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7.3A <br /> under age 18. This is a death benefit for an employee's spouse that is equai ta what Page 2 <br /> they would have received if the empioyee had been retired on the date of death. <br /> Credit for Unused Sick Leave is a benefit that allows members to receive CaIPERS <br /> service credit for any unused sick leave. It takes 250 days of sick leave #o receive one <br /> year of service credit. Unused sick leave tata(s must be verifred by the City. The cast of <br /> the benefit is included in the City's CaIPERS rate and the actual sick leave hours are <br /> not cashed out to CalPERS. <br /> ALTERNAT'IVES <br /> Staff cannot recommend an aiternative, as Council has already agreed to pravide these <br /> benefits by approving the labor cont�act with the aforementioned bargaining unit. This <br /> action implements Council's previous decision by amending the City's existing contract <br /> with CaIPERS. <br /> FISCAL IMPACT <br /> Government Code, Section 21574--fourth level of 1959 Survivor Benefit <br /> Sufficient funds exist within the City's su►vivor benefit account at CaIPERS to cover the <br /> cost of the unfunded liability at no cost to the Ciiy for each of the next five years. The <br /> Ciry wi(I be required to pay $5.10 per employee per month to cover the normal cost of <br /> the benefit. The annual cost is $5,630. <br /> Government Code, Sec#ions 21548 and 20965 Optional Settlement 2 Death Benefit <br /> and Credit for Unused Sick Leave <br /> Providing #he above benefits will increase the foltowing values as shown: <br /> 1. Present Value of Benefits = $752,647. The present value of benefi#s is the total <br /> doflars needed as af a specific date #o fund ali benefits earned in the past or <br /> expected ta be earned �n the future far current members. <br /> 2. Accrued Liability = $547,208. The accrued (iability is the total dollars needed as <br /> of a specific date to fund all benefits earned in the past for current members. <br /> 3. Tatal Emplayer Rate = 0.428%. The total employer rate is the percent (based an <br /> payroU) paid by the City and is estimated to equal $84,567. annually. <br /> ��: J J �� <br /> ���,,'`� ���....._3 �� � � .,�f ;"s��� j'' / <br /> �, ..� �.�. .,�"`�--�.. �_..� <br /> Robert BeA � Ed Ev e� <br /> Director, Human Resources City Manager <br /> ATTACHMENTS <br /> 1. Resalution <br /> 2. Ordinance <br /> 3. Amendment to Contract <br /> RELATED D�CLIMENTS IN CITY CLERK'S OFFICE <br /> None <br />