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Ord07 2310
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Ord07 2310
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Last modified
10/11/2019 2:59:46 PM
Creation date
10/11/2019 2:59:45 PM
Metadata
Fields
Template:
CC Index
CC Index - Document Type
Ordinance
Meeting Type
Joint
Agency Type
City Council and Redevelopment Agency
Date
6/4/2007
Description
06/04/2007 ORDINANCE NO. 2310 ORDINANCE AMENDING CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF REDWOOD CITY TO PROVIDE SECTION 21548 (PRE-RETIREMENT OPTIONAL SETTLEMENT 2 DEATH BENEFIT); SECTION 20965 (CREDIT FOR UNUSED SICK LEAVE) AND SECTION 21574 (FOURTH LEVEL OF 1959 SURVIVOR BENEFITS) FOR LOCAL POLICE MEMBERS THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: The Board of Administration, California Public Employees' Retirement System, hereinafter referred to as Board, and governing body of the above public agency, hereinafter referred to as
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<br />PLEASE DO NOT SIGN "EXHIBIT ONLY" <br /> <br />o. Section 21548 (Pre-Retirement Optional Settlement 2 Death <br />Benefit) for local safety members only. <br /> <br />p. Section 21574 (Fourth Level of 1959 Survivor Benefits) for local <br />safety members only. <br /> <br />9. Public Agency, in accordance with Government Code Section 20790, <br />ceased to be an "employer" for purposes of Section 20834 effective on <br />February 1, 1980. Accumulated contributions of Public Agency shall be <br />fixed and determined as provided in Government Code Section 20834, <br />and accumulated contributions thereafter shall be held by the Board as <br />provided in Government Code Section 20834. <br /> <br />10. Public Agency shall contribute to said Retirement System the contributions <br />determined by actuarial valuations of prior and future service liability with <br />respect to local miscellaneous members and local safety members of said <br />Retirement System. <br /> <br />11. Public Agency shall also contribute to said Retirement System as follows: <br /> <br />a. Contributions required per covered member on account of the 1959 <br />Survivor Benefits provided under Section 21573 of said Retirement <br />Law. (Subject to annual change.) In addition, all assets and <br />liabilities of Public Agency and its employees shall be pooled in a <br />single account, based on term insurance rates, for survivors of all <br />local miscellaneous members. <br /> <br />b. Contributions required per covered member on account of the 1959 <br />Survivor Benefits provided under Section 21574 of said Retirement <br />Law. (Subject to annual change.) In addition, all assets and <br />liabilities of Public Agency and its employees shall be pooled in a <br />single account, based on term insurance rates, for survivors of all <br />local safety members. <br /> <br />c. A reasonable amount, as fixed by the Board, payable in one <br />installment within 60 days of date of contract to cover the costs of <br />administering said System as it affects the employees of Public <br />Agency, not including the costs of special valuations or of the <br />periodic investigation and valuations required by law. <br /> <br />d. A reasonable amount, as fixed by the Board, payable hi one <br />installment as the occasions arise, to cover the costs of special <br />valuations on account of employees of Public Agency, and costs of <br />the periodic investigation and valuations required by law. <br />
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