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CC - 1992-37 - Public Employees Retirement SystemRESOLUTION NO. 92-37 RESOLUTION OF INTENTION TO APPROVE A CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF ROSEMEAD WHEREAS, the Public Employees' Retirement Law permits the participation of public agencies in the Public Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished; and WHEREAS, one of the steps required in the procedure is the adoption by the Governing Body of the Public Agency of a resolution giving notice of intention to approve a contract for such participation between said Governing Body and the Retirement System Board of Administration, which resolution shall contain a summary of the major provisions of the proposed retirement plan; and WHEREAS, attached is a summary of the major provisions of the proposed plan: NOW, THEREFORE, BE IT RESOLVED, that the Governing Body of the above agency gives, and it does hereby give notice of intention to approve a contract between said Governing Body and the Board of Administration of the Public Employees' Retirement System, providing for participation of said agency in said Retirement System, a copy of said contract and a copy of the summary of the major provisions of the proposed plan being attached hereto, as an "Exhibit", and by this reference made a part hereof. I hereby certify that the foregoing Resolution No. 92-37 wasduly and regularly adopted by the City Council of the City of Rosemead at a regular meeting thereof held on the 11th day of August, 1992, by the following vote: Yes: Bruesch, Taylor, Clark, Vasquez, McDonald No: None Absent: None Abstain: None BY2?9 yL r-w~ e lc r7 (NAME) MAYOR (TITLE) G( (iUl~~J2.Ci✓ ;Y CLERK Ret. Form 122 August 11, 1992 (Date adopted and approved) C0301 (NEW AGENCY) 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. Public Agenfelected to be subject to the following optitsial provisions: a. Section 20835.1 (Limit Prior Service to Members Employed on Contract Date). b. 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_eanand the Board. BOARD OF ADMINISTRATION Off` CITY COUNCIL PUBLIC EMPLOYEES' RETIREMEYSTEM OF THE r CITY OF ROSEMEAD BY S& CHIEF, CONTRACT R'VICES DIVISION PUBLIC EMPLOY RETIREMENT SYSTEM PERS-CON-702 (NEW AGENCY) (Rev. 6/90) BY Presiding Officer cr, Witness Date Attest: Clerk k ~S Public Employees' Retirement, tem Public Agency Contract 5ervi • Contract Service Division P.O. Box 94229-2709 Sacramento, CA 94229-2709 326-3420 326-3240 (Telecommunications Device for the Deaf) SUMMARY OF MAJOR PROVISIONS 2% ® 60 (Section 21251.13) Local Miscellaneous Members SERVICE RETIREMENT To be eligible for service retirement, a member must be at least age 50 and have five years of PERS- credited service. There is no compulsory retirement age. The monthly retirement allowance is determined by age at retirement, years of service credit, and final compensation. The basic benefit is 2% of final compensation for each year of credited service upon retirement at age 60. If retirement is earlier than age 60, the percentage of final compensation decreases for each quarter year of attained age. If retirement is deferred beyond age 60, the percentage of final compensation increases for each quarter year to age 63. Final compensation is the average monthly rate (full-time rate excluding overtime) during the last consecutive 36 months of employment, or 12 months if provided by the employer's contract, unless the member designates a different period of 36 or 12 consecutive months when the average pay rate was higher. ISABILITY RETIREMENT Members permanently incapacitated from performing their duties are eligible for disability retirement provided they have at least five years service credit. The monthly retirement allowance is 1.8% of final compensation for each year of service. The maximum percentage for members who have between 10.000 and 18.518 years of service credit is one-third of their final compensation. The disability retirement allowance for members under age 60 cannot be more than what the service retirement would be at age 60. If the member is eligible for service retirement and age 60 or older, the dollar amount is the same for disability retirement as payable for a service retirement. If