1992-173-Intention To Approve An Amendment To Contract Between The Board Of Administration Of The Public Employees' Retirement System And Town Council To Provide For A 2% At 55 Retirement BenefitRESOLUTION 1992 -173
RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT
BETWEEN THE BOARD OF ADMINISTRATION OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND TOWN COUNCIL
OF THE TOWN OF LOS GATOS
TO PROVIDE FOR A 2% AT 55 RETIREMENT BENEFIT
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 2% at 55 Full and Modified formula (from 2% at 60 Full
and Modified formula) for local miscellaneous members, including an
extension of the funding period to the year 2011
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 the said governing body 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.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 21st day of September, 1992 by the following
vote:
COUNCIL MEMBERS:
AYES: Randy Attaway, Steven Blanton, Brent N. Ventura, Mayor Eric D. Carlson
NAYES: None
ABSENT: Joanne Benjamin
ABSTAIN: None
SIGNED:
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
CLERK OF THE TOWN O LOS GATOS
LOS GATOS, CALIFORNIA