Ord71 1500 - Laserfiche WebLink

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A14ENm1ENT TO CON'l'RACT BE'l'1,.,rEEN THE BOARD OF .A.m.lI!rrSTl\.<\TION PUBLIC E..\1PLOYEES' RE."TIRE~,gNT SYSTEM AND .THE CITY COUNCIL OF THE CITY OF REDI.;oOD Crry The Board of Administration, Public ~loyees' Retirement System, hereinafter referred to as Board, D....'1d the Crry COm;CIL of the Crry OF RED:iOOD Crry, hereinafter. referred to as Puolic AGency, having entered into a contract under date of July 11, +941, effective July 1, 1941, and as a';lended effective July 1, 195!~, Auc;ust 1, 1959, January 1, 196'(, April 1, 1969, and July 1, 1971, which provides for participation of Public Agency in said System, Board '. and Public Agency hereby agree as follows: A. The following subparagraph shall be added to Paragraph 8 of said Contract: 8 (1) Section ~l251.75 (providing for increases'in allowances payable for tin:;~ cor:1":lencing on the first day of the calendar month coin- ciding .ri th or next follo'.:ing the cl'fecti ve date of this 8l:lend- ment to persons retired prior to January 1, 1967). 8 (m) Section 20952.5 (providing for a~e 50 as the minimu';l voluntary retirexent ase for local safety members with benefit pa~~ents comrnencing prior to 8,ge 55 subject to actuarial disC01.mt). B. Parasraphs 9 (a) and 9 (b) shnll be stricken fr~n said Contract and the follm-ling pE.ragraphs substituted therefor: 9 (a) With respect to miscella.'1COus' me~bers, the public agency shell contrrbute the i'ollo.rir.g percentages of r;:onthly salaries earned as miscellaneous mer.ibers of said System: (1) 0.26 percent un~il June 30, 1980 on aCco~'1t of the liability for prior service benefits. (2) 8.21 percent on account of the liability for current service benefits. 9 (b) ~]ith respect to local safety members, the public agency shall contribut'~ the follm-rinc; percentages of monthly salaries earned a.s locul safety memcers of said .f;ystem: EXlUBIT A Ret. Fonn 702-1 or"