AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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... ... : NOTE.9 ':.... EMPLOYEE BENEFITS' .. A.' ,Retirement System . . PERS Safety and .Miscell~eous Employees' Plans . " . Substantially all City employees are eligible to participate' in pension plans offered by California Public; Employees' Retirement .System (PERS), an agent multiple.employer .4efined benefit pension plan which acts. as a. common investment-and administrative: agent for its participating member employers. PERS provides. retirement and disability benefits, ;annlial cost of living adjustrnerl.ts"and death benefits to plan members who must be pUbhc'.emp}oyees and beneficiaries. lbe City's .employees participate in the separate. safety (police mid fire) and miscellaneous: (all 'other) employee. plans.' . Benefit provisions under both plans are established by state statute and Cityreso)ution; . Benefits are 'based on years of credited .service, equal to one. . year of full time employinent~ Funding contributions for both plans are determined annua1lyon an. actuarial basis as of June 30 by PERS; the City. must contribute these. amo1.Ults. The plans' provisions and benefits in effect at June 30, 2008 are summarized as folI~ws: , Benefit vesting schedule . Benefit pa}11lents Retirexrent .age . :, . Monthly benefits, as a % .of annual salary .:.ReqUi~d"'employ~ corftribution rates ...__~~E_~~~~.!Y.__ 5 years s.ervi~ ;: monthly for life 50 .,3% 9% Mi'sce llaneOlis '~"_'_'_'_'__.'_""'_'M_'__""_,, t.. ...__M.... . 5"years service nDnthJy for life .: 50 , 2000% -2.700% : .8% Employer contributions .are determined by PERS as:' a . percentage. of'~overed payron . and represent i the actuariallyrequired;contribution. The. employer contributions ;f.or th.e. past tpree years are: 2006 ; 2007 ..2008 ___~ublic .~.~et y.,_..._,..._, 36.564% : 29.58.3%: 30559% ' . , . . Miscellaneous: ...___..M....._.___._._._.._M.M.M.-.._.. .. 11.21'5 % 16.014% 15.809 % . . .' . .. Sfuce the.:City consistently appJied' the employer contribution rates~as determined by PERS, the City's . annual pension :cost,;equaled the City's actuarialIy required contribution for the fiscal year ended June 30, 2008. ' : . .... An qualified pennment and probationary emploYees are.eh~ble'.to partici~te.in PERS. A cred.ited'senice.' year is one year of full time employmerit. In accordance. with the memorandUlTlS of understanding with the various employee groups, the City may contribute a portion of the emplOyee contribution. This contribution varies from group to : group. These benefit provisions and all other requirements are establishedby state statute and City or<Iinance. Contributions 'necessary to fl;1Dd PERS on an aCtuarial basis are determined by . PERS and its,Board.ofAdministration::. . . : . Pollee 'and fire safety empioyees .are covered under the .'t3%at50" fom.ul~;. Under'this retirement plan, 8J1 employee's retirement earnings at age 50 is calculated by multiplying 3% hy'.the employee's. years of service. This percentage factor increases with the employee's age upon:retirement. .. . , . , Miscellaneous employees are covered under the "2.7% a~ 55" form~a. Under this retirement plan, an employee's retirement.eamings~ at age. S5, areca1culated by multiplymg 2~7%:by the employee's years of service. An employee \-'lith five years of service is eligible to retire at age 50 at. a reduced Pension amount. The pension amoimt in~es whh.age and length of service.:. . . 50'.; . .:,., . ., "', . . "'w