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q0`N N 0 <br />.411 i <br />´┐Ż0s gat °s COUNCIL AGENDA REPORT <br />DATE: July 23, 2012 <br />TO: MAYOR AND TOWN COUNCIL <br />FROM: GREG LARSON, TOWN MANAGER <br />MEETING DATE: 08/06/2012 <br />ITEM NO. % o <br />SUBJECT: ADOPT AN ORDINANCE BETWEEN THE BOARD OF ADMINISTRATION <br />CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE <br />TOWN COUNCIL OF THE TOWN OF LOS GATOS TO ADD A SECOND <br />RETIREMENT TIER FOR NONSWORN ( "MISCELLANEOUS ") <br />EMPLOYEES <br />RECOMMENDATION: <br />Adopt the ordinance introduced by Council on May 21, 2012. <br />DISCUSSION: <br />On May 21, 2012, Council adopted a resolution of intent and introduced an ordinance authorizing an <br />amendment to the Town's Ca1PERS contract to institute a second tier retirement plan for Non -Sworn <br />( "Miscellaneous ") employees. On June 18th, Council adopted the final ordinance to implement the <br />contract amendment, however, due to a technical error CalPERS is requiring that the ordinance be <br />re- submitted for final adoption as a non- consent item. Should Council adopt the ordinance as <br />introduced, the amendment shall be effective September 15, 2012. <br />Attachments: <br />1. Ordinance amending the Ca1PERS contract with Exhibit A <br />PREPARED BY: RUMI PORTILLO <br />Human Resources Dire r <br />Reviewed by:´┐ŻAssistant Town Manager V Town Attorney Finance <br />Revised: 07/20/2012 5:16 PM <br />Reformatted: 5/30/02 <br />N:\PSL\ Current\ Staff \Rumi \Current\Retirement\PERS Two -Tier FINAL \Council Staff Report Two Tier Retirement <br />2nd Reading Aug 6 2012.doc <br />