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ATTACHMI 7. B. - Page 4 RESOLUTION NO. RESOLUTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY OF REDWOOD CITY WHEREAS, the Public Employees' Retirement Law permits the participation of public agencies and their employees in the public Employees' Retirement System by the execution of a contract, and sets forth the procedure by which said public agencies may elect to subject themselves and their employees to amendments to said Law; and WHEREAS, one of the steps in the procedure to amend this contract is the adoption by the governing body of the public agency of a resolution to approve an amendment to said contract, which resolution shall contain a summary of the change proposed in said contract; and WHEREAS, the following is a statement of the proposed change: To provide Section 20475 (Different Level of Benefits). Section 21353 (2% @ 60 Full formula) and Section 20037 (Three -Year Final Compensation) are applicable to local miscellaneous members entering membership for the first time in the miscellaneous classification after the effective date of this amendment to contract, and; Section 20475 (Different Level of Benefits). Section 21363.1 (3% @ 55 Full formula) and Section 20037 (three -Year Final Compensation) are applicable to local safety members entering membership for the first in the safety classification after the effective date of this amendment to contract. NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: That the governing body of the above agency does hereby approves an amendment to the contract between said public agency and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto, as an Exhibit "A" and by this reference made a part hereof. ATTY /RESO.2150/ CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF CALPERS 072911