AgdaPkt 2006-11-13 - Laserfiche WebLink

Browse Search

6.3A Page 1 REPORT To the Honorable Mayor and City Council From the City Manager . November 13, 2006 Subject Contract amendment between the City of Redwood City and the California Public Employees Retirement System (CaIPERS) to provide Fourth Level of 1959 Survivor Benefits for members of the International Association of Fire Fighters Local 2400. Recommendation 1. The City Council adopt a Resolution of Intention to amend the contract with CalPERS to provide Government Code, Section 21574 - Fourth Level of 1959 Survivor Benefits for members of the International Association of Fire Fighters Local 2400. 2. The City Council Introduce the Ordinance approving and authorizing the contract amendment with CalPERS to provide Government Code, Section 21574 - Fourth Level of 1959 Survivor Benefits for members of International Association of Fire Fighters Local 2400 effective January 22,2007. 3. The City Council direct staff to return to Council with the appropriate budget adjustment for Fiscal Year 06/07. Background During the most recent negotiations with the International Association of Fire Fighters Local 2400 the City agreed to provide, Government Section 21574 - Fourth Level of 1959 Survivor Benefit. The 1959 Survivor Benefit is available to CalPERS members who are not covered by Social Security under their current public agency employer. The 1959 Survivor Benefit is structured to provide a monthly cash benefit to the families of CalPERS members who become deceased prior to retirement. Currently the International Association of Fire Fighters Local 2400 members are eligible for the Third Level of 1959 Survivor Benefit. As Social Security benefit levels have increased over the years, additional benefit levels have been added to the CalPERS 1959 Survivor Benefit program. In 1984 legislation passed that created a Third Level Benefit while establishing a risk pool consisting of all local public agency employers who elected to provide the Third Level benefit. In 1993, legislation was passed to add a Fourth Level Benefit. The monthly benefit amount is determined by the number of eligible dependents at the time of death. Please refer to the chart on page 2 to determine the amount payable under each level.