The URL can be used to link to this page

CC – Item 3B – Staff Report – Res. 98-17 Approval of Amendment to Contract Between Board of Administration and City of Rosemead Th: ' star eport TO: HONORABLE MAYOR AND MEMBERS ROSEMEAD CITY COUNCIL FROM: FRANK G. TRIPEPI, CITY MANAGER DATE: MAY 19, 1998 RE: RESOLUTION NO. 98-17 A RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEE RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF ROSEMEAD FOR 2% @ 55 FULL FORMULA AND MILITARY SERVICE CREDIT Attached for your consideration is Resolution No. 98-17 which is a Resolution of Intention to amend the contract with PERS to provide for a retirement formula for 2% @ 55 and Military Service Credit as Public Service. The additional annual cost to the City to provide this benefit is $48,978. Since the employee pays both the employer's and employee's portion of the Military Service Credit, there is no cost to the City for that amendment. Both amendments effect current employees who are members of PERS. Also attached is a copy of the cost breakdown for the 2% @ 55 formula and a list of the cities and agencies who have this formula. If the Council approves the amendment the new rate will take effect July 27, 1998. RECOMMENDATION • If the Council is in favor of the amendment it would be appropriate to adopt Resolution No. 98- 17 and introduce Ordinance No.786 amending the current contract between PERS and the City. czuayasII5.59S COUNCIL AGENDA MAY 2 61998 ITEM No. _ / RESOLUTION NO. 98-17 RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO 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 and their employees in the Public Employees' Retirement System by the execution of a contract, and sets forth the procedure by which said public agencies may elect to subject themselves and their employees to amendments to said Law; and WHEREAS, one of the steps in the procedures to amend this contract is the adoption by the governing body of the public agency of a resolution giving notice of its intention to approve an amendment to said contract, which resolution shall contain a summary of the change proposed in said contract; and WHEREAS, the following is a statement of the proposed change: To provide 2% @ 55 Full formula, and Section 21024 (Military Service Credit as Public Service) for local miscellaneous members. NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency does hereby give notice of intention to approve an amendment to the contract between said public agency and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto, as an "Exhibit" and by this reference made a part hereof. By Presiding Officer Title Date adopted and approved (Amendment) CON-302(Rev.4/96) CITY OF ROSEMEAD PERS CALCULATION: 2% @ 55 YEARS JULY 1, 1998 PROPOSED RATE RATE (2% @ 60) (2% @ 55) (A) ANNUAL PAYROLL $1,245,611.12 $1,245,611.12 (B) EMPLOYER RATE 6.774% 10.706% (C) EMPLOYEES' CONTRIBUTION RATE 7.000% 7.000% (D) ESTIMATE PERS COST CALCULATION: (A) x [ (B) + (C) ] $171,570.48 $220,547.90 INCREASE IN COST PER ANNUM $48,977.43 kb:123r5w\pers55.wk4 (04-30-98)(revised 05-19-98) PERS CONT SERV DIV TEL :916-326-3005 May 19 '98 8 :52 No .004 P . 01 CaIPERS 400 P Street, Sacramento,CA 95814 CA LIFO 0 NIA .PERS Date: May 19, 1998 FFA—INC Number of pages including cover sheet: To: Don From:Cheryl Salvador Ciry of Rosemead Actuarial& Employer Services Phone: (626)288-6671 Phone: 916-341-2073 Fax phone: (626)307-9218 Fax phone: 916-326-3005 CC: REMARKS: Q Urgent 0 For your review O Reply ASAP 0 Please comment Don, per your request, please attached a listing of the agency's that contract for 2%@ 55 for local miscellaneous members. PERS CONT SERV DIV TEL :916-326-3005 May 19 ' 98 8 : 52 No . 