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Last modified
6/28/2016 10:34:02 AM
Creation date
3/24/2016 11:29:08 AM
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Ordinances
Number
230
Date (Introduced)
4/7/1976
Date (Adopted)
4/29/1976
Description
Authorizing an Amendment to the Contract Between the City of the Town of Los Altos Hills and the Board of Administration of the California Public Employees' Retirement System
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5. The followin42rovisions of the Public Employ4l' Retirement Law <br />which apply only upon election of a contracting agency shall apply <br />to the Public Agency and its employees: <br />a. Section 21263 and 21263.1 (providing upon death of a local <br />miscellaneous member who retired for service or disability <br />for the continuation of the post-retirement survivor benefit). <br />b. Section 21380-7 (providing for allowances for survivors of <br />members covered under the program upon death before retirement). <br />c. Section 20930.3 (providing service credit up to four years for <br />any continuous military or merchant marine ser✓ice for persons <br />who are members because of employment by Public Agency). <br />6, Public Agency, in accordance with Section 20740, Government Code, <br />shall cease to be an "employer" for purposes of Chapter 6 of the <br />Public Employees' Retirement Law effective as of the effective date <br />of this amendment to this contract. Accumulated contributions of <br />the Public Agency as of the date of such amendment shall be fixed <br />and determined as provided in Section 20759, Government Code and <br />such accumulated contributions and contributions hereafter made <br />shall be held by the Board as provided in Section 20759, Government <br />Code. <br />7. Public Agency shall contribute to said Retirement System as follows: <br />a. With respect to miscellaneous members, the public agency shall <br />contribute the following percentages of monthly salaries earned <br />as miscellaneous members of said System: <br />(1) 2.29 percent until June 30, 1990 on account of the liability <br />for prior service benefits. <br />(2) 3.91 percent on account of the liability for current service <br />benefits. <br />(3) 1.00 percent on account of the liability for the 1959 survivors <br />program. <br />b. A reasonable amount per annum, as fixed by Board to cover the <br />costs of administering said System as it affects the employees <br />of Public Agency, not including the costs of special valuations <br />or the periodical investigation and valuation required by law. <br />c. A reasonable amount as fixed by the Board, payable in one install- <br />ment as the occasions arise, to cover costs of special valuations <br />on account of employees of Public Agency, and costa of the periodi- <br />cal investigation and valuation required by law. <br />8. Contributions required by 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 periodical investigation and <br />valuation required by said Retirement Law. <br />Bet. Form 702-2 <br />
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