HomeMy WebLinkAbout1477 411 RESOLUTION NO. 1477 •
RESOLUTION AUTHORIZING
THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM
TO EXTEND THE FUNDING PERIOD
FOR PRIOR SERVICE LIABILITY
FOR THE
TOWN OF LOS ALTOS HILLS
WHEREAS, the Town of Los Altos Hills is a member of the Public Employees'
Retirement System, and;
WHEREAS, the Town of Los Altos Hills has been advised by the Actuarial Office
in the Public Employees' Retirement System that if the Town of Los
Altos Hills desired. a lower rate the Town of Los Altos Hills could
request to extend the funding period for the miscellaneous prior
service liabilities to June 30, 2010,
BE IT RESOLVED, that the Town Council of the Town of Los Altos Hills does seek
to extend the prior service funding to June 30, 2010, and further re-
solves to direct the City Clerk to forward a certified copy of this
resolution to the Public Employees' Retirement System, indicating the
desire of the Town Council of the Town of Los Altos Hills for extend-
ing the miscellaneous prior service funding from the date of June 30,
1990, currently provided in said Agency's contract with the Board of
Administration, Public Employees' Retirement System, to a new date of
June 30, 2010, as the expiration date of the funding period for Prior
Service liabilities.
Adopted this 1st day of September , 19 82 .
Presiding Officer
Attest:
City Clerk