Ordinance 1158 - AMENDING THE TOWN CODE OF THE TOWN OF LOS GATOS, RELATING TO INCREASING TOWN CONTRIBUTIONS TO THE TOWN RETIREMENT PLANORDINANCE NO. 1158
AN ORDINANCE AMENDING THE TOWN CODE
OF THE TOWN OF LOS GATOS, RELATING
TO INCREASING TOWN CONTRIBUTIONS TO
THE TOWN RETIREMENT PLAN.
THE TOWN COUNCIL OF THE TOWN OF LOS GATOS DOES ORDAIN AS FOLLOWS:
SECTION 1.
Section 20 -7 of the Los Gatos Town Code is amended to read as follows:
SEC. 20 -7. TOWN CONTRIBUTIONS.
The Town shall make due and timely payments to provide
for the continuation of this plan under the provisions of
Section 45343 of the Government Code. The Town shall
contribute monthly an amount equal to eight and eleven
one- hundreths per cent (0.0811) of a member employee's
compensation before any deductions, as the same may become
payable. Such contribution by the Town shall continue only
so long and coinciding with the period of time in which the
employee contributes as a member. No contribution by the
Town shall be made for nonmembers or noncontributing members,
including employees on leave of absence and leave of absence
for military service. The costs of administering the
retirement plan and trust, including the costs of acquiring
and disposing of trust property, shall be paid by the Town.
Contributions by the Town which have not vested in full in
a member upon the termination of such member from employment
with the Town shall be credited. to future contributions
required. to be made by the Town. Contributions by the Town
shall not be in excess of the limitations provided. by the
laws of the state. As used in this section, the term
"compensation shall be defined. according to that definition
and regulations contained. in Sections 20022 and. 20025.2 of
the California Government Code.
SECTION 2.
Section 20-7.5 is added to the Los Gatos Town Code as follows:
SEC. 20 -7.5 SPECIAL CONTRIBUTION
In addition to the monthly contributions specified in
Section 20.7 , the Town shall make a one-time contribution
for each employee who is a member of the Town retirement plan
on July 1, 1974, equal to one and eleven one- hu.ndreths per
cent (0.0111) of the compensation received. by such members
during the period. of April 1, 1972 through June 30, 1974.
THIS ORDINANCE SHALL TAKE EFFECT and shall be in force thirty (30)
days after the date of its adoption. The Town Clerk of the Town of
Los Gatos shall cause this ordinance to be published. once within
fifteen (15) days after its adoption, in the Los Gatos Times-Saratoga
Observer, a newspaper of general circulation, published and circulated
in the Town of Los Gatos.
The above and foregoing ordinance was duly and regularly introduced.
at a regular meeting of the Town Council of the Town of Los
-2-
Gatos held. on the 3rd day of _ June , 1974.
PASSED AND ADOPTED as an ordinance of the Town of Los Gatos,
California, at a
regular meeting
of
the
Town Council, held on the 17th
day of June
, 1974,
by
the
following vote:
AYES: COUNCILMEN Ruth Cannon
Egon Jensen
Albert B. Smith
John B. Lochner
NOES: COUNCILMEN None
ABSENT: COUNCILMEN Mark B. D1Duca
SIGNED: MAYOR OF THE TOWN OF LOS GATOS
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ATTEST :
CLERK F T E TO /OF LN GATOS
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