004 P .02 Ci 000 0 o Ooow ot)000 O0 w O 0000 00 F0 0 0000 00 0 Lag w .W_ WW Y Z 2 <ZZ CC Y 2 2<< CO JUUJ UVJJJ J_JQQ C J J<JJ JQ « U 'WO WJCCJ <.< -I WfJW J- J < aw owWWW wwaw ULWC o= wwWW o0wt�.. oJu C £i- w-0440W4n000w-0o-w v OOW-<Nw_ w< CJN 0C 000CJU10-jC Co 0J yyyCJJ002 JJ ¢ £O - L-4-00--00----0--0-£00£ti 00£i£W d££a LU £ £4 ££22'_44££u00£-O O0--0000L 0O..--Omm0 r mm O 000 UW OOc000O 0;0000000 COM000d Ol�O0 GCmda 0 OO--O ^ mm h itt ' lIs C0 00 0000N0000000000000. 2 00 -0000N00000000 W 00000NN4 0 "N� 00000 -OOO-NNo-0000 QO - CO 000 -O0O00OOO 0 Y > La N CO O 0 t w C U _ C F 0. W W 00 Y C <6 0W W ZL Y Y oU 0 0 a< J Oc £ - p _ W 00 V W 0 O N„ F O C J ' 0 O0 Y = .JO < 1- O Comw O = O O 0 U Jo O 0 C 0 Y 0 0. a C x It O >. 0< - ? - Y . F`-o j0 0 U J o o L 000 OO 0 0 0> p OSI- OF > O FU O 0r r O- - > F0 Y 0 W 00 U 0£, rU £ U t- j U� J W -0- C ==< 0 < Z Z = 0 CaO O- C 2 < Z m V < V = S-J m -L. Y r - w <2 o aCO oc O r 0 , - S - m mo- dm m - - m - m OW 20 S .- N NN N00O PO Z b N N 0N =d 00 i CO0 Nm WO x 0 0 0 coo 00 - x 0 i 00 0 0=000 OO PERS CONT SERV DIV TEL :916-326-3005 May 19 ' 98 8 :53 No .004 P .03 • y0c N0m N ==== ON NNNNN0N0NNNNN 0NNNN = » m -mo 70J on= =00 nm mmmommmoomo=0 pm=__ 0 00000 O 000000 0000 00 0000000000000 00000 O w WWWW WWWWW WW=WWWWWWW == wwwwWWWWw WwW - } __ z _____ Z22 - 2 _ Z_ ____z ZZZYZZ Z22 C < ««< C «<44< 4«4 << <<a«<CCCC<< J«CC W CO J-JJJJ JJ JJ J JJ JJ J JJJ •JJ JJ JJJ J-'JJ O O w - Wwww JJ J ' JJJ JJ 'JJ 6 mW W UwWWwW OWOwwwwWW WW UWwWWWwWWwwwww WWwwW £r 0W-00000W-0-000000W0000WO0w-0000000000000 00000 W< 000m0CJN J N 00Nm N=000=C N NC J N m m 00000 N m 0) 0000 U 02-0 0 Y66£S£££66£6££ZZ££L££S£6££6-26££i£Z££££££=2 MOM Nfl '.-0000000m w-NPNNNCO---m0OZ.N-ON00'Ci cNm N0======00 S 0900000000 mop 0000 a 0 P00¢P ON P PP UV I iii NPP ' 0 �4222222 , 22222 „ 22 / 122221 pi 000-0- 66 N000N0000000-N-'00000 N 000 Nnm Nrvn C NO ONO N 000 0NNO0 wO C0 O11j1 NNrr-2 -N-rv00NN0000 -N-r0^bW On-ba 0--00-0.-000^^0,-0000000-000-ry rv000-0e rv000000 00-00 0 z WO -< w-U U> zU N E =0 62- >U 6 N U- 0 <_ La 0 Z0 YF C 0 Y N CO ti O- N- £CG - 0 O C 6▪6 OF 0>O O =01- -= O` OG 2.12O 0 IMZ _ U <N 0 W OW WJW C 6=0 U 0 C WJ£ 06 <£ 00 0006G- =3 U O 6a N - 0-Z2- =Z2-=2- J£U 0 0 0 >06-WO =_J wW K N> C0C 0>N 0- < N 0 U-C0>-Y66 2> }-W = >0= H- SZJW0 0 6 00 C<C0_ >00 WO0CUti2 U JO ZOC WC/a-Z[0 ZC2 ti--U OWHU 0 N'J m£2 H02-00- <-42--C p£NO 6 - •0o<W0 -o `J CO>0 3JS0F - ZGJ< n0 J O > - Wa -42co-i- N Ow4=Jf2-0£ mJ JO C=JW_ J2CO2-0 2-J00 J =6W-==C - 2- aC 2- 66 NC 2-O-0U<m6> 60 U U6 0<sw 6 0J02- ->C2- C UWZ2-£ w z W >00 - 0060 OWWO -I- J--O- J O4J 0 0> C 0,--00W006•02.2J 2-= 006 -42 LL-O OC 2 6 2-J } --C=Z2- Ww<6 -0 s-CooU<JZ<0Z0 0 6 O -w<2- ZZ<O<O Cs >C ONw2J NWN> C W WU- - ZNCC 2- w } O 0< >K >00 OFW2- G YW 2-=WO s £O • <>-.= ` C =0> F W=w>ww2- 0W6 O-W O 40= W O UW0SFW- -- WUC C<02-Z--0 >- U_ pOC<Y N OWSW -J6 000 -W -U<CW<-OJ- FU} o->. NOJm >- <C-<= _loo U 0Y>60 =20 CC - OW w 2- J- < 2- ZC-62-- -N en 0-Z OZ Z •C0 UWZW a 0- W0=Wo - 626=-6 -w2O w 2- m. 2-0CC4'J ^ 0 < Z WU 42<z O co.) =010 02-3 ,-.