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HomeMy WebLinkAbout393 ORDINANCE NO. 393 AN URGENCY ORDINANCE OF THE TOWN OF LOS ALTOS HILLS AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE TOWN AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHEREAS, the Town desires to amend that certain Contract ("Contract" ) between the Town and the Board of Administration of the California Public Employees' Retirement System; and WHEREAS, the provisions of this ordinance need to go into effect immediately to protect the public health, safety, and welfare so that the amendment to the Contract can become effective prior to the next fiscal year. NOW, THEREFORE, the City Council of the Town of Los Altos Hills does ORDAIN as follows : 1 . AMENDMENT OF CONTRACT. The Amendment to the Contract is hereby authorized, a copy of which Amendment is attached hereto as Exhibit A and incorporated herein by this reference and made a part hereof as though herein set out in full . 2 . EXECUTION OF AMENDMENT.. The Mayor of the Town is hereby authorized, empowered, and directed to execute the Amendment for and on behalf of the Town. 3 . FINDING; EFFECTIVE DATE. The City Council finds that . there is a current and immediate threat to the public health, safety, and welfare of the Town, if the Contract is not amended immediately as the Contract needs to be in effect prior to the next fiscal year so that the welfare of Town employees will not be jeopardized. Therefore, this urgency ordinance shall be effective immediately upon its adoption. INTRODUCED AND ADOPTED:' June 17, 1998 AYES : Mayor Johnson and Councilmembers Casey, Dauber, Hubbard and Siegel NOES : None 1 3\1ah\ord\pers-urg.wpd I ABSTENTIONS : Ione ABSENT: None By: Mayor. AT City Clerk A T31DROVED AS TO FORM: City t.torney 2 3\lah\ord\pets-urg.wpd EXHIBIT A AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE TOWN COUNCIL OF THE TOWN OF LOS ALTOS HILLS The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of above public agency, hereinafter referred to as Public Agency, having entered into a contract effective July 1, 1967, and witnessed June 16, 1967, and as amended effective June 1, 1976 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs I through 9 are hereby stricken from said contract as executed effective June 1, 1976, and hereby replaced by the following paragraphs numbered I through I1 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 55 for local miscellaneous members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after July 1, 1967 making its employees as hereinafter 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 those, which by express provisions thereof, apply only on the election of a contracting agency. 3. Employees of Public Agency in the following classes shall become members of said Retirement System except such in each such class as are excluded by law or this agreement: a. Employees other than local safety members (herein referred to as local miscellaneous members). 4. In addition to the classes of employees excluded from membership by said Retirement Law, the following classes of employees shall not become members of said Retirement System: a. FIREMEN AND POLICEMEN; b. PERSONS COMPENSATED ON AN HOURLY BASIS; AND C. ELECTIVE OFFICIALS. 5. The percentage of final compensation to be provided for local miscellaneous members for each year of credited prior and current service shall be determined in accordance with'Section 21354 of said Retirement Law, subject to the reduction provided therein for service prior to March 31, 1976, termination of Social Security, for members whose service has been included in Federal Social Security (2% at age 55 Full and Modified). 6. Public Agency elected and elects to be subject to the following optional provisions: a. Sections 21624 and 21626 (Post-Retirement Survivor Allowance). b. Section 21571 (Basic Level of 1959 Survivor Benefits). C. Section 21024 (Military Service Credit as Public Service), Statutes of 1974. 7. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on June 1, 1976. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20834. 8. Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to local miscellaneous members of said Retirement System. 9. Public Agency shall also contribute to said Retirement System as follows: a. A reasonable amount, as fixed by the Board, payable in one installment within 60 days of date of contract to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or of the periodic investigation and valuations required by law. b. A reasonable amount, as fixed by the Board, payable in one installment as the occasions arise, to cover the costs of special valuations on account of employees of Public Agency, and costs of the periodic investigation and valuations required by law. 10. Contributions required of 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 periodic investigation and valuation required by said Retirement Law. 11. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within fifteen days after the end of the period to which said contributions refer or as may be prescribed by Board regulation. 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. Adjustments on account of errors in contributions required of any employee may be made by direct payments between the employee and the Board, B. This amendment shall be effective on the 1st day of- July ) 1998 BOARD OF ADMINISTRATION TOWN COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF THE TOWN OF LOS ALTOS HILLS BY BY -:�, KENNETH W. MARZION, CHIEF PRESIDING OFFICER— ACTUARIAL & EMPLOYER SERVICES DIVISION PUBLIC EMPLOYEES' RETIREMENT SYSTEM June 18, 1998 Witness Date Attest: Clerk AMENDMENT PERS-CON-702A(Rev.8\96)