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RESOLUTION OF INTENTION TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN STATE EMPLOYEES' RETIREMENT SYSTEM ViliEREAS, the State Employees' Retirement Act permi 1;s the participation of municipal corporations in the State Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished; and VlHEREAS, one step in said procedure is the adoption by the legislative body of the municipal corporation, of a resolution giving notice of intention to approve a contract between said legislative body and the Board of Administration of said Retirement System, providing for said participation, which said resolu- tion shall contain a summary of the major provisions of the proposed retirement system, and WHEREAS, the following is a summary of the major provisions of the proposed retirement system: 1. The System is administered by a board of eight members, composed of three members of the System, an official of a bank, an official of an insurance company, the Director of Finance, a member of the State Personnel Board, and an official of the University of California. 2. Retirement for service is optional upon attainment of an age which shall be not less than 55 or more tha~ 60, as provided in said contract, by city firemen and city policemen, and age 60 by other employees, and completion of bventy years of service for the municipal corporation, and is compulsory at age 65 for city firemen mId city policemen, and at age 70 for other employees. 3. The monthly retirement allowance payable upon retirement for service is dependent upon such factors as age, sex, salary and years of ser- vice. For city firemen and city policemen, retiring at the opt1~nal age in paragraph 2, or at a higher age with twenty years of service, the monthly all~fance is approximately one-half the average monthly salary during the five years immediately preceding retirement. For other city employees, the monthly allowance, upon retirement at age 65, is approximately 1/70th of the average monthly salary during the five years immediately preceding retirement, for each year of service after the effective date of participation, plus approximately ll70th, or less as may be provided in said contract by the municipal corpora- ,tion for its employees, of the average monthly salary during the three years immediately preceding the effective date of participation, for each year of service prior to that date. F122-l 6-40 200