HomeMy WebLinkAboutRES NO 139-02 RESOLUTION I 3 9' 0 P.,
AUTHORIZING A CORRECTION TO THE
AMENDMENT TO CONTRACT BETWEEN THE
BOARD OF ADMINISTRATION
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
CITY OF BAKERSFIELD
WHEREAS,
the City Council of the City of Bakersfield hereinafter referred to as Public
Agency, and the Board of Administration of the Public Employees'
Retirement System entered into a contract effective August 1, 1944
providing for the participation of Public Agency in the Public Employees'
Retirement System; and
WHEREAS, due to an inadvertence, paragraph "7" 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% @ 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 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 July 15, 2002 as follows:
A. Paragraph 7 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 July 15, 2002 shall be determined
in accordance with Section 21354 of said Retirement Law (2% at age 55
Full)"; and
B. Paragraph 8 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 July 15, 2002 shall be determined in accordance
with Section 21354.3 of said Retirement Law (3% at age 60 Full)"; and
Paragraph numbers "8 through 15"; shall be renumbered paragraph
numbers "9 through 16".
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 21 day of AU6UST ?002
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
KE ~N F:/T'H V~. MARZION,ICHIEF (~
ACT[:r'ARIAL/8, EMPL,O, YER SERVICES DIVISION
PUBLIC EMPLOYEES RETIREMENT SYSTEM
616 Resolution 7-2002
CITY COUNCIL
CITY OF BAKERSFIELD
PR'E§IDII~G OFFICER /'
Attest:
Clerk
"')~iGiNAL
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Council of the City of Bakersfield at a regular meeting hereof held on
AUG 2 1 200Z , by the following vote:
ABSTAIN:
ABSENT:
COUNCtLMEMBER SALVAGGIO, CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN
COUNClLMEMBER
COUNCILMEMSER
COUNCILMEMBER
CITY CLERK and Ex Officio Cle~ of the Council
Of the City of Bakersfield
APPROVED AUG 21
HARVEY L. HALL
MAYOR of the City of Bakersfield
APPROVED as to form:
/~}.~.BART THIL~EN---~- -~
CITY ATTORNEY of the City of Bakersfield
ORIGINA