== SZNJ222-Z0 >CO-F 'CO-'- CUWJ0W - C -<w F-000wOL<CZ=- 62006- -0 0= J= 6 - 6W NOO< N$£ 200020- wWW0 JZ 00 J 6=2-W O >CJ20Y F 5F£ C < NW ONC<6<90=J W- Cw O Z Cu £ WN2 = 2-W0=O CwJ WOC 70m=-P-=F 6F YJ0W2- 2 W -6 SZLW= N NZWXFJ <>JZ >00 OOJOOUO-ZZ OZ ee>wz W <- <6C0 - «--w= J-O< --< ZFOWC<-«< C0C w=m<O C Jco6C OW00C 0 20£'- O C£N CCN - ) CONS600 -20 cn m0-O£ 0= 00 JW - >N0Q> - -m 0^ =CNN o- m OONC' G N Pn -CsCG N WFOnrva -nmm nON NNP0^-NO- OW £O s m ==CNN 0090 0000 00 02-NNNNN0000NO i 00000 U 00 00000 0 000000 0000 0 00 PERS CONT SERV DIV TEL : 916-326-3005 May 19 ' 98 8 ;53 No .004 P .04 Nt00 NNww rny_N_N_N __NN_NNNm N_W_daomoom_n_NN_OinommowyNNNN Co CoC 000O»>OJ7 0w00 »> 070037 Oo0O»O»OJ0»> Oa w Wew W W W Ww OW OW W Ww Ww Ow O 000 W_W_OWW_W_W_W Wwww W W W IOlw Ww WW W W Www Ww W W_W_ .- Y 2Z2222zzzz-zzzz Z == Z zz===-===zzz2Z 2ZZZZZ22 C ««<6«<4««<w< ««< 6«<G«<4<4«« <Z««<Z¢«< W KOjJJJJJJJJJ_xJJJJVJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ�JJJJJ < OW WW WWWWWW WWWWwwwwwWWwwwwwwwwwWWWWWWwwww WWwwwWw WWWwww L £L 000O000.0000UOVQLUUUO000000000000UVUU00000 000000000 W< 0000000WW00v)NNN 00000000000rn0000000mr/.00000C OOO CooOwcO 20 0 -ale, 2Y\v'l T N-M1 NC3 N C1 I-NNNOM1N= In CGN-u-I \r-m,ab NNZN P PPPPP m a.c P Q C O.P P P PP P a m c P P 0 P P OC P m P P 00% Q Or 0 P P O P O A P P P 0 A0 Ow ririrrrrrrrrrrrrrririrrrri111111r00W tilt =000. rrriii enf N0OPC-Y OCC NNN-0.-00Or NO OO CC CC N O N M1 O m C 000^P M1 0000 LL< wpONnNONr^mgri l „ 1 „ 1 ^O^00 -NmmmOCNmp� NCVNNpmNONNm000 O Cl rrilrirrrrrrirrirriir1rrtrtrr „ rlirlrrrriiriirllrr W 0N^.-0000 -c-00000-0=0NR00.-N 000N0000N� 00-00000000 O-...�OOOOo^G��O�,-O-p00^,-00.--000.`b OOpm^OO-000000000.- N N O 0 MO O 1-.< < WO 2 < C > iJO C WO u. W 00 J N 2 JC < 0 <0 0 U 0- 2 2 C } 1-C 6< 00 < 0= } 0 - C C O = C On o U = CO C = 0 O NO 0 W O s > C C VW < < OW 0 -O CO 0 C C O C O b W> 0 OF o 0 JO C <C Yu CV < 0 CO 0 0 0 0 0< CO < J z0 a cNiw 00 w0 1-Y 0 2U00 1+0 1- _OLU Y0 0....- 61.. WO-O 00u..1.-u_ 0} 0 O 0220} OOW £C C O C LL Y1-0Y <J o<}<UOYpH o,ZO-OOVOY 00 OU C 9}005-2 }} CI-0200 1-YY0Y r-0 rpu -0Y< 01-0 tiU} > -< >21- 01-Y-0>O >->0~O- r m g= ^Y -O Y 2OCCY}r02 1-004-0r-�rh 0 0'- „0-w'J O04- 0r<00 OC.)Y -< C6F'r-07000- ZC----< > r} zz U-< £ 0002 ZC 0 um - --coo 0 00oo H-N -r- 00} >w 00 000<ww WO -o ZOO 0 I} <00w -0001- J..2..".=0-1-10 LOO 2.40W< Wm1-020001 NCV< 0 00-02e 2<00000J- J- WOOWO<YY0«O-Z<V -2«<>C COO CO -O <WI- Z= -w <OO S -Zw4OZZC< woow=C 2 =U FW «C • U UJs-C2<>C oar HOU<-OtJOw0< J«<CrwOo«oO0 <Z-2 O = 01- -r•JW Zw< m=J4-r-¢009£2 Y01-r£wC£-hJI-SJL< 000020 CC Z«7==o> W> C2oor-E< OJOz20>£ H2726££C «0030 J-C -w2¢0====_1_,0<O «J-O«u-<WW« CJNGOu: PW < 0014002020 0=0 $£-00<=00<w_10200C20J2>00>z== O0_<0£2 = = 0 O▪C �OO,-NmN'PNN-00P M1 . NNmvrn.-NN.- - d0 N 0000000 I--00 00000POO^NN r1 Y+mmCC 2 CZ p p 0040.-0401 NNNNmz OW 20 t 000000000 COO 0000000 NN NNNNNN �C WU • 000000000 000 0000000000000000000000000000 000000 PERS CONT SERV DIV TEL : 916-326-3005 May 19 '98 8 :54 No .004 P . 05 0)000_0_000_0_ MUM"to N 000 CO CO CO 000 co Co en en 000 en N 0000 Ntn w en gin N 0v en(ntn N NN O �. O o 0=======Ooo=2Z2==000==70J====0 o 000000000000000000000000000000000000000000000000000 W W W WWW W WWWWWw wwWWW W w w W w W WwwW Li__U_WW Www wwW W W Z Z=WW 1- C =ZZZZZZ; 2222;______ 22<2 Z __ =Z ; ZZZ _=SZZ ZL w 4«<000QC6<Q<4««<44Q«QQQ«664«Q66««Q«QG<Qf coJJJJjJJJwJJJJJJJ JJJwJJJJJJJJJJJJJJJJJJJ JwU JJ _jJJJJJJJJJJJ _wUJJJJJJJJJJJJJJJJ,_ JJJJJ< Ow Ww WWwwWWWWJWwwWWWWWWWWWCJWUWWwWUWWWwwwwWwwwwwWWwWwC 000 £U Ncif fn ttnn NNococn<IWONNNNZCOuiiNNNNNNOtpfONN NON NON N CO y N ZOO al N cn 00 CO NN POC-tC 0'N-N z C'C'b N N.O m N0 O N n 01 w-Noe-l-to m0'N m F t l-m--0'0'n¢1 h-2n C W PP TP j i l t II t T P P P P O P Cr".P P PQ Ot PP P Oe Ot OtP 0.0%Cr,d Q%CA 0%T P PP P PP ' Cl‘PP 0%CC Y12-0N P 0=OP 2 CC-IO n`d n-N-0n 00Y1 n'O P C 200-rt1 P-0.P 0 Q Cto-rn COC6-P w4 -0FnNNMNn--n00`-`-000-OMpM-.