HomeMy WebLinkAboutResolution - 1463 RESOLUTION NO. 1463
RESOLUTION OF INTENTION TO APPROVE AN
AMENDMENT TO CONTRACT BETWEEN THE
BOARD OF ADMINISTRATION OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF SAN JACINTO
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 them-
selves and their employees to amendments to said Law; and
WHEREAS, one of the steps in the procedure to amend this contract is the
adoption by the legislative body of the public agency of a resolu-
tion giving notice of its intention to approve an amendment to said
contract, which resolution shall contain a summary of the change
proposed in said contract; and
WHEREAS, the following is a statement of the proposed change:
To provide 2,% @ 60 Full formula (due to Social
Security termination) for local miscellaneous
members, 2% @ 55 Full formula (due to a formula
change from 112 @ 55 and Social Security termination)
for local police members, remove the exclusion of
FIRE FIGHTERS and provide 2p @ 55 Full formula, age
50 discount (Section 20952.5) and 0% prior service
for local fire members and Sections 21380-87 (1959
Survivors Program) including Section 21382.2
(Increased 1959 Survivors benefits) for local
miscellaneous and local safety members.
NOW, THEREFORE, BE IT RESOLVED, that the governing body of the above agency
gives, and it does hereby give notice of intention to approve an
amendment to the contract between the said governing body and the
Board of Administration of the Public Employees' Retirement System,
a copy of said amendment being attached hereto, as an "Exhibit" and
by this reference made a part hereof.
f
/F
BY A r
�_.. '
/ ( NAME)
Mayor, City of San Jacinto
TITLE
k
December 7, 1982
(Date a of e an approve Ret. Form 122
PE;RS Cunt-14 (Rev. 4/81)
1.vENCY NAME CITY bF SAN JACINTO EMPLOYER NUMBER # 839
MISCELLANEOUS MEMBERS
PRESENT BENEFITS PROPOSED BENEFITS
1982 ASSUMPTIONS 1982 ASSUMPTIONS
A. VALUATION SPECIFICATIONS -
"1. Actuarial data as of 6-30-81 _
2. Formula 27 @ 60 Mad. Full 2% @ 60
3. Final Compensation Average 3 Years 3 Years
4. 1959 Survivor Benefits No Improved
5. Post-retirement Survivor Benefits No No
6. Military Service Credit Yes Yes
B. AGENCY CONTRIBUTION RATE FOR CURRENT
SERVICE has al of member payroll)
.a. Retirement Benefits 10.283% 10.458%
b. Death Benefits 0.2277, 0.2271
C. 1959 Survivor Benefits -0- 0.400
C. AGENCY CONTRIBUTION FOR PRIOR SERVICE
a. Contribution rate as la of member
payroll until 6-30-2001 2.794% 2.794%
D. -TOTAL AGENCY CONTRIBUTIONS
a. Total Agency Contribution Rate: 13.3041 13.879%
(when change is for an individual safety
group, rate will apply to total safety
payroll)
E. ACTUARIAL VALUATION FEE $ 154.00
j.
DATE: November 10 1982 KISUK YANG,
CHIEF ACTUARY
YER�S, , CON-14 (Rev. 4/81)
;i.GENCY NAME OTTy„gaf° ^,AA. 3A('TP�TC}
EMPLOYER NUMBER # 839
SAFETY MEMBERS
PRESENT BENEFITS PROPOSED BENEFITS '
1982 ASSUMPTIONS 1982 ASSUMPTIONS
A. VALUATION SPECIFICATIONS
1. Actuarial data as of �a3gj_19t3
2. Formula M n d 1, 'd 5 f 11111 22 (a 5S
3. Final Compensation Average I YpArg I Years
4. 1959 Survivor Benefits so TM,xnk Ql7fd
5. Post-retirement Survivor Benefits No No
6. Military Service Credit Yes Yes
7. Addition of Firemen with 0 Prior
Service Credit
B. AGENCY CONTRIBUTION RATE FOR CURRENT
SERVICE (as % of member payroll
a. Retirement Benefits 12 208 15 557"t
b. Death Benefits 0 0]4l Q {}35
C. 1959 Survivor Benefits p Q 200
C. AGENCY CONTRIBUTION FOR PRIOR SERVICE
a. Contribution rate as % of member
payroll until f_ 3Ci-?(?(71 3,5927, '-1L701
D. TOTAL AGENCY CONTRIBUTIONS
a. Total Agency Contribution Rate.
(when change is for an individual safety
group, rate will apply to total safety
payroll)
E. ACTUARIAL VALUATION FEE $ 320.00
DATE: November 10 1982 KISUK YANG
CHIEF ACTUARY