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HomeMy WebLinkAboutResolution No. 5295RESOLUTION NO. 5295 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 Retirement System 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 ))/", , /- /6' , "!�' MARION A. GRADY - City Cler •�p=yt��g ;�� �, e A I AGREEMENT FOR TERMINATION OF CONTRACT BETWEEN THE CITY COUNCIL OF THE CITY OF SAN RAFAEL AND THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE BOARD OF SUPERVISORS OF THE COUN'T'Y OF MARIN AND TO PROVIDE FURTHER FOR THE INCLUSION OF THE EMPLOYEES OF THE CITY OF SAN RAFAEL IN THE MARIN COUNTY EMPLOYEES' RETIRE = ASSOCIATION WHEREAS, the City Council of the City of San Rafael and the Board of Administration, Public Employees' Retirement System entered into a contract pursuant to Sections 20450-20532, Government Code, for the participation of employees of the City Council of the City of San Rafael as members of the Public Employees' Retirement System effective July 1, 1957; and, WHEREAS, Section 20569 of the Government Code provides that the participa- tion of a contracting agency in the Public Employees' Retirement System may be terminated if the Board of Administration, Public Employees' Retirement System, the governing body of the contracting agency and the Board of Supervisors of a county maintaining a retirement system under the County Employees' Retire- ment Law of 1937 enter into an agreement for such termination and inclusion of the contracting agency's employees in the County's retirement system; and, WHEREAS, the City Council of the City of San Rafael, the Board of Administration, Public Employees' Retirement System, and the Board of Supervisors of the County of Marin desire to enter into an agreement in conformity with Section 205692 Government Code. NOW, TFD;'REFORE, the City Council of the City of San Rafael (hereinafter City), and the Board of Supervisors of the County of Marin (hereinafter County), and the Board of Administration, Public Employees' Retirement System (hereinafter System) agree as follows: 1. The contract entered into by and between the City and the System on July 1, 1957, pursuant to Sections 20450-20532, Government Code, and amended effective December 1, 1957, January 1, 1958, March 2, 1959, January 1, 1969, October 11 1969, March 11 1971, October 12 1973, July 1, 1974, and March 1, 1977, is terminated effective June 30, 1977. 2. Payments of allowances to persons retired, or to beneficiaries of deceased members or of retired persons, under the System based on service as a member while employed by the City shall be made by the System for time through June 30, 1977 . Payment of any basic death benefit, or lump sum death benefit, because of death of a member or of a retired person on or before June 30, 19772 shall be made to the System. 3. The System shall have no liability for payment of any allowance to or with respect to a retired person for time on and after July 1, 1977, or for payment of any refund to a member or any benefit because of death of a member on or after July 1, 1977, and all such liability shall be assumed by the County. 4. The County's retirement system shall be liable for all benefit payments for members on or after July 1, 1977, as provided in Section 20569, Government Code. 5. The System shall transmit to the Employees' Retirement Fund in the County Treasury by warrant of the State Controller the amount determined as provided herein representing the value of the interests in the Public Employees' Retirement Fund of the City and employees credited with accumulated contribu- tions as members under the City's contract with the System. 6. In order to determine the amount to be transmitted pursuant to Paragraph 5, the following amounts shall be determined: a. The amount of the accumulated contributions held in active and retired member accounts as of June 30, 19771 derived from contributions required of a member by reason of the City's contract with the System. b. The amount of the accumulated contributions held in the City's accounts as of June 30, 1977, derived from contributions required of the City by reason of the City's contract with the System. 7. The amount to be transmitted pursuant to Paragraph 5 shall be deter- mined .as follows: The sum of 6(a) and 6(b) shall be multiplied by a quotient. The dividend of the quotient shall be the sum of the total market value of securities of the Public Employees' Retirement System as published in the annual report of the System for Fiscal Year 1976-77, plus accrued income on investments, cash, member and employer contributions receivable from employers, investment principal in course of collection, interest in course of collection, less retirement benefit claims in process of payment and interest on investments paid in advance at June 30, 1977. The divisor of the quotient shall be the total of employer and employee contributions credited under the System as of the same date. 8. The System shall transmit 85 percent of the values in the accounts specified in Paragraph 6, as reflected in the System's accounts as of the latest completed monthly closing on record as of June 30, 1977, to the Employees' Retirement Fund in the County Treasury, pursuant to Paragraph 5, within 15 days following the effective date of termination of the contract entered into by and between the City and the System or within 15 days following the date this Agreement is executed on behalf of the System, whichever is later. -2- 9. The System shall transmit to the Employees' Retirement Fund in the County Treasury, pursuant to Paragraph 5, the difference between the amount as determined in Paragraph 7 and the amount transmitted as provided in Paragraph 8 within 30 days following the determination of the value of the interests in the Public Employees' Retirement Fund of the City and employees credited with accumulated contributions as members under the City's contract with the System. Dated A dasto Dated ti '/ / �^ / Approv as to Form Approved as to Form 0 BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM BY CITY COUNCIL OF THE CITY OF SAN RAFAEL BY &elv MAYOR y / Attest: A CITY CLERK OF SUPERVISMS OF MARIN COUNTY M Attest: iL(-v )'--)LQ_c-.,t ti