CC Resolution 11102
Resolution No. 11102
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING THE ADOPTION OF A POLICY STATEMENT ON
LOCAL GOVERNMENT RETIREMENT BENEFITS
WHEREAS, for more than 70 years, the State of California and
local governments have offered a "defined benefit" retirement plan to
employees which has provided a guaranteed annual pension based upon
retirement age, salary and years of service; and,
WHEREAS, the City belongs to the California Public Employees'
Retirement System (CaIPERS), that sponsors and administers a defined
benefit pension plan for its employees; and,
WHEREAS, the cost of funding the pension plans has escalated
significantly over the past six years and is expected to continue to
increase even further in the foreseeable future requiring a large amount of
resources from the General Fund; and,
WHEREAS, the revenues of the City are limited and must be used
to fund many vital programs and services to the community; and,
WHEREAS, the City has experienced General Fund budget deficits
for five of the last seven years and does not project any surpluses in the
near future; and,
WHEREAS, the City must find ways to reduce its long term costs;
and,
WHEREAS, cities around the region and State are working
together to create a more sustainable level of retirement benefits paid to
new employees while still providing a fair and equitable benefit.
NOW, THEREFORE BE IT RESOLVED, that the City Council of
the City of Campbell hereby adopts the attached Policy Statement on
Local Government Retirement Benefits; and,
BE IT FURTHER RESOLVED, that City staff meet and confer with
employee bargaining groups to discuss implementing a second tier
retirement benefit plan for new employees hired.
PASSED AND ADOPTED this seventeenth day of November, 2009
by the following roll call vote:
AYES:
Councilmembers
NOES:
Councilmembers
ABSENT:
Councilmembers
ATTEST:
tLl~~
Anne Bybee, City Clerk
Kotowski, Furtado, Baker, Low, Kennedy
None
None
APPROVED: