HomeMy WebLinkAboutCC Resolution 5284 (Retiree Program)RESOLUTION NO. 5284
A RESOLUTION AUTHORIZING THE SIGNING
OF A LEASE OR AGREEMENT
THE CITY COUNCIL OF THE CITY OF SAN RAFAEL HEREBY RESOLVES as follows:
The MAYOR and CITY CLERK are authorized to execute, on behalf
of the City of San Rafael a lease or agreement with the Marin County
Retirement System to administer the present Retirees' Program.
A copy of which is hereby attached and by this reference made a part
hereof.
I, MARION A. GRADY, City Clerk of the City of San Rafael, hereby
certify that the foregoing resolution was duly and regularly introduced
and adopted at a
City held on
regular
Monday
meeting of the City Council of said
the 4th day of April
19 77 , by the following vote, to wit:
AYES: COUNCILMEN: Jensen, Miskimen, Mulryan, Nixon and Mayor Bettini
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
MARION A. GRADY - City Clerk
Ful
CONTRACT BETWEEN THE CITY OF SAN RAFAEL
AND MARIN COUNTY EMPLOYEES RETIREMENT ASSOCIATION
FOR RETIRED EMPLOYEES
RECITALS
WHEREAS, the California Public Employees' Retirement System
for personnel retired from the City of San Rafael is being terminated
effective June 30, 1977, and their retirement program thereafter is to
be administered by the Marin County Employees Association;
NOW, THEREFORE, IT IS HEREBY AGREED between the City of
San Rafael (hereinafter called "City") and the Marin County Employees
Retirement Association (hereinafter called "Association"), that, under
the authority of Government Code Sections 31468, Subparagraph (e),
31557, 31585, 31586, 45308, 45344, and other authority:
1. This Contract is to effectuate the coverage of the City's
retired employees and officials (hereinafter called "Employees"), by
and their membership in, the Association when they are withdrawn from
the Public Employees' Retirement System (hereinafter called "System")
effective July 1, 1977.
2. This future coverage and membership of present retirees
is conditioned on the continued, prompt, and complete performance of
the promises herein, and of all other legal duties of the City, and
the Association, connected with this coverage and membership, each of
which is a condition thereof.
3. System Held Funds - The System shall transmit to the
Employees Retirement Fund in the Marin County Treasury the accumulated
funds held in the Retired Members Account and the City Account as of
June 30, 1977. The transfer of funds will be in accordance with pro-
visions of Paragraphs 6., 7., 8., and 9. of the Agreement entered
into by the City Council of the City of San Rafael, the Board of
Supervisors of the County of Marin and Board of Administration,
Public Employees Retirement System to terminate contract between the
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City Council City of San Rafael and the Board of Administration of the
Public Employees Retirement System and for the inclusion of the em-
ployees of the City of San Rafael in the Marin County Employees Re-
tirement System.
4. Past Service Funding - City cites the March 29,
1977 Actuarial Study by Coates, Herfurth and England (hereinafter re-
ferred to as "Actuarial Study") which by this reference is incorporated
into this Contract and attached hereto as "Exhibit A", which states the
amount of deficit to be paid to the Association. The City shall pay
the Association the annual payment specified in the Actuarial Study as
being required over the fifteen (15) year period to fund the remaining
Liabilities for past service (service before July 1, 1977) and a one
(1%) percent Cost of Living for period after July 1, 1977. These pay-
ments are due and payable on and before January 1, 1978 and every
January 1 thereafter until fully paid.
5. Administrative Cost - The City shall pay the Association
a one-time set-up fee in the amount of Fifteen Dollars ($15.00) for
each retired City employee or officer.
6. The City further agrees to pay the Association an annual
fee of Fifteen Dollars ($15.00) per retired employee.
7. Current Retirement Benefits - Retirees are entitled to
receive under the Marin County Retirement Association the same amount
of money as now being received from the Public Employees' Retirement
System, plus a one (1%) percent annual Cost of Living increase for
/ech fiscal year in which the annual Cost of Living has increased
ofte--HA) percent or more. The first, one (1%), percent cost�pf �liying
increase shall commence on Jdly lj 1977.
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The initial payment required by Paragraph 4. is
One Hundred Ninety Six Thousand ($196,000.00) Dollars and will
remain for each year's annual payment until future evaluations of
funding requirements be redetermined.
DATED: This day of 1977.
CITY OF SAN RAFAEL
By
C. PAUL BETTTNI, Mayor
Attest:
MARION A. GRADY, City Cle
Approved as to Form:
!A.\�O�IVICK, City Attorney
-'�
Attest:
STANLEY J. FONTEZ,
Retirement Administrator
MARIN COUNTY EMPLOYEES RETIREMENT
ASSOCIATION
By
ROBERT BERTRAND, Chairman of the Board
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