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HomeMy WebLinkAbout230as follows: V a ORDINANCE NO. 230 AN ORDINANCE OF THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS 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. The City Council of the Town of Los Altos Hills does ordain Section 1: That an amendment to the Contract between the Town of Los Altos Hills 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 and City Manager of the Town of Los Altos Hills 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 days after the date of its adoption, and prior to the expiration of ten (10) days from the passage thereof shall be posted in three (3) public places within the Town, and thenceforth and thereafter the same shall be in full force and effect. I HEREBY CERTIFY that the foregoing Ordinance was introduced at an adjourned meeting of the City Council of the Town of Los Altos Hills on the 7t day of April, 1976, and thereafter passed and adopted on the 29th day of April, 1976. ATTEST: &�.- -- City Clerk BIT J ORDINAN E # A&DMENT TO CONTRACT BETWEEN THE ORDINANCE #230 BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE TOWN COUNCIL OF THE TOWN OF LOS ALTOS HILLS The Hoard of Administration, Public Employees' Retirement System, hereinafter referred to as Board and the TOWN COUNCIL of the TOWN OF LOS ALTOS HILLS, herein- after referred to as Public Agency, having entered into a contract under date of June 16, 1967, effective July 1, 1967, and as provided by Chapter 170, Statutes of 1971, which provides for participation 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 July 1, 1967, and are hereby replaced by the following para- graphs numbered 1 through 9 inclusive: 1. All words 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 retirement age" shall mean age 60 for miscellaneous members. 2. Public Agency -hall 1participation in the Public Employees' Retirement System from and after July 1, 1967, making its employees as herein- after 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 provision thereof apply only on the election of contract- ing 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 agreement: a. Employees other than local safety members (herein referred to as miscellaneous members). In addition to the classes excluded from membership by said Retire- ment Law, the following employees shall not become members of the Retirement System: - LOCAL FIREMEN AND POLICEMEN. PERSONS COMPENSATED ON AN HOURLY BASIS. ELECTIVE OFFICIALS. 4. The fraction of final compensation to be provided for miscellaneous 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. Ret. Form 702-1 5. The followin42rovisions of the Public Employ4l' Retirement Law which apply only upon election of a contracting agency shall apply to the Public Agency and its employees: a. Section 21263 and 21263.1 (providing upon death of a local miscellaneous member who retired for service or disability for the continuation of the post-retirement survivor benefit). b. Section 21380-7 (providing for allowances for survivors of members covered under the program upon death before retirement). c. Section 20930.3 (providing service credit up to four years for any continuous military or merchant marine ser✓ice for persons who are members because of employment by Public Agency). 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 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 contributions 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) 2.29 percent until June 30, 1990 on account of the liability for prior service benefits. (2) 3.91 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 install- ment as the occasions arise, to cover costs of special valuations on account of employees of Public Agency, and costa of the periodi- cal 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 Retirement Law. Bet. Form 702-2 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 first day of June. 1976 Witness our hands this 30th day of April BOARD OF ADMINISTRATION PUBLIC EMPLOYEES' RETIREMENT SYSTEM BY Carl J. Blechinger, Executive Officer Approved as to Form: TOWN COUNCIL OF THE TOWZOFALTOS HILLS • & ming Officer - May Attest: Clerk Bet. Form 702-3