HomeMy WebLinkAboutCC RES 04-089RESOLUTION NO. 04-89
AUTHORIZING A CORRECTION TO THE
AMENDMENT TO CONTRACT BETWEEN THE
BOARD OF ADMINISTRATION
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
CITY OF PALM DESERT
WHEREAS, the City Council of the City of Palm Desert hereinafter referred to as Public
Agency, and the Board of Administration of the Public Employees'
Retirement System entered into a contract effective October 26, 1974
providing for the participation of Public Agency in the Public Employees'
Retirement System; and
WHEREAS, said contract was amended effective September 7, 2002; and
WHEREAS, due to an inadvertence, paragraph "6" read:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member shall
be determined in accordance with Section 21354.5 of said Retirement Law
(2.7% at age 55 Full).
[Note that a future legislative proposal is being considered which could
amend Government Code Section 21354.5 to make the 2.7% at 55 benefit
formula applicable to both active members and inactive members who
have not yet retired. If enacted, this amendment could have an effect on
your agency's actuarial valuation and employer contribution rates in future
years.] ; and
WHEREAS, Section 20472 of the Government Code provides that corrections may be
made through amendments approved by the adoption of suitable
resolutions by the contracting parties;
NOW, THEREFORE, BE T RESOLVED that said governing body of Public Agency
authorizes, and it does hereby authorize, a correction to the amendment to
contract effective September 7, 2002 as follows:
A. Paragraph 6 of said contract shall be changed as follows:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment before and not on or after September 7, 2002 shall be
Resolution No. 04-89
KEN H . MARZION CHIEF
ACTUARI & EMPLOYER SERVICES t!VISION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
determined in accordance with Section 21354 of said Retirement Law (2%
at age 55 Full)"; and
B. Paragraph 7 of said contract shall be added as follows:
"The percentage of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member in
employment on or after September 7, 2002 shall be determined in
accordance with Section 21354.5 of said Retirement Law (2.7% at age 55
Full)"; and
C. Paragraph numbers "7 through 12"; shall be renumbered paragraph
numbers "8 through 13".
BE IT FURTHER RESOLVED, that the presiding officer of the governing body of Public
Agency is hereby authorized, empowered, and directed to execute said
amendment for and on behalf of Public Agency.
Adopted this
9th
day of September
2004
BOARD OF ADMINISTRATION CITY COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF PALM DESERT
BY 114j ,( Q, BY I4?-- ,
ll OBERT A. SPIT
Attest:
E D. K'. SSflN'f-CITY CLERK l
616 Resolution 7-2002
APPROVED, and ADOPTED by the City Council of the City or Palm Desert, California,
at its Regular Meeting held on the 9th day of September, 2004, by the following
vote, to wit:
AYES: BENSON, CRITES, FERGUSON, KELLY, SPIEGEL
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE