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such member fro employment with the Town shall be <br />credited to future contributions required to be made by <br />the Town. Contributions by the Town shall not be in excess <br />of the limitations provided by the laws of the state. <br />As used in this section, the term "compensation" shall <br />be defined according to that definition and regulations <br />contained in Sections 20022 and 20025.2 of the California <br />Government Code. <br />SECTION 2. <br />Effective Date: Urgency Ordinance <br />This Ordinance is an ordinance for the immediate preservation <br />of the public peace, health and safety, and shall take effect <br />immediately under the provisions of section 36937 of the Government <br />Code, and the change effected by this Ordinance shall be operative <br />July 1, 1976. <br />The facts constituting the urgency are that the meeting and <br />conferring process required by the Meyers - Milias -Brown Act to <br />establish the terms and conditions of Town employment has resulted <br />in an agreement that the Town employees' Social Security program <br />will be discontinued and that money which would otherwise be used <br />for Social Security contributions will be used for retirement <br />contributions instead. Some Town employees are members of the <br />Public Employees' Retirement System and some are members of a <br />separate Town plan. The new contribution program will by virtue <br />of state law be effective July 1, 1976 for members of the Public <br />Employees' Retirement System but not until the effective date <br />of this Ordinance for members of the Town retirement plan. <br />-2- <br />