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■ � � ■ � � i� <br /> A. Approve warrants dated through April 12, 2004 and usual and necessary <br /> """ payments through April 26, 2004; MINUTE ORDER 04-58 <br /> 6.4 Section — Ordinances (2 k`eading and Adoption) <br /> A. Ordinance approving and authorizing execution of the amendment to the contract <br /> with the Public Employees Retirement System to provide Government Code <br /> 21362.2, "3% @ 50 Full formula" for Redwood City's Police O�cers Association <br /> and Redwood City Police Sergeants Association members effective on June 28, <br /> 2004 (First Reading on March 8, 2004) <br /> ORDINANCE 2260 AMENDING CONTRACT BETWEEN THE BOARD OF <br /> ADMINISTRATION OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM <br /> AND THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br /> 6.2 Section — Resolutions (continued) <br /> A. 401 (a) (Defined Benefit) Separation Incentive Plan (SIP) <br /> Vice Mayor Pierce stated her appreciation in seeing the stated ptan and the <br /> recommendation, but was concerned with the cost of the SIP costing an additional <br /> $20,000. per participating employee. She stated that while the SIP is designed to <br /> '�.... help avoid layoffs, her concern is that the cost adds up to another employee and <br /> questioned the decrease of skill level impacts. City Manager Everett stated that the <br /> monies to be paid out would come from current department budgets through <br /> existing vacancy savings which allows ten emptoyees to not be laid off next fiscal <br /> year. The program was designed following the PERS model and creates a net <br /> savings. <br /> Council Members asked additional questions. <br /> Recommendation <br /> M/S FousUHartnett to approve a Resolution adopting the trust agreement and Plan <br /> document to establish a 401 (a) Defined Benefit Plan, including the appointment of <br /> the City Manager or his designee as the Plan Administrator and the authorization <br /> of the Plan Administrator to execute all documents relative to the administration of <br /> this plan. <br /> ADOPT RESOLUTION 14577 OF THE CITY OF REDWOOD CITY ADOPTING THE <br /> PARS TRUST AGREEMENT AND THE DEFINED BENEFIT PLAN EFFECTIVE <br /> JANUARY 1, 2004 (PARS SEPARATION INCENTIVE PLAN), AND APPOINTING THE <br /> CITY MANAGER AS PLAN ADMINISTRATOR <br /> The motion passed by a unanimous roll call vote. <br /> '" 7. STAFF REPORTS <br /> REGULAR CITY COUNCIL MEETING APRIL 12, 2004 <br /> MINUTES PAGE5 <br />