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7.3A Page 1 REPC�RT To the Honorabie Mayor and City Council From the Cit Mart� er May 7, 20�7 SUBJECT Contract amendment between the City of Redwood Gity and the Caiifornia Public Employees Retirement System (CaIPERS) for the Police Officers Association (POA). RECOMM�NDATION Adopt a Resalution o# Intention and introduce ordinance to amend the contract with CaIPERS for members of the Police Officers Association. BACKGROUND During fihe most recent negotiations with the Redwood City Police �fficers Association the Ciiy agreed to provide POA members with the follawing benefit enhancements: fourth level of 1959 Survivor Benefits, Pre-Retirement Optional Settlement 2 Dea#h Benefit and Credit for Unused Sick Leave. The Resolution of Intention and Ordinance are required to amend the CaIPERS contract and implemer►t these benefit enhancements. The 1959 Survivor Benefit is availabie to CaIPERS members who are not covered by Sociat Security under the cuRent public agency emptoyer. The 1959 Survivor Benefit is structured to pravide a monthly cash benefi# to the families af CaIPERS members who become deceased prior to retiremenf. Currently the Redwood City Police Officers Association members are eligible far the third level of 1959 Survivor Benefrt. As Social Security benefit levels have increased over the yea�s, additional benefit levels have been added to the CatPERS 1959 Survivor Benefit program. !n 1984 legislation was passed th�t estabfisheri a risk paol consisting of al! local public agency emplayers who elected to provide the third level benefit. In 1993, legislation was passed to add a fourth fevel benefit. The monthly benefit amount is determined by the number of eiig+bie dependents at tMe time of death. The amendment increases this benefit as fallows: Benefit I�evej One Survivors Two Survivors Three or More Survivors 3 /C� urrent Leve! $350 $700 $840 4th/New Level $950 $1900 $2280 Monthly benefits provided by all levels of the 1959 Survivor Benefit are fxed. There will be no cost of living adjustment applied ta these monthly payments. The Optional Settlement 2 Death benefit is granted to survivors of employee's that work past the normal retirement age. This benefit is a monthly allowance paid to an employee's beneficiary that wou(d equa! the re#�rement beneftt that an emplayee wau(d have received if the employee elected a survivor pension benefit and been retired an the date of his or her death. The benefit will be paid to a suniNing spouse until the death of the spouse, at which time #he benefit will continue to any unmarried children