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<br />FXS:dft <br /> <br />Q/13/93 (002/36) <br /> <br />0 RIG I N A L <br /> <br />9/27/93 <br /> <br />---------- -- <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />12082 <br /> <br />RESOLUTION OF INTENTION TO PRESERVE RETIREMENT <br />BENEFITS UNDER THE PUBLIC EMPLOYEES' RETIREMENT <br />SYSTEM FOR EMPLOYEES WHO PARTICIPATE IN A <br />VOLUNTARY REDUCED WORK HOURS PROGRAM <br /> <br />WHEREAS, the City of Redwood City has been forced to examine <br />various budget reduction options because of a fiscal emergency <br /> <br />resulting from current economic conditions; and <br /> <br />WHEREAS, one of the options the City of Redwood City has <br />found it necessary to adopt is a temporary reduction in the <br /> <br />compensation of its employees; and <br /> <br />WHEREAS, <br /> <br />a reduction in compensation can have an adverse <br /> <br />effect on the retirement benefits of the employees; and <br /> <br />WHEREAS, <br /> <br />the <br /> <br />Legislature <br /> <br />has <br /> <br />enacted <br /> <br />Senate <br /> <br />Bill <br /> <br />1285 <br /> <br />(Chapter 448, Statutes of 1992) which added Section 20499.5 to <br /> <br />the Government Code; and <br /> <br />WHEREAS, the provisions of Section 20499.5 will not apply to <br /> <br />any contracting agency unless and until its governing body adopts <br /> <br />a resolution, in a form provided by the Board of Administration <br /> <br />of the Public Employees' Retirement System (the "Board"), to be <br /> <br />subject to it; and <br /> <br />WHEREAS, a copy of the resolution must be filed with the <br />Board for the purpose of approval prior to implementation and <br /> <br />must <br /> <br />be <br /> <br />accompanied <br /> <br />by <br /> <br />copies <br /> <br />of <br /> <br />all <br /> <br />supporting <br /> <br />documents <br /> <br />including <br /> <br />the <br /> <br />resolution <br /> <br />or <br /> <br />ordinance <br /> <br />which <br /> <br />authorized <br /> <br />the <br /> <br />reduction and pertinent language in the contracts of employment; <br /> <br />NOW, THEREFORE; <br /> <br />. ,." ...",,---""," _a -." " <br />