•N000J-MNO- 011101nN-O-- e e ltIl i l ls 1W 0O 0--.11000,060-•-0000.6 W-000==n P CC)0“10206)C 0 CONP CO 2-N00 O.NP 00000.-- 0000000000-0-00000"0.0000 CZ---OCO 0--0000000-0 0 COO V - - 0 wV N } W-M OC 0 N C p 0 U <0 O = C 0- '- 0 2 _ - - 6Q V O 0 00 02 2 6. r F ,- I- F pC 0 0 _ - 00 - 0 a _ U O N 2 C.C. C z W < ctl> 6- -O C N JO £ 0 OV w - = N0 U - mw W < c-La 6-1.61 - C 0 0 e. W 0 Q 2a V 4 0 <0 0 = > O O D CJ p - Cp <O < WC w mF O C CO. 0 0 a Fw C 0 -N Ow C W WY YOB 0 2C N 0� W - C F CIC- FCOr C C- 6 <- I- 0 W Z. LL000_0LL ot.}_ 2 < oLL ¢LLOw>V 0- 2 - -}QI- O Oe. YLL0 2 Cu. 0CLL - Z2 Z 0 CC 0 O<NLL Y 0-NO>LL 0 00 Yw r-JY 0Y GULL CJ2 00} W 0 > OZ0e.I-.L..Y0 C] _-£F-0F } 21c->p 0I->- -}H OL <O}w- F}w>> t 0-OI- YF>O -0-I-Y-t--> CWdF-,-0E-}- O-----rC-> 0 -Y O 0}-1--f.}LLO<-FV 0-I-0-ZI-> > <nC- C-0-0-CC' C w Q<FZ 0-0-C 'ooc C 0- 0<-}}00 '=}O2 0} C ()mei_ CHY ciao mC-F r JC- 0 CO 2 CZ U NV-rC-WOH N 4 -NU-O-wU < G-Zoon >OCw-w<00 w O-0Z.,0-CO6O'-J000m V UFOj Q = <0U< NW< ZI-0NJ2C.J 0co< - O -J OKU6 JUOw200=zw< OCO L=W<-Ow-w 4<OOZI-Z-<Zw< 0£-< - r0 W I-C -< u" ?:. O < VrO>--yo-c>N£ <ZON0000 - >n> cm-c < CO 7C -ZYY>- O =< 0 0-00CC 0-} =COW£=NJ-WO t.ZfWW<W u.1-YCNZQGLL6I.OWCN- 0 = Oti6-0-IBJ=-ca 0Z<wl-cc=<J O£--15£266 J2Jw 0060 --=QC}C C' W 02C....[2})=62-}'00-222=>2W UWCO«OUCJ<SNw4-<22JU2 m20))))0 =00z<-O«6 «O<-<.IJ-OG6WJZ«OJO-OW<-C<ON<J«<LJ - W6 ¢00JG22LO020202JNCO20000<-C£Y<O> n0w2JNUWNW00C2W2££ Ou c_0 C IN P 000'00000----N1 ultpbl.M1l.nnn000OAOp.PPP00-m0 Ow WV NNNNNNNNMMnMrvnnnnMm� nnfnnnnnnnmmmmmmmmrynMrynm - _ _ � -C U 4 00000000000000000000000000000000000000Q000000000000 PERS •CONT SERV DIV TEL : 916-326-3005 May 19 '98 8 : 54 No .004 P .06 CO NNmcowwV N N Nwoomm 04 Nm Co N N N N y y N NN NN N 4,0004,4,N 04,!000010 to 50000 ra0a_ "'0000aan .00CC===r O0 O 00m0000 =OCOJOO 000003000000000000000000000000000000000000000000000 - W____ WWWWWwW_ __ WWww WWwwWWWWWWWWw wW Www W W W W Ww W W W W W W WWW WLI WwW W Y SZ_t_ 222______2 2 == _ ==========Z Z==__Z_2__Z_ = «<QQ<400«««<Q6Q6«a«aa«a«000<QQ«««<<a«« CV JJJJJJJJJJJJJJJJJJJ_JJJJJJJJJJJ.4_1_1 JJ JJJJJJJJJJJJ U wW JJ-JJJJJJJJJJJJJJJJJJJJ�JJJJJJJJJJJJJJJJJJJJJJJJJJ WW WWII W WWWWW WWWWWW WWwwWWWWWWWWWW WL:UWWWWW WWWO wwWwfL WW Y Z- 000000000000000000000000000000000000000000000000000 £U Ntn 000 4,0 to N 00 N m N 000000 N 0000 N to m 0 N N 000 N o m 0000 m 4,000 to 2E-2££££Y£Z£££££££££££$££££F££££££Y£2 2££2££c£=TEEM S ^0350 rz10 iON--NNLNnON N- fl CU NTs VNs ->O N^mnNNn50S10-OLOO tp NCN PP P'cs c POOO PP Q P 005 PP P c 05050'0•P C P P 0'P P P PP to 0OO P PP PO P trO PP a ass' OW w< -ON-m-- .=000. -NS0>05.-. N-00050!-0>N '-.-0 Oro mm ;m 0-0, I NOOm00000-N --amo=o Li ON LC t 0500-N0O>m 5004,'mn 505050 P5LPCPn-CU C'0 -'_10050-0 40 SPn n n5L S�00 00000-0000-000-000000000000^-OGOOO-00'-00^000000OV- N 0 Y 00 F hQ = GUIU 00 U J WC = - C r ma J 0 < 0 co - 0 = 0 0 Z- 0 G -0 0 r r = < £ <> OC Y wO - O Om 0 r 2 O _ Z 0 0 0 0 `- - U C > r- O _~ 0 ¢ Co 0 VU U ¢ 10- G m - W C 6 r -LLI 0_ 0 0 0 O 0 -0>- 0 MO 4,_3 _ 0 00 - 6 Z F 20 V C 0 w =JO 00 > u> JJO 0 4 U¢ r� -=C 0 -w < C 0 w E IL 0 -L3 >0¢ L V WZW Y <ruJ O -LCCO-O 0 2 LLO W 00 OSV OT r-0OJ00 > FOu.OL00-4 20 =Q00 Cr 000-> O u-0 -> 0-F-2Q Cu..-C0 ->O>O eC3 00> <UJ 00—W>r0- > V I-rr> Et= rY>w JO-LO'->F-Y >LL 0 L LU0Y- o i-- �U2-.ir F__0-2<V0•W>> 00 ->->w->0> -00 <0>><V> -00 - c0000 00 -Y W0U£--C¢OY 00-VZcr- 20 >J a w CL000>> S -- >0000 L.100° -r LTL V 8-C3J.