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Ord 1059 - Authorizing a contract between the Town Council and the Board of Administration of the California Public Employees' Retirement SystemORDINANCE NO. 1059 AN ORDINANCE OF THE TOWN COUNCIL_ of the ��' �� of Governing Body) ° -� TOWN OF LOS GATOS authorizing a CONTRACT.' BETWEEN THE T own V Counc _ _� ° ��Governing BodyT_ AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM. The Town Co of the Town of Los Ga tos M TName of Governing Body - � Name of Public Agency) does ordain as follows: SECTIO 1, That a Contract between the Town Co uncil _ ing °Name of GovernBody _ of the Town of Los Gatos f Public Age _ Agency) and the Board of Administration, Name on California Public Employees' Retirement System is hereby authorized, a copy o' said Contract' attached hereto, marked "Exhibit A and by such reference made a part hereof as though herein set out in full. SECTION 20 ..The 4� Vice-Mayor _ of the Title of PresS.din� Officer? To Co is hereby authorized, empowered, and (_Name of Governing Boa _ directed to execute said Contract for and on behalf of said Agency. SECTION 3 . This Ordinance shall take effect _ _ 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 Gato Tim Sar atggaa.,Observer, w (ame of Newspaper_ a newspaper of general circulation, published and circulated in the T own R �.Name of of Los Gatos and thenceforth and thereafter the same shall Public Agency_ _ __ ._._ be in full force and effect. Adopted and approved this 22nd day of February, 1972. Attest: (Presiding Officer Ruth Cannon, Vice -Mayor 4 C l eri PERS-ACT -11 (Contract) (9/71) CONTRACT BETWEEN THE BOARD OF ADMINISTRATION PUBLIC EMPLOYEESI RETIREMENT SYSTEM AND THE TvriN CLERIC ,. .et a yg ") n� TOWN COUNCIL OF TIC TOWN OF LOS GATOS In consideration of the covmnants and agreement hereafter contained and on the part of both parties to be kept and performed, the TOWN COUNCIL of the TOWN of LOS GATOS, hereafter referred to as "Public Agency" and the Board of Admini- stration, Public Employees Retirement System., hereafter referred to as "Board" hereby agree as follower 1. A11 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 mis- cellaneous members and age 55 local safety members. 2. Public Agency shall participate in the Public Employees Retirement System from and after Apri 1 , 19„ Z.,,_, making its employees as here- inafter 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 an' by express provisions thereof apply only on the election of contracting agencies. 3. Employees of Public Agency in the following classes shall become members of said Retirement Systems except such in each such class as are excluded by law or this agreement a. Local policemen (herein referred to as local safety members); b. Employs" other than local safety msmbere (herein referred to as miscellaneous members). The following employees shall be excluded from membership in said Retirement System: EXCLUDE ALL PERSONS EMPLOYED ON OR PRIOR TO CONTRACT DATE EXCEPT THOSE IN EMFLOYt ON CONTRACT DATE WHO WAIVED RIGHTS UNDER THE LOCAL SYSTEM. 4. Assets heretofore accumulated with respect to members in the local. Retire- ment System who became members of the Public Employees Retirement System under this contract shall be transferred to the Public Employees Retire- ment System within 60 days after the effective date of this contract and applied against the liability for prior service incurred hereunder. That portion of the assets so transferred which represents the accumulated Contributions (plus interest thereupon) required of the employees under said local system shall be credited to the individual membership account of each such employee under the Public Employees Retirement System. Rot. Form 126.1 5. The fraction of f inal compensation to be provided for each year of credited prior and current service as a miscellaneous member upon retire• ment at normal, retirement age shall be 1150 and shalt be applied as pro - vided in Section 21251.13 of said Retirement Law and reduced for members covered under Federal Social Security provided in said Section on election of the Public Agency. 6. The fraction of final cation to be provided for each year of credited service as a local safety member shall be determined in accordance with Section 21252.6 and shall be reduced by one -third as applied to that part of the member c s final„ compensation which does not exceed four hundred dol- lars ($400) per month for service after the effective date of coverage of a member under Federal Social Security. 