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when they are withdrawn from the Public Employees' Retirement System (hereinafter called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.
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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
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