HomeMy WebLinkAboutCC RESO 2002 - 158RESOLUTION NO. 2002 — 158
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
AUTHORIZING A CORRECTION TO THE
AMENDMENT TO CONTRACT BETWEEN
THE BOARD OF ADMINISTRATION CALIFORNIA
PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE
CITY COUNCIL OF THE CITY OF NATIONAL CITY
WHEREAS, the City Council of the City of National City hereinafter referred to
as Public Agency, and the Board of Administration of the Public Employees' Retirement System
entered into a contract effective July 1, 1948, providing for the participation of Public Agency in
the Public Employees' Retirement System; and
WHEREAS, due to an inadvertence, paragraph "6" read:
The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member shall be
determined in accordance with Section 21354.3 of said Retirement Law (3% at
age 60 Full).
[Note that future legislative proposals are being considered One
proposal could amend the 3% at 60 benefit formula under Government Code
Section 21354.3 to coincide with the 2.7% at 55 benefit formula under Section
21354.5 between the ages of 50 and 55. Another proposal being considered could
amend Government Code Section 21354.3 to make the 3% at 60 formula
applicable to both active and inactive members who have not yet retired If
enacted this amendment could have an effect on your agency's actuarial
valuation and employer contribution rates in future years.] "; and
WHEREAS, Section 20472 of the Government Code provides that corrections
may be made • through amendments approved by the adoption of suitable resolutions by the
contracting parities.
NOW, THEREFORE, BE IT RESOLVED that said governing body of Public
Agency authorizes, and it does hereby authorize, a correction to the amendment to contract
effective September 17, 2002, as follows:
A. Paragraph 6 of said contract shall be changed as follows:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment before and not on or after September 17, 2002, shall be determined
in accordance with Section 21354 of said Retirement Law (2% at age 55 Full). ";
and
Resolution No. 2002 — 158
October 15, 2002
Page Two
B. Paragraph 7 of said contract shall be added as follows:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment on or after September 17, 2002, shall be determined in accordance
with Section 21354.3 of said Retirement Law (3% at age 60 Full). "; and
C. Paragraph numbers 7 through 17 shall be renumbered paragraph numbers
$ through 15_
BE IT FURTHER RESOLVED that the presiding officer of the governing body
of Public Agency is hereby authorized, empowered, and directed to execute said amendment for
and on behalf of Public Agency.
PASSED and ADOPTED this 15th day of October, 2002.
BOARD OF ADMINISTRATION CITY COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF NATIONAL CITY
By:
_ W. ✓ ION, CHIEF
Actuaru •1 & Employer Services Division
Public Employees' Retirement System
By:
Mayor
ATTEST:
Michael R.1'
City Clerk
APPROVED AS TO FORM:
Creorge H. Eiser, m
City Attorney