HomeMy WebLinkAboutCC Resolution 4695r - 11LSOLUTI01� ;;0.
RESOLUTION OF Ii:T_`NTT0N TO APPROVE AN
AM__H_NDM'1;P T O C01U.-RAC` BET[,—_EEN THE
BOARD OF A171AINISTRATION OF THE
PUBLIC .E24PLOYEES' RET.iRMTEE-11T SYSTMI AN'D THE
City Council
Gov''.i_.:ing Body)
OF THE
City of San fael
Name of Public Agency
WHEREAS, the Public Employees' Retirement Law permits the participation of public
agencies and their employees in the Public Employees' Retirement System
by the execution of a. contract, and sets forth the procedure by which
said public agencies may elect to subject themselves and their employees
to amendments to said 1_w; and
WHEREAS, one of the steps in the procedure to amend this contract is the adoption
by the lerislat;.ve ciy of' the public agency of a resolation hiving
notice of its inteni;ion to approve an amendment to said contract, which
resolution shell contain a summary of the changes proposed in said
contract; and
WHEREAS, the following is a statement of the proposed change:
Retirement allowances to which the annual cost -of -living provisions apply,
payable for time commencing on the first day of the calendar month coin-
ciding with or next following the effective date of this amendment to or
on account of persons retired or members deceased on or after January 1,
1971 but before July 1, 1971, are hereby increased. by 5%.
WHEREAS, the estimate of the cost of such change for the public agency is set forth
in a copy of the valuation report attached hereto, marked "Exhibit A"
and by this reference incorporated into the amendment as though therein
set out in full.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of San
(Governing Body) (Name of
tafael gives, and it hereby gives notice of intention to approve
Public Agency
an amendment to the contract between tine City Council
(Governing Body
and the Board of Administration of the Public Employees' Retirement
System to accomplish the above charge.
QRIG1NAl
,larch 18, 197+
Date adoated and a�.prove,.
City Council of the
kvovernirg Body)
City of San "afael
(Name of Public Agency)
By:
kName) !V01,10M A. CRADY
(Title) City Clerk
EXHIBIT A
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
ACTUARIAL VALUATION TO DETERMINE COSTS
UNDER SB 1113, CHAPTER 1123 (1973)
(5% Increase)
AGENCY NAME: San Rafael, City of
AGENCY NUMBER: 363
DATE: January ]1, 1974
LUMP SUM PAYMENT FOR
MISCELLANEOUS MEMBERS
861
LUMP SUM PAYMENT FOR
SAFETY MEMBERS