CC Resolution 10127
RESOLUTION 10127
AUTHORIZING A CORRECTION TO THE
AMENDMENT TO CONTRACT BETWEEN THE
BOARD OF ADMINISTRATION
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
CITY OF CAMPBELL
WHEREAS, the City Council of the City of Campbell hereinafter referred to as Public
Agency, and the Board of Administration of the Public Employees'
Retirement System entered into a contract effective February 1, 1962
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 21354.4 of said Retirement Law
subject to the reduction provided therein for service prior to March 31,
1973, termination of Social Security, for members whose service has been
included in Federal Social Security (2.5% at age 55 Full and Modified).
[Note that a future legislative proposal is being considered which could
amend Government Code Section 21354.4 to make the 2.5% at 55 benefit
formula applicable to both active members 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 parties;
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 October 14, 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 October 14, 2002 shall be
determined in accordance with Section 21354 of said Retirement Law
subject to the reduction provided therein for service prior to March 31,
1973, termination of Social Security, for members whose service has been
included in Federal Social Security (2% at age 55 Full and Modified)"; and
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 October 14, 2002 shall be determined in
accordance with Section 21354.4 of said Retirement Law subject to the
reduction provided therein for service prior to March 31, 1973, termination
of Social Security, for members whose service has been included in
Federal Social Security (2.5% at age 55 Full and Modified)"; and
C. Paragraph numbers "7 through 14"; shall be renumbered paragraph
numbers "8 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.
Adopted this 9th
day of
December
2002
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
CITY COUNCIL
CITY OF CAMPBELL
BY BY ~~
KENNETH W. MARZION, CHIEF PRE-5TDING OFFICER
ACTUARIAL & EMPLOYER SERVICES DIVISION Jeanette Watson
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
616 Resolution 7-2002
Attesu_~
Clerk, Anne Bybee
,,-Ie FORffi0lNO INSTRUl ''':rr l'S A T'RUJ'i
AND CORRECT COpy OF .HE ORIGINAl.
ON FILE IN THIS 0: HCr:.
nEST; ANNE f'Y:EE. CITY CLERK, CnY
CAMPBELL, C!\U FORNIA