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<br />6.3A <br />Page 2 <br /> <br />Benefit Level One Survivor Two Survivors <br />1 st Level $180 $360 <br />2nd Level $225 $450 <br />3rd Level $350 $700 <br />4th Level $950 $1900 <br /> <br />Three or More Survivors <br /> <br />$430 <br />$538 <br />$840 <br />$2280 <br /> <br />Monthly benefits provided by all levels of the 1959 Survivor Benefit are fixed. There will be <br />no cost of living adjustment applied to these monthly payments. <br /> <br />Alternative <br />Staff cannot recommend an alternative, as Council has already agreed to provide this <br />benefit by approving the labor contract with the aforementioned bargaining unit. This action <br />implements Council's previous decision by amending the City's existing contract with <br />CaIPERS. <br /> <br />Fiscal Impact <br />The cost to provide Government Code, Section 21574 - Fourth Level of 1959 Survivor <br />Benefit the first year is $54,420, which will be included in the Fiscal Year 06/07 mid-year <br />budget amendment. When a group contracts for the Fourth Level, the cost to the agency is <br />the unfunded liability plus five years of normal cost. The five~year normal cost requirement <br />is necessary to prevent inequitable depletion of the pool's current surplus by agencies who <br />have not yet contributed to the surplus. <br /> <br />After the first year the cost will be $5.10 per month per covered employee or approximately <br />$3,733 per year. <br /> <br />!1 (ZJI/ <br /> <br />Ed Everett <br />City Manager <br /> <br />~t..Ss-,~ <br />Robert Bell <br />Director, Human Resources <br /> <br />Attachments <br />1.) Resolution <br />2.) Ordinance <br />3.) Amendment to Contract <br />