provided by the employer's contract, the benefit would be a minimum of 30% of final compensation for five years of service credit plus 1% for each additional year of service to a maximum benefit of 50% of final compensation. INDUSTRIAL DISABILITY RETIREMENT If provided by the employer's contract, members permanently incapacitated from performing their duties as a result of a job-related injury or illness may receive 50% of their final compensation (or more by additional contract provisions). The industrial disability retirement allowance for members who entered membership in a miscellaneous category after January 1, 1980, cannot exceed the amount that would be payable for service retirement if employment had continued to age 63. This limit may not apply if the member was disabled because of a direct violent act upon their person or as a result of hazardous and dangerous duty retired for the position. If the member is eligible for service retirement, the service retirement allowance is payable if greater than the industrial disability retirement allowance. CSD-CON-44 C10027 (Rev. 6/92) n LJ PRE-RETIREMENT DEATH BENEFITS • Basic Death Benefit This benefit is a refund of the member's contributions plus interest and up to six month's pay (one month's salary rate for each year of current service to a maximum of six months). 1957 Survivor Benefit An eligible beneficiary may elect to receive either the Basic Death Benefit or the 1957 Survivor Benefit. The 1957 Survivor Benefit provides a monthly allowance equal to one half of the highest service retirement allowance the member would have received had he/she retired on the date of death. The 1957 Survivor Benefit is payable to the surviving spouse until death or remarriage or to eligible unmarried children until age 18. 1959 Survivor Benefits of provided by the employer's contract and the member is not covered under social security). A surviving spouse and eligible children may receive a monthly allowance as determined by the level of coverage. This benefit is payable in addition to the Basic Death Benefit of 1957 Survivor Benefit. Children are eligible if under age 22 and unmarried. DEATH AFTER RETIREMENT The lump sum death benefit is $500 (or 5600 if provided by employer's contract) regardless of the retirement plan chosen by the member at the time of retirement. TERMINATION OF EMPLOYMENT Members who have separated from employment may elect to leave their contributions on deposit with the System or request a refund of contributions and interest. Those who leave their contribution on deposit may apply at a later date for a monthly retirement allowance if the minimum service and age requirements are met. Members who request a refund of their contributions, terminate their membership and are not eligible for any future benefits unless they return to PERS membership. EMPLOYEE CONTRIBUTIONS Miscellaneous members contribute 7% of the gross monthly earnings, exclusive of overtime. Those covered under a Modified formula (coordinated with Social Security) do not contribute on the first $133.33 earned. The employer also contributes toward the cost of the benefits. The amount contributed by the employer for current service retirement benefits generally exceeds the cost to the employee. In addition, the employer bears the entire cost of prior service benefits (service prior to contract date). All employer contribution rates are subject to adjustment by the Board of Administration. CSD-CON-44 C10027 (Rev. 6/92) BOARD OF ADMINISTRATION 0 PUBLIC EMPLOYEES' RETIREMENT SYSTEM Public Agency Contract Services Contract Services Division - Section 220 P.O. Box 942709 Sacramento, CA 94229-2709 Telephone (916) 326-3420 326-3240 (Telecommunications Device for the Deaf) CONTRACT OF CITY OF ROSEMEAD WITH THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM FOR MAKING AN ACTUARIAL VALUATION AS STATED HEREIN By this AGREEMENT made this 214 day of Ae1 , 19 ?2_1 in accordance with and subject,to the provisions of the Public Employees' Retirement Law by and between the City Council of the City of Rosemead, hereinafter referred to as System, Agency and System agree as follows: A. Agency herewith, retains the services of system to perform the valuation required by Section 20453 of the Public Employees' Retirement Law for the purpose of determination by the Board of Administration of the Public Employees' Retirement System of the contributions to be made by Agency if agency adopts a contract with said Board which provides for benefits as described in Attachment A. B. Agency will pay $700.00 to System upon completion of the actuarial valuation, such fee being based on the number of membership categories involved. C. Any and all data and information requested by System from Agency for use in compilation of this valuation shall be furnished to System by Agency upon request by System. The actuarial tables and procedures to be used in the valuation shall be in accordance with the tables approved by said Board of Administration. System shall have sole control of the valuation and its judgement in the determination thereof shall be final and conclusive. All work sheets and final results and reports the product of the valuation shall be and remain the property of the System. Witness our hands the day and year first above written. PUBLIC EMPLOYEES' RETIREMENT SYSTEM BY /•~(L(~r'~~i11 ~l~C t~ lit CHIEF,.CONTRACT ERVICES DI SION CITY OF ROSEMEAD TIT Contract Valuation FCSD-CON-6A C0706A (Rev. 1/91) • E X B I B I T C O P Y • COVERAGE HEY DATE: May 21, 1992 Local PERS Office Los Angeles Area Office 1.0 EMPLOYER CODE: 107 So. Broadway, Rm. 4005 Los Angeles, CA 90012 AGENCY NAME: CITY OF ROSEMEAD 3.0 COVERAGE GROUP 4.0 COVERAGE SINCE MODIFIED "WsUPP SOC SEC COVERAGE: Yes 5.1 EFFECTIVE DATE 7-1-68 5.2 DIVISION DATE 5.3 TERMINATION DATE 5.4 EXCLUSIONS Yes RETIREMENT COVERAGE: 6.1 i-O LA 2% 2 60 Supp. 6.2 ACCOUNT CODE 6.3 PRIOR SERVICE f 100% 6.4 MEMBR CONTR RATE 7% 7.0 EMPLOYER CONT RATE OPTIONAL BENEFITS: 8.0 SEC 20835.1 (Limit Prior Service to Yee Members Employed on Contract Date) SEC 21361.5 (Local System Service Credit Yee Included in Basic Death Benefit) RECLASS TO SAFETY: 9.0 10.0 POSITIONS EXCLUDED FROM Safety Employees PERS MEMBERSHIP LOCAL SYSTEM Yee 13.1 MONEY TRANSFRD TO EMPLOYEE'S ACCOUNT No 13.2 EMPLOYER MONEY TRNSFRD Yee 13.3 INACTIVES TRANSFRD No 13.4 RETIRED LIVES TRNSFRD No CSD-CON-19M -2- • PUBLIC EMPLOYEES' RETIREMENT SYSTEM Public Agency Contract Services Contract Services Division - Section 220 Post Office Box 942709 Sacramento, CA 94229-2709 Telephone (916) 326-3420 326-3240 (Telecommunications Device for the Deaf) • CERTIFICATION OF GOVERNING BODY'S ACTION I hereby certify that the foregoing is a true and correct copy of a Resolution adopted by the , (Governing Body) of the , (Name of Public Agency) on (Date) City Clerk or Secretary of the Board CSD-CON-12 C0600 (Rev. 2/92) BOARD OF ADMINISTRATION • • PUBLIC EMPLOYEES' RETIREMENT SYSTEM Public.Agency Contract Services Contract Services Division - Section 220 P.O. Box 942709 Sacramento, CA 94229-2709 p Telephone-(916) 326-3420,-,- ~ •'-r 326-3240 (Telecommunications Device for the Deaf) CONTRACT OF CITY OF ROSEMEAD WITH THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM FOR MAKING AN ACTUARIAL VALUATION AS STATED HEREIN By this AGREEMENT made this 2 G day of M Gy , 192, in accordance with and subject to the provisions of the Public Employees' Retirement Law by and between the City Council of the City of Rosemead, hereinafter referred to as System, Agency and System agree as follows: A. Agency herewith retains the services of System to perform the valuation required by Section 20453 of the Public Employees' Retirement Law for the purpose of determination by the Board of Administration of the Public Employees' Retirement System of the contributions to be made by Agency if agency adopts a contract with said Board which provides for benefits as described in Attachment A.