HomeMy WebLinkAboutRES NO 56-92RESOLUTION NO. 56-92
RESOLUTION OF INTENTION TO APPROVE AN
AMENDMENT TO CONTRACT BETWEEN THE BOARD
OF ADMINISTRATION OF THE PUBLIC EMPLOYEES'
RETIREMENT SYSTEM AND THE CITY COUNCIL
OF THE CITY OF BAKERSFIELD.
WHEREAS, the Public Employees' Retirement Law permits
the participation of public agencies and their employees in the
Public Employees' Retirement System by the execution of a contract,
and sets forth the procedure by which said public agencies may
elect to subject themselves and their employees to amendments to
said Law; and
WHEREAS, one of the steps in the procedures to amend
this contract is the adoption by the governing body of the public
agency of a resolution giving notice of its intention to approve an
amendment to said contract, which resolution shall contain a
summary of the change proposed in said contract; and
WHEREAS,
the following statement of the proposed change:
To provide 2% @ 55 Full formula (from 2% @ 60
Full formula) for local miscellaneous members,
including an extension of the funding period
to the year 2011.
WHEREAS, pursuant to Government Code Section 7507, the
future annual cost as determined by the actuary is 3.961% of base
salary, including ongoing costs and payment for the unfunded
liability, equivalent to $941,745.
NOW, THEREFORE, BE IT RESOLVED that the governing body of
the above agency does hereby give notice of intention to approve an
amendment to the contract between the said governing body and the
Board of Administration of the Public Employees' Retirement System,
a copy of said amendment being attached hereto, as an "Exhibit" and
by this reference made a part hereof.
.......... o0o ........
ORIGINAL
I HEREBY CERTIFY that the foregoing Resolution was passed and
adopted by the Council of the City of Bakersfield at a regular
meeting thereof held on APR - 8 ~99~ , by the following vote:
ASSISTANT CITY CLERK and EX OFF~(~IO CLERK of
the Council of the City of Bakersfield
APPROVED
APR - ~ 1962
CLARENCE E, MEDDERS
MAYOR of the City of Bakersfield
APPROVED as to form:
LAWN~LUNARDINI
CITY ATTORNEY of the City of Bakersfield
MC/kef
RES\2%@55
3-31-92
ORIGINAL