AgdaPkt 2003-07-14 - Laserfiche WebLink

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CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM Actuarial and Employer Services Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229 -2709 CERTIFICATION OF COMPLIANCE WITH GOVERNMENT CODE SECTION 20903 In accordance with Government Code Section 20903 and the contract between the Public Employees' Retirement System, the City Council of the City of Redwood City hereby certifies that: Because of an impending curtailment of, or change in the manner of performing service, the best interests of the agency will be served by granting such additional service credit. 2. Payment shall be made of the amount equal to the actuarial equivalent of the difference between the allowance the member receives after receipt of such service credit and the amount the member would have received without such service credit with respect to all eligible employees who retire during the specified period. 3. It has elected to become subject to Section 20903 because of impending mandatory transfers, demotions, and layoffs that constitute at least 1 percent of the job classification, department or organizational unit, as designated by the governing body, resulting from the curtailment of, or change in the manner of performing, its services. 4. Its intention at the time Section 20903 becomes operative is to keep all vacancies created by retirements under this section or at least one vacancy in any position in any department or other organizational unit permanently unfilled thereby resulting in an overall reduction in the work force of such department or organizational unit. THEREFORE, the City Council of the City of Redwood City hereby elects to provide the benefits of Government Code Section 20903 to all eligible members who retire within the designated period, through CITY COUNCIL OF THE CITY OF REDWOOD CITY I Attest: Clerk/Secretary Presiding Officer Date 2yr certification -PA (Rev. 1/96)