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Last modified
9/19/2022 8:38:14 AM
Creation date
9/19/2022 8:38:00 AM
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Ordinances
Number
602
Date (Introduced)
8/18/2022
Date (Adopted)
9/15/2022
Description
Amendment to the Contract Between the Town and the Board of Administration of the California Public Employees Retirement System
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d. Section 20475 (Different Level of Benefits): Section 21353 (2% @ <br />60 Full formula) is applicable to classic local miscellaneous <br />members entering membership for the first time with this agency in <br />the miscellaneous classification after September 1, 2011. <br />e. Section 20503 (To Remove the Exclusion of "Persons <br />Compensated On An Hourly Basis," prospectively from the effective <br />date of this amendment to contract). <br />11. Public Agency, in accordance with Government Code Section 20790, <br />ceased to be an "employer" for purposes of Section 20834 effective on <br />June 1, 1976. Accumulated contributions of Public Agency shall be fixed <br />and determined as provided in Government Code Section 20834, and <br />accumulated contributions thereafter shall be held by the Board as <br />provided in Government Code Section 20834. `` <br />12. Public Agency shall contribute to said Retirement System the contributions <br />determined by actuarial valuations of prior and future service liability with <br />respect to local miscellaneous members of said Retirement System. <br />13. Public Agency shall also contribute to said Retirement System as follows: <br />a. Contributions required per covered member on account of the 1959 <br />Survivor Benefits provided under Section 21574 of said Retirement <br />Law. (Subject to annual change.) In addition, all assets and <br />liabilities of Public Agency and its employees shall be pooled in a <br />single account, based on term insurance rates, for survivors of all <br />local miscellaneous members. <br />b. A reasonable amount, as fixed by the Board, payable in one <br />installment within 60 days of date of contract to cover the costs of <br />administering said System as it affects the employees of Public <br />Agency, not including the costs of special valuations or of the <br />periodic investigation and valuations required by law. <br />c. A reasonable amount, as fixed by the Board, payable in one <br />installment as the occasions arise, to cover the costs of special <br />valuations on account of employees of Public Agency, and costs of <br />the periodic investigation and valuations required by law. <br />14. Contributions required of Public Agency and its employees shall be <br />subject to adjustment by Board on account of amendments to the Public <br />Employees' Retirement Law, and on account of the experience under the <br />Retirement System as determined by the periodic investigation and <br />valuation required by said Retirement Law. <br />Ordinance 602 Page 6 <br />
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