7. Contributions for miscellaneous and safety members shad be subject to Sections 20603 and 20605 respectively, of said Retirement Law, said sec- tions providing for a reduction in rates of contribution as such rates relate to the first $400.00 of monthly compensation and 100% of such rates as they apply to the remainder of the monthly compensation. Members whose positions are excluded from Social Security coverage shall contribute in accordance with Sections 20603 and 20605 of said Retirement Law as it applies to the full formula without modification. 8.. The following additional provisions of the Public Zapl ogees c Retirement Law which apply only upon election of a contracting agency shall apply to the Public Agency and its employsess a. Section 20952.5 (providing for age 50 as the minimum voluntary retire - went age for local safety members with benefit payments comencing prior to age 55 subject to actuarial discount). b. Section 21,361.5 (providing that years of service rendered as a member of the 'down of Los Gatos Local Retirement System prior to the effec- tive 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 member of said Local System. c. That portion of Section 21251.13 which provides for reduction in the percentage of final compensation for members covered under Social Security. Rot. Form 126.2 9. Public Agency shall contribute to said Retirement System as follows: a. With respect to miscellaneous members, the public agency shall con- tribute the following percentages of monthly salaries earned as mis- ceZlaneous members of said Systems (1) 2.32 percent until June 30, 2001 on account of the liability for prior service benefits, less 0.832% of total salaries paid to members for each $100,000 of assets transferred to the Public Employees; Retirement System to the extent such trans- ferred assets exceed the accumulated local system contributions of members transferred under Paragraph 4. (2) 7.15 percent on account of the liability for current service benefits, said percentage being fixed by Section 20750 of the Retirement Law. b. With respect to local safety members, the public agency shall cony- tribute the following percentages of monthly salaries earned as local safety members of said Syetesns (1) 2.399 percent until June 30, 2001 on account of the liability for prior service benefits, less 1.506% of total salaries paid to members for each $100,000 of assets transferred to the Public Employees# Retirement System to the extent such transferred assets exceed the accumulated local system con- tributions of members transferred under Paragraph 4. (2) 11.214 percent on account of the liability for current service benefits. 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 valuations or the period- ical investigations and valuation required by law, provided that said amount shall be determined on bhe basis of the number of employees of Public Agency who are reported as members on a payroll to be designated by this System covering one month of each year, or with respect to the first year of partici.pation on the effective date of said participation. d. A reasonable amount as fined by the Board, payable in one installment as the occasions arise, to cover costs of special valuations on account of employees of Public Any, and costs of the periodical investigation and valuation required by law* Rat. Form 126-3 10. Contributions required of Public Agency and its employees shall be sub- ject 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 Retirement Law. 11. 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 or as may be pre- scribed by Board regulations.. 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 Hoard. Payments by Public Agency to Board may be made in the form-of warrants, bank checks, bank drafts, certified checks, money orders, or cash. 0 Witness our hands this day QP s r e ea► � r� � , TOM COUNCIL OF THE TOWN OF LOS GATOS Td E. Payne, •e►euti Officer By Presiding Officer Ruth Cannon, Vice -Mayor Attest: Clerk Rot. Form 126-4 I EXHIBIT A AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE TOWN COUNCIL OF THE TOWN OF LOS GATOS j C7fi .. ' t f� {zf). i Ey . The Board of Administration, Public Employees' Retirement System, herein- after 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, which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A.. The following exclusion shall be added to the existing exclusion in Paragraph 3 of said contract: EXCLUDE PERSONS HIRED ON OR AFTER AUGUST 2, 1972 WHO ARE EMPLOYED ON A TEMPORARY AND /OR SEASONAL' BASIS IF IT IS A CONDITION OF EMPLOYMENT AT TIME OF HIRE THAT SAID EMPLOYMENT NOT EXCEED SIX MONTHS. B. This amendment shall be attached to said contract and shall become effective on the 2nd day of August, 1972. Witness