-- Y>w Y-<J-£ 0J2< 1-r-r < 200TH Cr < 2-L.HJ= COW00t-UO>ti.rw=-0000r<UJ -ni--O C r Or-W <O== JVCVw-w-w-U CC--J t 0<r-OZXCeZDUJUJr o00¢Or 0 00<=00C -QUf0O0acne=hCUU= w > V- JO «-00=CW <0W-1 ZJ>r<0-)= 00 O-10 0Z _ nC< WCO< J U I J< 0OLCCS C<C CC-<`-WC=WW<W0000 FZZm-00Z+r4, 14120-EW0 2 cc <-0CW-6rZar$1-< C CU<OJU.-J 2201-0-2012<J<£c0W2 <OC CW 0000>--62UC££2J0J0-02C<>CJ<0J22--0wN1CZCJJoJmc=J>XOw �YpCt_ Oax _ 0N _-. -CC=CGOww--Q Y> O -£UCUoo .=ara2->a» rroooocooo _ccrccP N OC -O J0 - NSONnOmONOW trOnScv3NPN5O00>N N0N MO0 -oWNO-w?ngC0 C0\000 O N �mmM- NNYS V' S05pnn SmCCmPP nnO-NWNinNmtil OO 5 tnoOti OpCOCOO OW WO i - 00000000 0000It5•nu�uNY�VN000 0 ooc000000000c0000c00000c00000000000000000000m00000m PERS CONT SERV DIV TEL :916-326-3005 May 19 ' 98 8 :55 No . 004 P . 0' tatocam NLON NyNNN y y N NyNNrnyN N NNNNNNNNN v)NN=t7_N NNNy 0 w CO CO y NN0 000000022000 CX-0000 00000000000000 o 000 0 0000000000 N w Ow W W W O 00000 0 O 0000000000 0000000000000000000000000000 WWWW W W WW WWWWWW Wr. WWWWWWWWW wwwWWWWW w m W WwwWWW wW > -_zzzzc<mzcCC<<<Cmcc<zcCCc<<czazzzzzzzzzxzzzzzzzzzz W CO -JJJJJJJJJJJJJJJJJJJJJJJJ'JJJJJJJJJJJJJJJ-''JJJJJJJJJ < WW _WWWWWWW WWWWWWWW WWWW'WwwwwwwwwwwwwwW Ww'www WwW WUWWLWWJ O0UUOVOUCUUUC00000oo000VCUUVoo0Qoo0C000U0000000000 £U NNNNNNNNONNNNNNNNNNNNNCONNNOCCOMNNNNNNNNNNNNNNNOmm0 £S££S£L£££S$££FY$££££££££££££S£££££££££2£8£££££X-££2 .n Near yfbbFSYNOM1.O.OMNM1r.RNNFFN ^nN ^M1 tpm FNtO^M - PP T POP C\OrD Ot P O P PP Or T a P QP P P P CI P P P PP P COr C'qP P P P C.n P S MG‘P QPNNM PSCCCmNM1CPSM1-P^OmNPP-'CSFC-X CSrCCmm Ir r._< 00. -n^N^OOO.n000^OONN^^ Or900^- PtCOmPo_o_ON I`C r rrl 1lit111 ^^ON^Om-.nmgp0^KNNO-O nr W .-P 0 C\C '00 v-c'C 0' -.(N M�1W r--O.-Nen r-6.N P 0\N O C1n.o-'C bbN^b N b rC'C N Vr' 0' tr0 00^000^000000000000^0-000^1,0-^00000000^^0^000^CO.-C.- 0 wo rK uU 0 WC - CJ cc i- F 0 0 ¢U Z O 0 W Z r 0 1 1- V2 N O 1- O 0 - C HU C r 0 j f V 0 OF N 0 N 1-0 0 U I-- 0 N V O C- U U N O < d F - - y C OU C 0 C <- z "O O { OW 0 V Nm w, F O UK 0 - y 0 -U N0 0 2 0 =w O_ OU < -6U O - y 0 1- CC < £ 0<< I- w WF O N C 0 D O p£ - O < UN0>N 0 CU JO 0 > 0 in 0-0_2 r U - O O< O C> S CC Q C 0 uW nn K _I..u4' _ F N__ J <<O w C0a 0 2< „_=„ 0 -00C -0r - OOr._u6 Ow -0 - W cU)-1 WN Z}Ow NO Zr >1- 0Z 0J c-> C W 020 U 0Tr41 0 0Z< S =-..3=-..3,'" C Ow > C2 O C OC}OLEOS W W 61}-1X- U>W>1,- yW0>>-rr. 03 CT <C= 000 - uLi->-U-2Cu£zl-CH < M COL-0- O N£MOHOFU<4~~pON£ ...?0ir 00O0Y 010 >03F0y0-c <YI- Wr U Yo. o)_ K00_ _ _ W r-<W»J<C 0<}rOU£t-o< <OY O >W-U NNOF<1.— u:x -2U -U> OOC3m-Uu _[,,._J= 0 ON 2U 20>U > OCOp J O>J <ow p- <2£of- O O laC 0> = IJJ< ON >W <N- m 0 C>o0OC+1< r<O-K o wo,--s<W>0 00 W<-<QU Z000 WW 41> 0 K_OC OWYo7CZWOw<Wo>2WOr-oo-cowC <=<n-C1 G000-WW y S> O S $<-44J1 -->r_r-<O>C2JU0-KNWro F-r I-O J-C -JJ^_J5mO 6C W YONmw-woopoo<w Z-'OU--_t_moCCJCCNCJ>YOYNJ00Nrt - N C <o-Nw-WWW=“COw«<O<$J-S 0 MOOQ<W<W WJ<VGOw ZWO W- O-S<SX IT < ppCW}>WwNOVCUCJN>N>OOOCOU.NN U:f=UYCOONOOd-UJ£$>££rWJS \r OM -O W - NO^mOMPNVN-bnbl-P^COP-nbONn.ntt-NO�'\M1m0^ninmX\O-COCCI.\MCr \6 C0 N -NNtvmb bf`M10P0.O0^^NNNNMMMX=-"ENChnCOPON..)m.mmCX,\\\MOPPOCC OW CC b.O1OV.Ob.O.OICObbFMmmMNm\\NFM1M1(rM1M1M1FFFFggOOmC0)0CMCMEOCCPPP -C WO r 000000000000000000000000000000000000000000000000000 PERS CONT SERV DIV TEL :916-326-3005 May 19 ' 98 8 :55 No . 