HomeMy WebLinkAboutCouncil Agenda StatementCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: January 11, 2011
AGENDA ITEM NO.
ITEM TITLE:
Resolution of Intention of the City of National City to Approve an Amendment to the Contract Between
the Board of Administration California Public Employees' Retirement System and the City Council of
the City of National City to Provide for a 2% @ 60 Full Formula Benefit for Miscellaneous Members
PREPARED BY: Stacey Stevenson DEPARTMENT: Hum ces
PHONE: 336-4308 APPROVED BY:
EXPLANATION:
As provided for in the current contract between the City of National City and CaIPERS, City of National
City employees working in designated miscellaneous classifications have a retirement formula of 3% @
60 (Section 21354.3). The City Council of the City of National City voted to effectuate a two tiered
retirement system under which individuals hired as miscellaneous members for the first time will not.
receive the benefit of the 3% @ 60 formula. Instead, such new hires will receive a benefit of 2% @ 60
(Section 21353). Such a change is allowable under Section 20475 (Different Level of Benefits).
FINANCIAL STATEMENT:
ACCOUNT NO.
The change in formula is projected to result in an
payment to CaIPERS. The timeline for savings is
ENVIRONMENTAL REVIEW:
{N/A1
ORDINANCE: INTRODUCTION:
STAFF RECOMMENDATION:
Recommend approval of Resolution
APPROVED:
APPROVED:
ultimate savings of 4.754% of the City's annual
dependent on the City's hiring patterns.
FINAL ADOPTION:
BOARD 1 COMMISSION RECOMMENDATION:
NIA
ATTACHMENTS:
Resolution
Finance
MIS