our hands this 5th day of July, 1972 BOARD OF ADMINISTRATION TOWN COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF THE TOWN OF LOS GATOS iL BY: 441 11am E. Payne E e* tive Officer Presiding Officer Ruth Cannon, Mayor ATTEST: Clerk i Jo Leibfritz,. Town Clerk Ret. Form 702 CERTIFICATION OF FI14AL ACTION OF GOVERNING BODY DATE: July 5 1972 Board of Administration Public Employees' Retirement System P. 0. Box 1953 Sacramento, California 95809 I hereby certify: That the Town Council of the Town of Los Gatos I adopted on July 3, 1972 ) by an affirmative vote of a.majority of the members of said governing body Ordinance No. 1071 approving the attached Exhibit A between the governing body of said Agency and the Board of Administration of the Public Employees' Retirement System, a certified copy of said Ordinance 1071 in the form furnished by said Board of Administration being attached hereto. Clerk or cretary Jo Leibfritz, Town C erk Town of Los Gatos Name of Agency PERS -ACT -5 (2/71) 9 �' I 1 AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION PUBLIC EMPLOYS' RETIREMENT SYSTEM AND THE TOWN CO UNCIL • 1� -�jr_E - L �tyL L OF THE TOWN OF LOS GATOS �, 4 The Board of Administration, Public Employees' Retirement System, PiL -( rc) 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 participation 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 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 retire- ment age" shall mean age 60 for miscellaneous members and age 55 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 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); be Local 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 clauses excluded from membership by said Retirement Law, the following employees shall not become mem- bers of the Retirement Systems 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 )f 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 213$07 (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 accumulat ©d con- tributions and contributions hereafter made shall be held by the Hoard 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. 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) 1.926 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 12.592 percent on account of the liability for current iservici benefits. e. 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 coats of special valuations or the periodical investigation and valuation required by law. d. A reasonable amount as fixed by the Board payable in one installment as the occasions arise to cover costae of spe- cial valuations on account of employees of Public Agency, and costs of the periodical investigation .end 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 _hablic Employees' Retirement Law, and on account of the experience under the Retirement System as determined by the periodical in- vestigation and valuation required by said Retirement Law. Ret. Form 702 -3 .. �.:.... -. •. .. -. n" .: .. ..' ...• .'... .'�... r.. .n.ueli:.t11� \.;i .... rw•z.- ......:... ....\1 A..N - •}... a+'.' "'1'.f a� �. i:�. .•. k�• ... .t s.. .r.�i ��'•. .. .. .. ,. Ste• . r - 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 lees than the correct amount of contributions is paid for any period proper adjustment shall be made in connection with subsequent remittancea or adjustments on account of errors in contributions required Of any employee may be made by direct cash payments between the employee and Hoard. Payments by Public Agency to Board may be made in the form of warrante bank checke bank drafts certified checke money ordere or cash. B. This amendment shall be attached to said contract and shall be effective on the 1st day of July, 1976 Witness our hands this 17th day of __May, 1976 BOARD OF AMNISTRATION PUBLIC 1:XPLOMS' RETIREMWT SYSTEM Carl J. echi,nger� eutive Officer TOWN COUNCIL OF THE TOWN OF LOS GATOS BY Presiding Of'f'icer Mayor, Ruth Cannon Attest: Cle Ret, Form 702 -4 CERTIFICATIOM OF k'-1NA- , M ON 0F.2 R14 G BO DATFo February 23,. 1,97 Board of Administration Public Employees' Retirement System P, 0, Box 1953 Sacramento, California 95809 T hereby certifys. That the TOWN COUNCIL of the TOWN OF LOS GATOS adopted on February 22,1972 by an affirmative vote of a majority of the members of said governing body, adopted ORDINANCE 110 -. 1059 approving the attached Contract between the governing body of said Agency and the board of Administration of the Public Employees' Retirement System, a certified copy of said 0r a in the form Furnished by said Board of Administration being attached hereto. C!a c TOWN OF LOS GATOS Name of Agency PER$- ACT-45 (2/71)