HomeMy WebLinkAboutRES NO 42-73RESOLUTION NO. 42-73
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD, DECLARING ITS 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 procedure to amend this
contract is the adoption by the legislative body of the public agency
of a resolution giving notice of its intention to approve an amend-
ment to said contract, which resolution shall contain a summary of the
changes proposed in said contract; and
WHEREAS, the following is a statement of the proposed change:
RETIREMENT ALLOWANCES TO WHICH THE
ANNUAL COST-OF-LIVING PROVISIONS APPLY,
PAYABLE FOR TIME COMMENCING ON THE
FIRST DAY OF THE CALENDAR MONTH COIN-
CIDING WITH OR NEXT FOLLOWING THE
EFFECTIVE DATE OF THIS AMENDMENT TO
OR ON ACCOUNT OF PERSONS RETIRED OR
MEMBERS DECEASED ON OR PRIOR TO
DECEMBER 31, 1970, ARE HEREBY INCREASED
BY 5%; and
WHEREAS, the estimate of the cost of such change for the
public agency is set forth in a copy of the valuation report attached
hereto, marked "Exhibit A" and by this reference incorporated into
the amendment as though herein set out in full.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of
the City of Bakersfield gives, and it does hereby give notice of
intention to approve an amendment to the contract between the
City Council and the Board of Administration of the Public
Employees' Retirement System to accomplish the above change.
ooo
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. the 18th day of June, 1973, by the follow-
ing vote.
AYES:
Councilmen Strong, Whittemore, Bleecker, Heisey, Medders,
Rogers.
NOES: None
ABSENT: Councilman Thomas
ABSTAIN: None
and E ff k of the
Council of the City of Bakersfield
AppROVE,Df Bakersfield
APPROVED:
PUBLIC EMPLOYEES~ RETiRE[~EHT SY~,TEM
ACTUARIAL VALUATION TO DETER}'[INE COSTS
UNDER SB 135, CHA~iTER ].413 (1972)
(5% increase)
AGENCY NAME: City of Bakersfield
AGENCY N~.IBER: 36
DATE: FEBRUARY 9, 1973
Indicate desired method of funding the liability for the increases with respect
to persous retired or menfbers deceased prior to January I, 1971:
LU[;P SU'~:{ PAYI~ENT
MISCELL/~3qEOUS
3 YEARS 5 YEARS !0 YEARS
$ 71600 ,67% ,40% ,20%
LU%~D? SUM PAYMENT
SAFE.TY 1~{EMBERS
3 YEARS 5 YEARS 10 YEARS
$ 118536 1.09% ,66% ,33%