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FXS: dit 10/13/92 (004/33) ORIGINAL 10/19/92 R E S O L U T I O N NO. 11873 RESOLUTION OF INTENTION TO PRESERVE RETIREMENT BENEFITS UNDER THE PUBLIC EMPLOYEES ' RETIREMENT SYSTEM FOR EMPLOYEES WHO PARTICIPATE IN A VOLUNTARY REDUCED WORK HOURS PROGRAM WHEREAS , the City of Redwood City has been forced to examine various budget reduction options because of a fiscal emergency resulting from current economic conditions ; and WHEREAS , one of the options the City of Redwood City has found it necessary to adopt is a temporary reduction in the compensation of its employees ; and WHEREAS , a reduction in compensation can have an adverse effect on the retirement benefits of the employees ; and WHEREAS , the Legislature has enacted Senate Bill 1285 (Chapter 448 , Statutes of 1992) which added Section 20499 . 5 to the Government Code; and WHEREAS , the provisions of Section 20499 .5 will not apply to any contracting agency unless and until its governing body adopts a resolution, in a form provided by the Board of Administration of the Public Employees ' Retirement System (the "Board") , to be subject to it ; and WHEREAS , a copy of the resolution must be filed with the Board for the purpose of approval prior to implementation and must be accompanied by copies of all supporting documents including the resolution or ordinance which authorized the reduction and pertinent language in the contracts of employment ; NOW, THEREFORE;