-, B. Agency will pay $700.00 to System upon completion of the actuarial valuation, such fee being based on the number of membership categories involved. C. Any and all data and information requested by System from Agency for use in compilation of this valuation shall be furnished to System by Agency upon request by System. The actuarial tables and procedures to be used in the valuation shall be in accordance with the tables approved by said Board of Administration. System shall have sole control of the valuation and its judgement in the determination thereof shall be final and conclusive. All work sheets and final results and reports the product of the valuation shall be and remain the property of the System. Witness our hands the day and year first above written. PUBLIC EMPLOYEES' RETIREMENT SYSTEM BY / & k CHIEF, CONTRACT ERVICES DIVISION CITY OF ROSEMEAD Contract valuation FCSD-CON-6A C0706A (Rev. 1/91) 0^E.XHI81T COPY COVERAGE KEY DATE: May 21, 1992 - LOC61-PER8 6E016e• Los Angeles Area Office 1.0 EMPLOYER CODE: 107 So. Broadway „ Rm. 4005 Los Angeles, CA 90012 AGENCY NAME: CITY OF ROSEMEAD 3.0 COVERAGE GROUP 4.0 COVERAGE SINCE i MISCELLANEOUS MODIFIED "/SUPP SOC SEC COVERAGE: Yee 5.1 EFFECTIVE DATE 7-1-68 5.2 DIVISION DATE 5.3 TERMINATION DATE 5.4 EXCLUSIONS Yee RETIREMENryr~,,,'iCOVERAGE: 6.1 1DRMUDA 2i'.@ 60 Supp. 6.2 ACCOUNT CODE 6.3 PRIOR SERVICE 8 1008' 6.4 MEMBR. CONTR RATE 7.0 EMPLOYER CONT RATE OPTIONAL BENEFITS: 8.0 SEC 20835.1 (Limit Prior Service to Yes Members Employed on Contract Date) SEC 21361.5 (Local System Service Credit Yes Included in Basic Death Benefit) RECLASS TO SAFETY: 9.0 10.0 POSITIONS EXCLUDED FROM Safety Employees PERS MEMBERSHIP LOCAL SYSTEM Yea 13.1 MONEY TRANSFRD TO EMPLOYEE'S ACCOUNT NO 13.2 EMPLOYER MONEY TRNSFRD Yee 13.3 INACTIVES TRANSFRD No 13.4 RETIRED LIVES TRNSFRD No CSD-CON-19M -2- 0 RESOLUTION OF INTENTION TO APPROVE A CONTRACT BETWEEN THE BOARD OF ADMINISTRATION 0 OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF ROSEMEAD WHEREAS, the Public Employees' Retirement Law permits the participation of public agencies in the Public Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished; and WHEREAS, one of the steps required in the procedure is the adoption by the Governing Body of the Public Agency of a resolution giving notice of intention to approve a contract for such participation between said Governing Body and the Retirement System Board of Administration, which resolution shall contain a summary of the major provisions of the proposed retirement plan; and WHEREAS, attached is a summary of the major provisions of the proposed plan: NOW, THEREFORE, BE IT RESOLVED, that the Governing Body of the above agency gives, and it does hereby give notice of intention to approve a contract between said Governing Body and the Board of Administration of the Public Employees' Retirement System, providing for participation of said agency in said Retirement System, a copy of said contract and a copy of the summary of the major provisions of the proposed plan being attached hereto, as an "Exhibit", and by this reference made a part hereof. BY (NAME) (TITLE) (Date adopted and approved) Ret. Form 122 C0301 (NEW AGENCY) E PUBLIC EMPLOYEES' RETIREMENT SYSTEM Public Agency Contract Services Contract Services Division - Section 220 Post Office Box 942709 Sacramento, CA 94229-2709 Telephone (916) 326-3420 326-3240 (Telecommunications Device for the Deaf) n u CERTIFICATION OF GOVERNING BODY'S ACTION I hereby certify that the foregoing is a true and correct copy of a Resolution adopted by the of the (Governing Body) (Name of Public Agency) on (Date) City Clerk or Secretary of the Board CSD-CON-12 C0600 (Rev. 2/92) Public Employees' Retiremen ystem Public Agency Contract Se Contract Service Division P.O. Box 94229-2709 Sacramento, CA 94229-2709 326-3420 326-3240 (Telecommunications . . - . -Device for-the Deaf) SUMMARY OF MAJOR PROVISIONS 2% ® 60 (Section 21251.13) Local Miscellaneous Members To be eligible for service retirement, a member must be at least age 50 and have five years of PERS- credited service. There is no compulsory retirement age. The monthly retirement allowance is determined by age at retirement, years of service credit, and final compensation. The basic benefit is 2% of final compensation for each year of credited service upon retirement at age 60. If retirement is earlier than age 60, the percentage of final compensation decreases for each quarter year of attained age. If retirement is deferred beyond age 60, the percentage of final compensation increases for each quarter year to age 63. Final compensation is the average monthly rate (full-time rate excluding overtime) during the last consecutive 36 months of employment, or 12 months if provided by the employer's contract, unless the member designates a different