions required of Public Agency and its employees shall be 'paid by Public Agency - to the Retirerii&t `System within thirty days after the end of the period to which said contributions refer. If more or less than the correct amount of contributions is paid for any period, proper adjustment shall be made in con- nection with subsequent remittances, or adjustments on account of errors in contributions required of any employee may be made by cash payments between the employee. and Board. Payments by Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certified checks, 'money orders; or cash. B. This - amendment. shall: be attached to-- said--- contaac-t -and - shall- be effec- tive on the day of Witness our hands this day of - BOARD OF ADMINISTRATION TOWN- COUNCIL PUBLIC EMPLOYEES' RETIREMEN`r - SYSTENr­ ----- -- OF - - THE TOWN OF LOS GATOS BY Carl J. Blechinger, Executive Officer BY Presiding, Officer At s Clerk Bet. Form 702 -4 CERTIFICATION OF FINAL ACTION OF GOVERNING BODY DATE: at( y Board of Administration Public Employees' Retirement System P.O. Box 1953 Sacramento, Califo;r.nia 95809 I hereby certify That the of the ') Z - adopted on `7 by an affirmative vote of a majority of the members of said governing body, / YLF�F') No. /<� approving the attached lir�A�7i• -��lr� ,Gf aa �; between the governing body of said Agency and the Board of Administration of the P u b l i c Employees' Retirement System, a certified copy of said _ ;,��ry� in the form furnished by said Board of Administration being attached hereto. Clerk o Secretary Town of Los Gatos Name of Agency PERS -ACT -5 (1/74)