034 P .03 • m Cn CO 00000 N N N 0000 m c to 000000N_N_Na_Oath m to O<0M 0 c 0 to In to 0,N N Vi N to N NN 70000=Ma 00000000000D J 0 000000 J 0 O00 O 0000000 ^ 000 o 0 O w O 000 0 0 0 o o o 00 o 00000 o o 0o 0 O 0000000000000com O O Oo La liw_w_W_W_WN_w_w w W w wwww w W w w w WW W'w_W W_W_W_W W www W W w W wWww w } -222ZZZZZ Z 2.22 MECSZ222ZYZ Z 2 = <c 22222222<c K QJQ66<¢GQ666¢66666<<<«<<<<6666QQ¢666Q4«6QKK¢¢Q ¢6Q W CC JJJJJJ JJ J JJ J J JJ JJJ J JJ J J JJJ JJJJ J JJ J JJ JJ JJ J J J J J J JJ 0Ow JJJJJwJ J J 'JJJ JJJ JJJJJJJJJ JJJ)JJW JJJ wwWWWWwwLWwwWWU0W0w0000WW000000 6 £h U U UVU U WUUUUUUUVVVUUUV0U0000000000000U00VV U 0 U UV V VV YU 000000000 m 00000000000000000000'130000 to 0000000(1300000 En ££SES££££££££Z££££ZZ££££££Z£££££££:-£ZZZ£ccc<c...c£S££ v u'C'OC ICG mr mr Q"0' .r ni d N n m V N b¢'O n 1`1 S C N Nr N'N-0'C mN aCPP?0 TPQPP0PPPPPP PP a P S T O.P P P P C\tT P P P P P P P P PO WY it ' I P ' 111 t 1 tit ' i ilt l " llllilI lilt ' ' t lii1rn PPP 00 -rMOr0nN0In^V-P-=0O^0-' %C1P-mmn0V0-0013-r 000 r 0 G N'OP C' 4% 0 `6CmN^O-NN^Nn ^ nm0 ^ N V ^0^0^^^^fCM -o-^ ^ONN,-0NN.- iTiltlilliltilli +t 'CC0^oP C 0'C N P N'13'0 N N'O00N m 0'OM N-^ ' n-'004 w'0'0 CUU -N P'CV' V' NaC0 0G^^ c0-000000-0000 C^c0^^^0000.-000000^f-000r-0^coon N 0 Ll 00 - W0 0 0 Z C_ 6 C C W▪O < 0 MC C fin 0 0 0 6p 0 0 C C 0 <0_ _ _ MQ 2' 00 0 0 0 W- -- J 00 "O r 0 -O 6¢ = C - Z 00 d6 S C- C U 0 0C 0 2 0H 00 0 0 F - J £w wl- U 0 '- 00 F-0 0 4 W CO 00 -0 - CO 00 - H O r > 0 0Y _ 00C= - 1-CH z 0 CU t01-w 0I- -OZ 0 0 0 0Y0 Oct Oa0 Luis =O- C -Um 0 I> P C CC6 C< -01 `~ - OCH Y00= 0c- 0 4 “. ¢ CO 2 -- JO C 0 0 NCC coJ 00-1 2 V }OV1N -W<w 000 2 O O - - O-n- 26 rHO W r-oc FW HC C`-0C OCHO w-w H CO -_ = w WC OC2UU_-?- 00>CV C Y C JV ¢ a> > O r<Y O0 20 M OM-r=W=H r^02 C - 3 CCCCE <C J0 0 J - -SrH 0 C-O-<¢ =CM-1_4002 <--0- »GO U_> <C = O< 0 J02CJW'i -<N0 O0- CS< PZM 00 _ 2 ca h0U - <Y V 00- 1 « 0- --J-KCO C6 - - MC-H2a V1- £ U W i- 000=-1 < H 'W <000W - 00 - VC 'aw 0 - O < 1- U0W 6 . O0WW O 0J JJ H - W< -^' 0O >0 -0 J 6-CO 1-1-<u.VG-i-OJ-W". }¢JWWCCO <\0-2-<&00><=0»ain < 02 0 Y0-- 00 V'J O020-0<0WOVOO oCm-H-¢C C0-oz 0 =02UO C0 p 000 £Q WC C2 O 00726e SMWM U Mpg OCYY0N26-- m0Z0 -J .4 »0000 - }Y 08=o2 NWO =e==>.- --OLOW000 ZU£_O}<J ' 00=-6 CO<ZWHMY £ -Oa-Ow-x00-c:0C '-<- WS0dW CJW> -00---0- YM;- U Ja£UU-YU->}Y0,- <-2C W r.0J-0tc<oV COCO60VV-00---VO�1-20CY JO >0 t-0--O^ CO C00Y MC C-�U-O 0 O O0C0C< -O0--0>00E <00 000U- 0 +O 4 CUW 'YU 6202-000 U G¢¢J>CU 0 -0C➢UUO}<CC<0UU C WO 06 CC ' -W <JC.O W £CZCCU 00 V- £-zz 10 ' -0 200 U<-2 'WW>W002C2¢0<OO m OZ CO - vl EZ- Oz>C • 0 ¢CC-C>WW>WOCWLIWCOC ' -M£O Q0202WC00C'+t¢CWCWZJOC- C-cO O = HO 0<JOGJCG6^^J£3Y:£OM-c. U_O_ M _MO_W0000O0 5=>O ¢ z 22OOJZJJOx-ocCCCJccwooccoo- > <cz -=_J -Jco co> O. O SO<000<Q0-OX-O-<-- -<GCOO¢<00-0-----<20G-Oo cKO co, G _ 00'JICOZ>ZU>20££ot£Ci CaOC 20W0�.ZC0MCGY 0.'�- 1-CUJ Ora 0ZCCU4w 0.\Fin J C -O Jw Nnn^¢'CPebmnn 0NP-m00-Ytrtcr dC -NNNNn SLOP 0000000"-�nmztntmnn6'¢'iV(1Y'N'C'Cb0"z00 OW £O 3 000000000 O0000000 N ^C WC3 0000 000 0 0 0000000 PERS CONT SERV DIV TEL :916-326-3005 May 19 '98 8 : 56 No .004 P .09 NNNNGy en 10_1010In N Ny 1010 m y y 0000 m0 NNm 000000000000_Li N NNNN 00000 . 0=00= 0= 0 000_ 0000000000»71000=0000070 _0=0000000 000000000000006000600000600000000000000500000060000 00 o 0 O 0000000000 o p C O 0 o c O 0 o 0 O 000000 o 0 0 0 0 o O 0 O 00 o 00000 ^ W_W==W_w_W_WW_w_w_W W WW w w W_W=w_w_0ww=w ww WWWWW_W_W_w W_w w W?=W_W W Ww_w w_W = = 2==2=2 C Z LT==22<CC m S 22 ZZ _C <4¢<¢G444<44«446¢4¢¢¢4466«66¢4«664««««44¢444 p J_IJJ.. ,J J J J JJ JJJJ JJ J J JJ J J JJ J J J J J JJJ J J J J J J JJ J J J J J J JJ JJJJJ )JJJJJJJJJJJJ-rJ JJJJJJJJJJ JJJJ JJJJ JJJ 6 mw J WWWWWwwwwwww0OoQ00wwWuwwwwwwwwwwwwwwwww w'w WWWWWW UUCUU 101001000 U 10100000010000100101010 UOUp U UUCO U UODUD O 0000000 WC 000000000in000000m0000000000m0000000000000000(0000000 ££Z£££Z££22222£ZS££¢ZZ£££Z£i££i£....cc_-£-«--0£££££2 s=In(O N St=mm01nt== ="JrM1=1 ^NOmNen NNmnN3 n.