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