Ordinance No. 709 - California Public Employees' Retirement SystemORDINANCE NO. 709
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD
AUTHORIZING A CONTRACT BETWEEN THE CITY COUNCIL OF THE CITY
OF ROSEMEAD AND THE BOARD OF ADMINISTRATION OF THE
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
The City Council of the City of Rosemead does ordain as follows:
Section 1. That a contract between the City Council of the City
of Rosemead and the Board of Administration, California Public
Employees' Retirement System is hereby authorized, a copy of said
contract being attached hereto, marked Exhibit "A", and by such
reference made a part hereof as though herein set out in full.
Section 2. The Mayor of the City of Rosemead is hereby
authorized, empowered, and directed to execute said contract for and
on behalf of said Agency.
Section 3. This Ordinance shall take effect 30 days after the
date of its adoption, and prior to the expiration of 15 days from
the passage thereof shall be published at least once in the Rosemead
Progress, a newspaper of general circulation published in the City
of South Gate and circulated in the City of Rosemead and thenceforth
and thereafter the same shall be in full force and effect.
PASSED, APPROVED and ADOPTED this 8th day of September
1992.
ATTEST: Gyy~ ~ n~~~
MAYOR
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!./J2LCC !~L/GL C~tic~/
C ty Clerk
I hereby certify that the foregoing Ordinance No. 709 was introduced at a regular
meeting of the City Council of the City of Rosemead held on the 25th day of August,
1992, and was duly adopted by said.City Council at their regular meeting held on
10 the 8th day of September, 1992, by the following vote:
Yes: Bruesch, Taylor, Clark, Vasquez, McDonald
No: None
Absent: None
Abstain: None
P`YTY CLERK
PLEASE DO NOT SIGN "EXHIBIT ONLY'
CONTRACT COPY
BETWEEN THE
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF ROSEMEAD
In consideration of the covenants and agreement hereafter contained and on the part of both parties to
be kept and performed, the governing body of above public agency, hereafter referred to as "Public
Agency", and the Board of Administration, Public Employees' Retirement System, hereafter referred
to as "Board", hereby agree as follows:
All words and terms used herein which are defined in the Public Employees'
Retirement Law shall have the meaning as defined therein unless otherwise
specifically provided. "Normal retirement age" shall mean age 60 for local
miscellaneous members.
2. Public Agency shall participate in the Public Employees' Retirement System from and
after making its
employees as hereinafter provided, members of said System subject to all provisions
of the Public Employees' Retirement Law except such as apply only on election of a
contracting agency and are not provided for herein and to all amendments to said Law
. hereafter enacted except those, which by express provisions thereof, apply only on the
election of a contracting agency.
3. Employees of Public Agency in the following classes shall become members of said
Retirement System except such in each such class as are excluded by law or this
agreement:
a. Employees other than local safety members (herein referred to as local
miscellaneous members).
4. In addition to the classes of employees excluded from membership by said Retirement
Law, the following classes of employees shall not become members of said
Retirement System:
a. SAFETY EMPLOYEES.
5. Assets heretofore accumulated with respect to members in the local retirement system
shall be transferred to the Public Employees' Retirement System upon the effective
date of this contract and applied against the liability for prior service incurred
hereunder.
6. 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 21251.13 of said Retirement Law (2% at age 60),
supplemental to Federal Social Security.
EXHIBIT "A"
. . • 7. Public Agency elected to be subject to the following optional provisions:
a. Section 20835.1 (Limit Prior Service to Members Employed on Contract
Date).
Section 21361.5 (Local System Service Credit Included in Basic Death
Benefit).
8. Public Agency shall contribute to said Retirement System the contributions determined
by actuarial valuations of prior and future service liability with respect to local
miscellaneous members of said Retirement System.
9. Public Agency shall also contribute to said Retirement System as follows:
a. A reasonable amount, as fixed by the Board, payable in one installment within
60 days of date of contract to cover the costs of administering said System as
it affects the employees of Public Agency, not including the costs of special
valuations or of the periodic investigation and valuations required by law.
b. A reasonable amount, as fixed by the Board, payable in one installment as the
occasions arise, to cover the costs of special valuations on account of
employees of Public Agency, and costs of the periodic investigation and
valuations required by law.
10. Contributions required of Public Agency and its employees shall be subject to
adjustment by Board on account of amendments to the Public Employees' Retirement
Law, and on account of the experience under the Retirement System as determined by
• the periodic investigation and valuation required by said Retirement Law.
11. Contributions required of Public Agency and its employees shall be paid by Public
Agency to the Retirement System within fifteen days after the end of the period to
which said contributions refer or as may be prescribed by Board regulation. If more
or less than the correct amount of contributions is paid for any period, proper
adjustment shall be made in connection with subsequent remittances. Adjustments on
account of errors in contributions required of any employee may be made by direct
payments between the employe-land the Board.
BOARD OF ADMINISTRATION Off` CITY COUNCIL
PUBLIC EMPLOYEES' RETIREME YSTEM OF THE
CITY OF ROSEMEAD
BY
CHIEF, CONTRACT ICES DIVISION
PUBLIC EMPLOY RETIREMENT SYSTEM
PERS-CON-702 (NEW AGENCY)
(Rev. 6/90)
BY
Presiding Officer"
Witness Date
Attest:
Clerk 4
I ~S