HomeMy WebLinkAbout0622OR_- _NANCE NO. 622 (1974 Series,:,
AN ORDINANCE OF THE CITY OF SAN LUIS OBISPO
AUTHORIZING AN AMENDMENT TO THE CONTRACT
BETWEEN THE CITY OF SAN LUIS OBISPO AND THE
BOARD OF ADMINISTRATION OF THE CALIFORNIA
PUBLIC EMPLOYEES' RETIREMENT SYSTEM.
BE IT ORDAINED by the Council of the City of San Luis
Obispo as follows:
SECTION 1. That an amendment to the Contract between the
City of San Luis Obispo 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 of the City of San Luis Obispo
is hereby authorized, empowered, and directed to execute said
amendment for and on behalf of said Agency.
SECTION 3. This Ordinance,together with the ayes and
noes, shall be published once in full, at least three days
F
prior to its final passage, in the Telegram- Tribune, a news-
paper published and circulated in said City, and the same
shall go into effect at the expiration of thirty days after
its said final passage.
INTRODUCED AND PASSED TO PRINT by the Council of the City
of San Luis Obispo at a Regular Meeting thereof held on the
5th day of August, 1974, on motion of Councilman Brown, seconded
by Councilman Graham, and on the following roll call vote:
AYES: Councilmen Brown,
NOES: None
ABSENT: None
ATTEST:
Graham, Gurnee, Norris, Mayor Schwartz
1;77
5. The fraction of final compensation to be provided for each year of
credited prior and current service as a local safety member shall be
determined in accordance with Section 21252.1 of the Retirement Law.
6. The following additional provisions of the Public Employees' Retire-
ment Law which apply only upon election of a contracting agency shall
apply to the.Public Agency and its employees:
a. Section 21380 -7 (providing for allowances for survivors of members
covered under the program upon death before retirement).
b. Section 21263 (providing upon death of a local fireman who retired
for service or disability for the continuation of one -half the
retirement allowance to certain survivors).
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) 2.65 percent until June 307 1980 on account of the liability
for prior service benefits.
(2) 7.67 percent on account of the liability for current service
benefits.
(3) 1.01 percent on account of the liability for the 1959 survivors
program.
b. With respect to local safety members, the public agency shall
contribute the following percentages of monthly salaries earned
as local safety members of said System:
(1) 1.401 percent until June �0, 1982 on account of the liability
for prior service benefits.
(2) 10.219 percent on account of the liability for current service
benefits.
(3) 0.073 percent on account of the liability for the 1959 survivors
program.
c. 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.
d.- 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 costs of the period-
ical investigation and valuation required by law.
AID I BIT "All
Ret. Form 702 -2
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.
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 sub-
sequent remittances, or adjustments on account of errors in contri-
butions 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, certi-
fied checks, money orders, or cash.
B. This amendment shall be attached to said contract and shall be effective
on the day of
Witness our hands this
BOARD OF WHENISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
W-2
William E. Payne, Executive Officer
day of .
CITY COUNCIL
OF THE
CITY OF SAN LUIS OBISPO
Clerk '`�P
E J� l B i r >>A rr
Ret. Form 702 -3
BY
Presiding Officer''.
Ae
q
V..,t
Attest:
Clerk '`�P
E J� l B i r >>A rr
Ret. Form 702 -3
FINALLY PASSED this 19th day of AUGUST , 1974 ,
by the following roll call vote:
AYES: Councilmen Brown, Gurnee, Norris and Mayor Schwartz
NOES: None
ABSENT: Councilman Graham
ATTEST: