Loading...
HomeMy WebLinkAboutCC Resolution 5296 (Retiree's Retirement Program)RESOLUTION NO. 5296 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 County of Marin to administer Retirees' Retirement 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 special meeting of the City Council of said City held on Tuesday the tenth day of May 1977, by the following vote, to wit: 4/77 AYES: COUNCILMEN: Jensen, Miskimen and Mayor Bettini NOES: COUNCILMEN: None ABSENT: COUNCILMEN: Mulryan, Nixon MARION A. GRADY - City Cler 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employees and officials (hereinafter called "Employees"), by and their membership in, the Association when they are withdrawn from the Public Employees' Retirement System (hereinafter called "System") effective July 1, 1977. 2.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 provisions of Paragraphs 6., 7., 8., and 9. of the Agreement entered into by the City Counci I of the C.ity 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 City Council City of San Rafael and the Board of Administration of the Public Employees Retirement System and for the inclusion of the employees of the City of San Rafael in the Marin County Employees Retirement System. 4,. Past Service Funding - City cites the March 29, 1977 Actuarial Study by Coates, Herfurth and England (hereinafter referred 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 the additional one (1%) percent Cost of Living for period after July 1, 1977. These payments 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 twenty dollars ($20.00) for each retired City employee or officer. The parties further agree that the $20.00 amount is subject to revision following review of actual cost incurred during fiscal year 1977-78. 6. The City further agrees to pay the Association an annual fee of twenty dollars ($20.00) per retired employee. The parties further agree that the $20.00 amount is subject to revision following review of actual cost incurred during fiscal ymr 1977-78. 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 each fiscal year in which the annual Cost of Living has increased three (3%) percent or more. The first one (1%) percent Cost of Living increase shall be computed using the Consumer Price Index for the San Francisco Bay Area for the year ended December 31, 1977, payable beginning April 1, 1978. 8. 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. 9. City agrees to pay those costs as recommended by the actuaries. In no event shall the County or its Retirement System ever be obligated to fund any obligations or costs attributable to inclusion of City and its employees. -2- 10. Each group (Marin County and the City of San Rafael) will be completely independent for retirement purposes. The funds of the two groups may be merged for investment purposes but appropriate accounting procedures should be established to be able to allocate what amount of funds belongs to each group at the time of an actuarial study. DATED: This /G jl` day of 1977. CITY OF SAN RAFA Bye EL MP�W C. PAUL BETTINI, ayor ATTEST: MARION A. GRADY, City Clerk J-- Approved at'fo Forte 'HARRY. A. QC N-1Vt K-, City Attorney �_ MARIN COUNTY EMPLOYEES RETIREMENT ASSOCI Nl By R BERT BERTRAND. Chairman -of- the Board ATTES�. J• iS LEY J . F NTEZ, R irement Adjiinistrator -3-