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DES:djk ~1/23/95 (070/39) <br /> <br /> 0 R I G I N A L 1/30/95 <br /> RESOLUTION NO. 12398 <br /> <br /> RESOLUTION OF INTENTION TO PRESERVE RETIREMENT BENEFITS <br /> UNDER THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM FOR <br /> EMPLOYEES WHO PARTICIPATE IN A VOLUNTARY REDUCED WORK <br /> HOURS PROGRAM <br /> <br /> WHEREAS, the City of Redwood City has been forced to examine <br />various budget reduction options because of a fiscal emergency <br />resulting from current economic conditions; and <br /> <br /> WHEREAS, one of the options the City of Redwood City has <br />found it necessary to adopt is a temporary reduction in the <br />compensation of its employees; and <br /> <br /> WHEREAS, a reduction in compensation can have an adverse <br />effect on the retirement benefits of the employees; and <br /> <br /> WHEREAS, the Legislature has enacted Senate Bill 1285 <br />(Chapter 448, Statutes of 1992) which added Section 20499.5 to <br />the Government Code; and <br /> <br /> WHEREAS, the provisions of Section 20499.5 will not apply to <br />any contracting agency unless and until its governing body adopts <br />a resolution, in a form provided by the Board of Administration <br />of the Public Employees' Retirement System (the "Board"), to be <br />subject to it; and <br /> <br /> WHEREAS, a copy of the resolution must be filed with the <br />Board for the purpose of approval prior to implementation and <br />must be accompanied by copies of all supporting documents <br />including the resolution or ordinance which authorized the <br />reduction and pertinent language in the contracts of employment; <br /> <br /> <br />