Res83 9463 - Laserfiche WebLink

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9. Public Agency shall contribute to said Retirement System as follows: a. With re~~~o local miscellaneous members, the agency shall contribute t~ ~lowing percentages of monthly salaries earned as local miscell~~~mbers of said Retirement System: (1) ~2.560 percent unti{~~n~" 2011 on account of the liability for current se ' benefits. I b. With respect to local safety members,()~~gency shall contribute the following percentages of monthly salaries earned as local safety members of said Retirement System: (1) 0.044 percent until June 30,2000 on account of the liability for prior service benefits. (2) 25.773 percent until June 30, 2011 on account of the liability for current service benefits. (3) 0.014 percent on account of the liability for the 1959 Survivor Program. c. A reasonable amount, as fixed by the Board, payable in one in- stallment within 60 days of date of contract to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or of the periodic investigation and valuations required by law. d. A reasonable amount, as fixed by the Board, payable in one in- stallment as the occasions arise, to cover the costs of special valuations on account of employees of Public Agency, and costs of the periodic investigation and valuations required by law. 10. Contributions required of Public Agency and its employees shall be subject to adjustment by Board on account of amendments to the Public Employees' Retirement Law, and on account of the experience under the Retirement System as determined by the periodic investigation and val- uation required by said Retirement Law. 11. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within thirty days after the end of the period to which said contributions refer or as may be prescribed by Board regulation. If more or less than the cor- rect amount of contributions is paid for any period, proper adjustment shall be made in connection with subsequent remittances, or adjust- ments on account of errors in contributions required of any employee may be made by direct cash payments between the employee and the Board. Payments by Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certified checks, money orders or cash. 9463 r' :