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6.3.C. - Page 2 <br /> The C/CAG Board adopted the Resolution of Intention to contract with CALPERS at its <br /> Board Meeting on January 12, 2012. C/CAG will approve the contract with CALPERS <br /> at the February 9, 2012 Board Meeting. The current schedule is for the C/CAG — <br /> CALPERS agreement to be implemented starting March 12, 2012. The C/CAG <br /> employees will remain on the City payroll while the CALPERS contributions for the <br /> C/CAG employees will be made to the C/CAG — CALPERS account. C/CAG paid the <br /> City $10,000 for the necessary changes to the accounting system. <br /> This action will fully address the issue raised by the CALPERS audit. <br /> The agreement to transfer these funds was being prepared by CALPERS staff and was <br /> not available when this staff report was finalized. Upon receipt, staff will request that <br /> the City Attorney review and approve the agreement prior to being signed by the Mayor. <br /> ALTERNATIVES <br /> No practical alternative since CALPERS is requiring this change. <br /> FISCAL IMPACT <br /> There is no cost to the City of Redwood City. <br /> REBECCA BURNSIDE <br /> HUMAN RESOURCES DIRECTOR <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br /> ATTACHMENT <br /> Resolution for transfer of funds to C/CAG <br />