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5/18/98 <br /> <br /> ORIGINAL <br /> ORDINANCE NO. 2142 <br /> <br /> ORDINANCE APPROVING AND AUTHORIZING EXECUTION <br /> OF AMENDMENT TO AGREEMENT BETWEEN THE CITY OF <br /> REDWOOD CITY AND THE BOARD OF ADMINISTRATION OF <br /> THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO <br /> PROVIDE GOVERNMENT CODE SECTION 21354 ("2% @ 55") <br /> FULL FORMULA FOR LOCAL MISCELLANEOUS MEMBERS <br /> <br /> WHEREAS, pursuant to the Public Employees' Retirement Law (Govt. C. <br />§20000 et seq.) the City of Redwood City has heretofore entered into an <br />agreement with the Board of Administration of the Public Employees' Retirement <br />System to participate in said System; and <br /> <br /> WHEREAS, the City Redwood City desires to amend its agreement with <br />said Board of Administration in order to provide for the '2% @ 55" full formula <br />benefits for local miscellaneous members, pursuant to Government Code <br />Section 21354; and <br /> <br /> WHEREAS, pursuant to Resolution No. 13321 adopted aPRIL 27, <br />1998, this Council sets forth its intention to approve said amendment; <br /> <br /> NOW, THEREFORE; <br /> <br />THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: <br />SECTION 1. That an amendment to the agreement between the City of <br />Redwood City and the Board of Administration of the California Public <br />Employees' Retirement System is hereby authorized, a copy of which <br />amendment is attached hereto, marked Exhibit 'A', and by this reference <br />incorporated herein. <br /> <br /> <br />