-NNnNNm cOOI0 P P P P P==P P 0.P 0PPPPg0=P P P 0 P P P PP PP C1 P Ol aP P PO.L1 as p PPPPCPP Ow I $ $ $ $ $ $ I ll I I $ $ $ $ $ $ I I11 LLW ^OPON-000M". -ADO=m0="¢OAnN-$C^L=0=ON"=MNOOnNCN=00N-nOnNNO 4 Om;-000mi.-O-^OO-m-nmp0000- 00--nm-�--NOmO- fN'OmOIDnO I II II III rW -IOmN-POD-b.OrWP5NPNNOV0-b-O- - V0N00tO-O0c0O-100000001010--O--o-^Doc-00-0-co=-Do000=000000po 1- 0 V U C w C = • 4 Z oU - F Cr WO C 0 Zw' = w- W - Y 0 - == w = = w 0 OG 0 H0 w a0 0 ¢ y_ _ 0 O< YI0 0 22 0O - U> 10 0- w Z W CY -- £ 0 0 I-0 w r y -V -- 0 N yCOw 0 - - 0 0 >0 r 10O r- - 00 0 £ 0 YOW Z F 0 m0 00 WOO)- C = 0 £ Uy CN Ux 00 GO Oro O= -= p_O- N CO y = up =0 1- =0=O O 0> o-ia - ^ -i.) O 0- or Fz zO N(GFr ~U = = 04 o Y 0 20 0=cl-m0 Z -C 10 < ow O O 6 OFW o Cr CF- ZW 00 w JO 00N<WJC>O WO 00OI. N 00 LZ = 5-- _i0 _ COLA--C WO 0o UFN _4 O -<C0 U 0010 J01C- 2C OW-FG W CO Oft- C 0O = <1000 001046 1 02 a0©U x00 Y-- O=0 • = y 40 1-- 0 -I- H =10010 o -w U 0 0-Cy- J->O0<Y- 00-f- w TW Cw0 roo `r-i I-0 Y z¢ z aLiC iu }yHcwl-UcOUZ<z S-0 J =WO.0OY a I-V- £j = y _ <__ZOC 1-z__ - w -x OCFi-- r - co F< - < H-_ -my O O()Ii-2x1_=_Z 00 o£- 0 z 020 Fl- 0 Z-=_O Y'r 004C4 F,=0 $202-2.--e- I h- u-6 O 002 £ -F- = _ c<< 0 Cr Z .< - O =0FTz= Y • OK oY0£1 Z 0r 0V-5-1- C0C462 JW-Yow_ w W N'U -£Z£ .,-<>c.”- • OZY0_Y= £=u -W 0 1- 40410 con --- 0000 C- SOWO or U2t-O-t- S£ YU9 y--wyi NV-CYC) = -002010 Z W£WZCO 000100( 00CZ6-OK .0 .0-at,.. C< 6 - = 00u > O.-F =O£O < •a c< 4wo¢OI. .4r- • F.0 = -Ow < ><U=W< 061-CI.C-Ow --^Zw>4 000)000= - -o=> - N«00 OOGO1 Uc2< 0-Ow J -CO-ON = .00 4¢0=10-cc> W<W1H - Y 0 )UCO WWw2J <=<u<_-0-O\4Ww¢ ¢000`4¢ =04 ^OJywwy 0 CW1 Cr 6OW 101 QO<Cw0-=cc=y-J-0<-- -J<= w ==O=-WC 0 z wC ZUU HOy 0 04=<Qr 0-<maw<worn l-C Zf40L,C�C h-=0-J - Oo-cow 6 -0002= ZOwUNZO}0>o2=wL.' =001o:-CZZJUN<ZOZZJZ4 V_CCc<> 0 24-wc< <C�.-W«O<W-'J<J£<a<OW=-=0400=u'w-COO <i <JUCJJ- < - T-_=_/= yOpOCyNaozsrzo�<JQC2 <=moowm=cm UTN< <=zxo.= qu \1- I(1 p1:0Pn0.mP0n21-0n=2000W0Cbr1=4Pm-0101 100400 rr ,0=00nnv0b9W0PP00^NNNN( ==r-rCC -c(O,OrC OC ZO y NNNNNN NNNNNNNNNNNNmmmmnnmm�n r__ =mrn0n PERS - CONT SERV DIV TEL :916-326-3005 May 19 ' 98 8 : 57 No . 004 P . 10 CO_CO_N N/n N N N N W 0 N 0 NN 000000000000 WY N 000000000000000 W QW O WwwwwW_w_w_W_W_WW_WW_W_ O ^ > 22-2 Z S r w¢ ja¢¢6 <¢<a¢<¢¢ 6< =0 �JJJJJJJJJJ�IJJ 0 ON 0w < 0w wJWL JWW WWwCww ¢ 0 W w Www 0 -W6 0 U - C - w 00 0 UW O - i £1- 0w000UUUUVUUUUV W-W- W-W-W-mW-w-wi 6W--w-W-LC-W- w< NNNNyNNmwNNN CJCJ C C ¢ CCJCJC 0-00-0-0 CJ £U 0-00-0e.0 aLLL O pW00-0044-00-0 - 0 xx£££�££===££££ WaWdDaa ,� LL c�JWaa a-DLLOwn mnmwt-a-,-”.N.Nr-- NIC On--m r.- -00 P Vn00 C Ozt 0NM CO I- CP00 Pa aPq Pq NNPPmNq O P 0 C q p1 P 0C 0NC a-WWC 0 p P 0CCP00 OW PI 11111 I1 1111111 1111 11 wl- o031P mm o NO-N0 ICb 00mmCN m10'O a-^^0-N0mmO0uimrNN WC NM. ^ONNOMMOMO- O OOOONNOO^NO--C000m0-o00 _0NNN w 00 CON-CN'l1 NMb0 - N.N r--0N]C 00'S C PN N NN-q 00 N a-P-.0111 1 Q I 0000--000o-00^O 0-00000m�00O-^000ooc000^CO^0100 0 44 NV U 2_1 CO WO m5 0- 0 0 - <0 C - S 22 W O- r N W O 0 oea _ =0 1-< 00 Z �C- U 0 o> < > N0- > - Z W?Y-CC - N Jm U < 4-moo = - ? _ O OC ` YOC--NF co - o-ONoQ - D -< o JO N00 ww0<WNUQ U�<CHCCr 0 Do Ino- a 'Oa`--><00- o o a W o `D = w5 = U CO 606 F r O 0 C0 �I` >. - -==00 <Jcic=t_m>c - o `0 -- F `' 0 co 0 00 D m O 0 COYrK0 0 1- 0 - w o N _IN) o- = >W 00.-WC > U - C- 0 '' x> - T Z,- w>r 00-N > - >v. 0 U U- co - -= ` w r7<- >H=Fw<0Owr - O - 0 a = 0J00 CVOZ-G]IO UC -0 0 -co w C CO ti 2 m0 ~U U �< - < WZ2z 0 JC'CVI- C 0< - 0 00 0 0 CW Z< 0 pm Z«O_ CO 000-- O 0 UC Iv J -C 0 NJ OZ - < ^1 Y D17:N0J W=CWOWUN¢CW~2 0 0 0 1 0 0< 0 - -W 0 0< - rU W O> CC w - a wo Y CJ 0U1-CFW ^4 3 J 0< W N -Z J - SN1 W6 N w GO C W OCWW <zccns2>r£J O J >; - 40 U 0 00Z- 'CJ<DC-Z00 - -J P"--W < C U.0CW YN"_OmM . - = -< 0 W ZIn = C ZC <a C mJ 04 < \F = M DC 0 ^0 Lw .- �m -o -mor--NNNNm q NN '0 P N0 �0 C 0 CCNO O-NY�n NNN-- N 0l OC `O W 10.0,0 0 OIpNN 0 0 00 00 0 000 0 In 00 00 0 0 cc C O O i O O 00 O 0 0 0 0000 0 ORDINANCE NO. 786 AN ORDINANCE OF THE CITY COUNCILOF THE CITY OF ROSEMEAD AUTHORIZING AN AMENDMENT TO THE 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 an amendment to the 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 amendment being attached hereto, marked Exhibit "A", and by such reference made a part hereof as though set herein set out in full. Section . The Mayor of the City of Rosemead is hereby authorized, empowered, and directed to execute said amendment for and on behalf of said City. Section 3. This Ordinance shall take effect thirty (30) days after the date of its adoption. Section 4. The City Clerk shall certify to the adoption of this Ordinance and shall cause the same to be published in accordance with state law. PASSED, APPROVED and ADOPTED this 23rd day of June, 1998. MAYOR ATTEST: COUNCIL. AGENDA MAY z o 1998 CITY CLERK ITEM No. EXHIBIT A AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF ROSEMEAD The Board of Administration, Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of above public agency, hereinafter referred to as Public Agency, having entered into a contract effective October 12, 1992, and witnessed September 8, 1992, and as amended effective April 9, 1993 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 11 are hereby stricken from said contract as executed effective April 9, 1993, and hereby replaced by the following paragraphs numbered 1 through 11 inclusive: 1. 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 55 for local miscellaneous members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after October 12, 1992 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). PLEASE DO NOT SIGN "EXHIBIT ONLY" 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; AND b. "PLANNING AND TRAFFIC COMMISSION". 5. Assets heretofore accumulated with respect to members in the local retirement system have been transferred to the Public Employees' Retirement System and applied against the liability for prior service incurred thereunder. 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 21354 of said Retirement Law (2% at age 55), supplemental to Federal Social Security. 7. Public Agency elected and elects to be subject to the following optional provisions: a. Section 20938 (Limit Prior Service to Members Employed on Contract Date). b. Section 21536 (Local System Service Credit Included in Basic Death Benefit). c. Section 21031 (Public Service Credit for Limited Prior Service). d. Section 21024 (Military Service Credit as Public Service), Statutes of 1976. 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 employee and the Board. B. This amendment shall be effective on the day of 19 BOARD OF ADMINISTRATION � CITY COUNCIL PUBLIC EMPLOYEES' RETIREMEN'FPSTEM OF THE `(�.��k CITY OF ROSEMEAD PV AC BY BY KENNETH W. MARZION, C,`)$F PRESIDING OFFICER 'T4" ACTUARIAL &EMPLOYQ SERVICES DIVISION Y' PUBLIC EMPLOYEES' TIREMENT SYSTEM (ZS" Witness Date 0 ; Attest: Clerk AMENDMENT PERS-CON-702A(Rev.S\96)