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�F� AGENDA (continued) ACTION TAKEN (continued) REPORTS OF CITY MANAGER (continued) REPORTS OF CITY MANAGER (continued) 8. (continued) M/S: Title read. Chandler/Stangel RESOLUTION APPROVING AND AUTHORIZING EXECU- RESOLUTION N0. 8429 adopted TION OF AMENDMENT TO MASTER AGREEMENT FOR unanimously by rol call vote. ENGINEERING SERVICES (GID N0. 1-64) ------------------------------------------------- ------------------------------------------------ 9. Public Employees Retirement System Report of City Manager 10/18/79 Actuarial Report on Retirees Report of Girector of Finance 10/16/79 � Director of Finance Ference referred to his report and provided detail of estimated costs ..ri for implementing provisions of the law per- mitting increased benefits for retirees, noting that the cost for the full package permitted would be $56,156 for the period from February 1 through June 30, 1980 and, afterwards, $137,000 per fiscal year. In response to questions, Mr. Ference advised that depooling from the statewide pool used to compute employer's retirement costs would be necessary; that it would be an irreversible action; that the cost to do so is figured on an annual basis; that no increase beyond the package would be made unless Council acted to do so in the future; that the permissive legislation provides that those retired longest would receive the highest percentage increase with a graduated scale for others depending upon the number of years retired; that the maximum allowable increase is 15%; and that the timetable for implementation is about three months following Council i approval of the increase of benefits. , Councilman Biagi stated for the record that he would like to have the deferred compensa- tion plan made available to all City em- ployees so that those able to do so might take advantage of it now and improve their own retirement benefits. � Discussion followed concerning whether or not it would be desirable to act on the matter `� now, wait until a full Council is present, and to study the figures further before any action is taken. ' M/S: Chandler/ no second (see below) to put into effect at the earliest possible time the "All Benefit" package for increased benefits to retired City employees. Glenn Jain, 755 Upland Road, member of the Board of Directors of the Retired Public Employees organization, and former Redwood City employee, comnented concerning the effect of inflation upon the incomes of retired City Reg.Mtg. 10/22/79 Page 4 � �