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2001-051- Intention To Approve An Amendment To Contract Between The Board Of Administration California Public Employees' Retirement System And The Town Of Los Gatos(~ RESOLUTION 20.01 - 51 ~ .RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE TOWN COUNCIL TOWN OF LOS GATOS `WHEREAS, the Public Employees' Retirement Law permits the participation of public .agencies and their employees in the Public Employees' Retirement System by the execution of a contract, and sets forth the procedure by which said public agencies may elect to subject themselves and their employees to amendments to said Law; and WHEREAS., one of the steps in the procedures to amend this contract is the adoption by the governing body of the public agency of a resolution giving notice of its intention to. approve an amendment to said contract, which resolution shall contain a summary of the change proposed in said contract.; and WHEREAS, the following is a statement of the .proposed change: To provide Section .21362,2 {3% @ 50 Full formula) for local police members. NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency does hereby give notice of intention to approve an amendment to the contract between said public agency and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto, as an "Exhibit" and by this .reference made a part hereof. C~~, `~ Gi/2e.~-~ C/ . a-~ ~.~ ~ ~ 7 ~~i Date .ado teG a~-d approveel By: r siding c r ~~ Title (Amendment) OON-302 (Rev. 4/96) CALIFORNIA PUBLI~ .:MPLOYEES' RETIREMENT SYSr~ M Actuarial and 'Employer .Services 'Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229-2709 (916) 326-3420 RESOLUTiON 2b~1 - 51 CERTIFICATION OF MEMBER CONTRIBUTION RATE 1 hereby certify that the Town of Los Gatos and its police employees understand and agree that the required member contribution rate for members subject to Section 21362.2 (3% @ 50 Full formula) is 9% of .reportable compensation. Si ure of G n ng .Body Presiding Officer Title ~--~ ~~ Witnes~~;~~y~ e~0`~°6'~y~~- ~~~c,~-~ Date 3%@50/ 3%@55 Full/Supplemental formula ~,. Ca1PERS EXH1BiT California Public'Employees' Retirement System Al+~l[ENDM~NT "Il'{- C~NT][BACT ~e~ween ~ll~..e ~o~~c~ o~ Ac~n~Iln>is~~~~~on C~llitiifo~nn~ ]Pu~1b~IlC lEffn~lloyees' IZe~n~em~en~ ~ys~e~n andl ~l~e "I°own Conncg~ Town o~ Loy Gatos The Board of Administration., California Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of the 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, January 4, 1990, December 16, 1992 .and August 6, 1997 which provides for ..participation of Public Agency in said. System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 14 are hereby stricken from said contract as executed effective August 6, 1997., and hereby replaced by the following paragraphs numbered 1 through 14 inclusive: 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 bylaw or this agreement: a. .Local Police Officers (herein referred to as local safety members); b. 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'PERSON 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 WA'iVED 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 superseded this contract provision by providing. that any such temporary and/or seasonal employees are excluded from PERS membership subsequent to January 1, 1975. Legislation repealed and replaced said Section with Government Code Section 20305 effective July 1, 1994. 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 on April 1, 1972 or between March 18, and March 26, 1976 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 each year of credited prior and current service for local miscellaneous members shall be determined in accordance with Section 21354 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). ~ ~•~~~~ ~~ i'~0~ SIGN "EX~i~~i7 z,~i~:#~;{ 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 21362.2 of said Retirement Law (3% at age 50 Full). The required member contribution rate is 9% of reportable compensation. 9. Public Agency elected and elects to be subject to the following optional provisions: a. Section 21536 (Local System Service Credit Included in Basic Death .Benefit). b. Sections 21624 and 21626 (Post-Retirement Survivor Allowance). c. Section 21.574 {Fourth Level of 1959 Survivor Benefits). d. Section 20042 (One-Year final Compensation). e. Section 21024 {Military Service Credit as Public Service), Statutes of 1976.. 10. Public Agency, in .accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on July 1, 1976. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contributions thereafter shall be held 'by the .Board as provided in Government Code Section 20.834.. 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. Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21574 of said Retirement. Law. {Subject to annual change.) In addition, all. assets and liabilities of Public Agency and. its employees shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members and local safety members. b. 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 bylaw. c. A reasonable amount, as fixed by the Board, payable in .one installment as the occasions arise., to cover the costs of special valuations on accQUnt of 8mployees of Public Agency, .and costs of the periodic investigation and valuations required bylaw. 13. Contributions required of Public .Agency and its employees shall be subject to adjustment by Board on account of amendments to the Public Emp oyees' 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. Jf 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 day of , ,b 5 BOARD OF ADMINISTRATION .~°~'~ TOWN COUNCIL PUBLIC EMPLOYEES' REI"IREME°i~T SYSTEM TOWN OF LOS GATOS BY ^;~_ ~ KENNETH 1N. MARZION, C,~ F ACTUARIAL & EMPLOYE:°SERVLCES DIVISION PUBLIC EMPLOYEES' R~IREMENT SYSTEM ~~ BY ~~`~' PRESIDING OFFICE' ~~~ ,~~ ~~~ ~.~ Witness Q~'~ Attest: Clerk AMENDMENT PERS-CON-702A {Rev. 8\96) CALIFORNIA PUBL~ EMPLOYEES' RETIREMENT SY~ =M Actuarial and Employer Services Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229-2709 .(.916) 326-3420 CERTIFICATION OF COMPLIANCE WITH GOVERNMENT CODE SECTION 7507 I hereby certify that in accordance with Section 7507 of the Government Code the future annual costs as determined by the. System Actuary .and/or the:increase in retirement benefit(s) have been made public at a public meeting of the 0 ~~~,~~~ ~-c.-x-~--~. of the (governing body) .Resolution /Ordinance. Date~~ ~ 2J~ ~~~ Clerk/Secretary T~ ~ ~ J ~~~ Title ~ t ~~~n-c-~ PERS-CON-12A (rev. 1/96) on~ ~ ~©~ which is at least two weeks prior to the adoption of the ~at CALIFORNIA PUBLI~ :MPLOYEES' RETIREMENT SYS~~ lA Actuarial and Employer Services Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229-2709 (916) 326-3420 CERTIFICATION OF GOVERNING BODY'S ACTION I hereby certify that the foregoing is a true and/correct copy of a Resolution adopted by the ~~ ~~z.c?-iot~ C~ ~ of the (governing body) ~~ iblic ager~ . , on ~~ ~~ / ate) ~,..- ~Clerk/Secretary ®-us-av C~~~ ~ '~ ` - Tale ~~;~ ~rrzc--~~ PERS-CON-12 {rev. 1/96)