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08/22/2011 <br /> ORIGINAL <br /> RESOLUTION NO. 15140 - <br /> RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT <br /> TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION <br /> CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM <br /> AND THE CITY OF REDWOOD CITY <br /> WHEREAS, the Public Employees' Retirement Law permits the <br /> participation of public agencies and their employees in the public Employees' <br /> Retirement System by the execution of a contract, and sets forth the procedure <br /> by which said public agencies may elect to subject themselves and their <br /> employees to amendments to said Law; and <br /> WHEREAS, one of the steps in the procedure to amend this contract is <br /> the adoption by the governing body of the public agency of a resolution giving <br /> notice of its intention to approve an amendment to said contract, which resolution <br /> shall contain a summary of the change proposed in said contract; and <br /> WHEREAS, the following is a statement of the proposed change: <br /> To provide Section 20475 (Different Level of Benefits). Section <br /> 21353 (2% @ 60 Full formula) and Section 20037 (Three-Year <br /> Final Compensation) are applicable to local miscellaneous <br /> members entering membership for the first time in the <br /> miscellaneous classification after the effective date of this <br /> amendment to contract, and; <br /> Section 20475 (Different Level of Benefits). Section 21363.1 (3% @ <br /> 55 Full formula) and Section 20037 (three-Year Final <br /> Compensation) are applicable to local safety members entering <br /> membership for the first in the safety classification after the effective <br /> date of this amendment to contract. <br /> NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br /> THE CITY OF REDWOOD CITY AS FOLLOWS: <br /> That the governing body of the above agency does hereby give notice of <br /> intention to approve an amendment to the contract between said public agency <br /> and the Board of Administration of the Public Employees' Retirement System, a <br /> copy of said amendment being attached hereto, as an Exhibit "A" and by this <br /> reference made a part hereof. <br /> * * <br /> ATrY/RES0.2150/CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF CALPERS RESO.#15140 <br /> 072911 MUFF#904 <br />