HomeMy WebLinkAboutCouncil Agenda StatementCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: February 15, 2011
AGENDA ITEM NO.
ITEM TITLE:
Ordinance 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:
PHONE: 336-4308 APPROVED B
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.
APPROVED: ow
APPROVED: MIS
The change in formula is projected to result in an ultimate savings of 4.754% of the City's annual
payment to CaIPERS. The timeline for savings is dependent on the City's hiring patterns.
ENVIRONMENTAL REVIEW:
INIA1
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
Finance
STAFF RECOMMENDATION:
Recommend adoption of the Ordinance
BOARD / COMMISSION RECOMMENDATION:
NIP
ATTACHMENTS:
Ordinance