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Ord98 2142
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Ord98 2142
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Last modified
10/11/2019 3:07:17 PM
Creation date
10/11/2019 3:07:17 PM
Metadata
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Template:
CC Index
CC Index - Document Type
Ordinance
Agency Type
City Council
Date
5/18/1998
Description
ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF AMENDMENT TO AGREEMENT BETWEEN THE CITY OF REDWOOD CITY AND THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM TO PROVIDE GOVERNMENT CODE SECTION 21354 ("2% @ 55") FULL FORMULA FOR LOCAL MISCELLANEOUS MEMBERS
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i. Section 21319 (Special 15% Increase for Local Miscellaneous Members). <br /> <br /> j. Section 20042 (One-Year Final Compensation) for local safety members <br /> only. <br /> <br /> k. Section 20903 (Two-Years Additional Service Credit). <br /> <br /> 1. Section 20965 (Credit for Unused Sick Leave) for local fire members only. <br /> <br /> Section 21024 (Military Service Credit as Public Service), Statutes of <br /> 1976. <br /> <br /> n. Section 21027 (Military Service Credit for Retired Persons). <br /> <br />8. Public Agency, in accordance with Government Code Section 20790, ceased to be <br /> an "employer" for purposes of Section 20834 effective on February 1, 1980. <br /> Accumulated contributions of Public Agency shall be fixed and determined as <br /> provided in Government Code Section 20834, and accumulated contributions <br /> thereafter shall be held by the Board as provided in Govemmeut Code Section <br /> 20834. <br /> <br />9. Public Agency shall conlxibute to said Retirement System the contributions <br /> determined by actuarial valuations of prior and future service liability with respect <br /> to local miscellaneous members and local safety members of said Retirement <br /> System. <br /> <br /> 10. Public Agency shall also contribute to said Retirement System as follows: <br /> <br /> a. A reasonable amount, as fixed by the Board, payable in one installment <br /> within 60 days of date of contract to cover the costs of administering said <br /> System as it affects the employees of Public Agency, not including the <br /> costs of special valuations or of the periodic investigation and valuations <br /> required by law. <br /> <br /> b. A reasonable amount, as fixed by the Board, payable in one installment as <br /> the occasions arise, to cover the costs of special valuations on account of <br /> employees of Public Agency, and costs of the periodic investigation and <br /> valuations required by law. <br /> <br />11. Contributions required of Public Agency and its employees shall be subject to <br /> adjustment by Board on account of amendments to the Public Employees' <br /> Retirement Law, and on account of the experience under the Retirement System <br /> as determined by the periodic investigation and valuation required by said <br /> Retirement Law. <br /> <br /> 2142 <br /> <br /> <br />
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