period of 36 or 12 consecutive months when the average pay rate was higher. DISABILITY RETIREMENT Members permanently incapacitated from performing their duties are eligible for disability retirement provided they have at least five years service credit. The monthly retirement allowance is 1.8% of final compensation for each year of service. The maximum percentage for members who have between 10.000 and 18.518 years of service credit is one-third of their final compensation. The disability retirement allowance for members under age 60 cannot be more than what the service retirement would be at age 60. If the member is eligible for service retirement and age 60 or older, the dollar amount is the same for disability retirement as payable for a service retirement. If provided by the employer's contract, the benefit would be a minimum of 30% of final compensation for five years of service credit plus I% for each additional year of service to a maximum benefit of 50% of final compensation. INDUSTRIAL DISABILITY RETIREMENT If provided by the employer's contract, members permanently incapacitated from performing their duties as a result of a job-related injury or illness may receive 50% of their final compensation (or more by additional contract provisions). The industrial disability retirement allowance for members who entered membership in a miscellaneous category after January 1, 1980, cannot exceed the amount that would be payable for service retirement if employment had continued to age 63. This limit may not apply if the member was disabled because of a direct violent act upon their person or as a result of hazardous and dangerous duty retired for the position. If the member is eligible for service retirement, the service retirement allowance is payable if greater than the industrial disability retirement allowance. CSD-CON-44 C10027 (Rev. 6/92) 0 0 PRE-RETIREMENT DEATH BENEFITS Basic Death Benefit This benefit is a refund of the member's contributions plus interest and up to six month's pay (one month's salary rate.for each year of current service to a maximum of six months). 1957 Survivor Benefit An eligible beneficiary may elect to receive either the Basic Death Benefit or the 1957 Survivor Benefit. The 1957 Survivor Benefit provides a monthly allowance equal to one half of the highest service retirement allowance the member would have received had he/she retired on the date of death. The 1957 Survivor Benefit is payable to the surviving spouse until death or remarriage or to eligible unmarried children until age 18. 1959 Survivor Benefits of provided by the employer's contract and the member is not covered under social security). A surviving spouse and eligible children may receive a monthly allowance as determined by the level of coverage. This benefit is payable in addition to the Basic Death Benefit of 1957 Survivor Benefit. Children are eligible if under age 22 and unmarried. DEATH AFTER RETIREMENT The lump sum death benefit is $500 (or $600 if provided by employer's contract) regardless of the retirement plan chosen by the member at the time of retirement. TERMINATION OF EMPLOYMENT Members who have separated from employment may elect to leave their contributions on deposit with the System or request a refund of contributions and interest. Those who leave their contribution on deposit may apply at a later date for a monthly retirement allowance if the minimum service and age requirements are met. Members who request a refund of their contributions, terminate their membership and are not eligible for any future benefits unless they return to PERS membership. EMPLOYEE CONTRIBUTIONS Miscellaneous members contribute 7% of the gross monthly earnings, exclusive of overtime. Those covered under a Modified formula (coordinated with Social Security) do not contribute on the first $133.33 earned. The employer also contributes toward the cost of the benefits. The amount contributed by the employer for current service retirement benefits generally exceeds the cost to the employee. In addition, the employer bears the entire cost of prior service benefits (service prior to contract date). All employer contribution rates are subject to adjustment by the Board of Administration. CSD-CON-44 C10027 (Rev. 6/92)