Loading...
Ord 1315 - AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE TOWN COUNCIL OF LOS GATOS AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM.ORDINANCE NO. 1315 AN ORDINANCE OF THE TOWN COUNCIL of the TOWN OF LOS GATOS author- izing an AMENDMENT TO THE CONTRACT BETWEEN THE TOWN COUNCIL OF LOS GATOS AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM. The Town Council of the Town of Los Gatos does ordain as follows: SECTION 1. That an amendment to the Contract between the 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 Council of Los Gatos is hereby authorized, empowered, and directed to execute said amendment for and on behalf of said Agency. SECTION ,3 . This ordinance shall take effect thirty (30) days after the date of its adoption, and prior to the expiration of fifteen (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. Adopted and approved this 17th day of May 1976. ATTEST: MAYOR OF THE TOWN OF LOS GATOS CLERK OF T ' TOW yOF L0 GATOS 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 OF LOS GATOS, hereinafter .referred to as Public Agency, having entered into contract under date of March 1, 1972, effective April 1, 1972, as amended effective August 1, 1972, which provides for partioipation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 'through 11 are hereby stricken from said contract as executed effective March 1, 1972, and are hereby .replaced by the following paragraphs numbered 7. -through 9 inclusive: 1. All tyords 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 retire - ment age" shall mean age 60 for miscellaneous members and age 55 for local safety members. 2. Public Agency shall participate in the 1`abli.c 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 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 agree- ment a. Local policemen (herein referred to as local safety members; b. Focal firemen (herein referred to as local safety members); 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 not become mem- bers of the Retirement System: Ret. Form 702 -1 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. 4. The fraction of final compensation to be provided for miscel- laneous members for each year of credited prior and 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 said section. 5. 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 its employees: a. Section 21252.6 (providing for the fraction of final com- pensation to be provided for each year of credited prior and current service as a local safety member). b. Section 20952.5 (providing for age 50 as the minimum volun- tary retirement age for local safety members with benefit payments commencing prior to age 55 subject to actuarial discount). c. Section 21361.5 (providing that years of service rendered 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 the basic death benefit provided in Section 21361 upon the death of any member who was also a member of said Local System). d. Sections 21263 and 21263.1 (providing upon the death of a miscellaneous member who has retired for service or disability for the continuation of the post- retirement survivor allowance to certain survivors). Allowance adjustments to commence on the first day of the calendar month coinciding with or next following the effective date of the amendment to provide this benefit. e. Section 21380 -7 (providing for allowances for survivors of miscellaneous members covered under the program upon death before retirement). f. Section 20024.2 (defining "final compensation" for miscel- laneous members on the basis of average compensation earnable during the year immediately preceding retirement or any other one -year .period elected by the members). 6. Public Agency, in accordance with Section 20740, Government Code, shall cease to be an "employer for purposes of Chapter 6 of the Public Employees' Retirement Law effective as of the effective date of this amendment to this contract. Accumulated Ret. Form 702 -2 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 accumulated contri- butions and contributions hereafter made shall be held by the Board as provided in Section 20759, Government Code. 7. 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: (1) 1.34 percent until June 30, 2001 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. 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 valuations or the periodical investigation and valuation required by law. c. A reasonable amount as fixed by the Board, payable in one installment as the occasions arise, to cover costs of special valuations on account of employees of Public Agency, and costs of the periodical investigation and valuation required by law. 8. Contributions required by 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 periodical investigation and valuation required by said Retire- ment Law. Ret. Form 702 -3 9. Contributions required of Public Agency and its employees shall. be paid by Public Agency to the Retirement 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 connection with subsequent remittances, or adjustments on account of errors in contributions required of any employee may be made by direct 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 contract and shall be effective on the 1st_ day of Juts, 1976 . Witness our hands this 17th - day of May, 1976 BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIRE1 SYSTEM TOWN COUNCIL OF THE TOWN OF LOS GATOS BY _ Carl J. Blechinger, Executive Officer Presiding Officer Mayor, Ruth Cannon Attest: Ret. form 702- -4 Clem Ret. form 702- -4