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Resolution 13580CITY OF ALAMEDA RESOLUTION NO. 13580 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 ALAMEDA 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 for a merger of the contract of the Housing Authority of the City of Alameda (#1551) into the contract of the City of Alameda, pursuant to Government Code 205087, and to provide Section 21354 (2% @ 55 Full and Modified formula) 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 the said governing body 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. k CalPERS EXHIBIT California Public Employees' Retirement System AMENDMENT TOCONTI ACT Between the Board of Administration California Public Employees' Retirement System and the City Council City of Alameda The Board of Administration, California Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of the above public agency, hereinafter referred to as Public Agency, having entered into a contract effective January 1, 1957, and witnessed December 20, 1956, and as amended effective February 1, 1961, April 1, 1964, May 1, 1965, October 1, 1973, January 1, 1983, July 1, 1990, December 31, 1990, March 21, 1991, July 4, 1991, September 3, 1992, October 15, 1992 March 11, 2001 and May 5, 2002which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 13 are hereby stricken from said contract as executed effective May 5, 2002, and hereby replaced by the following paragraphs numbered 1 through 14 inclusive: 11) 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 and age 50 for local safety members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after January 1, 1957 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. PLEASE Da NOT SIGN "EXH s` 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: b. Local Fire Fighters (herein referred to as local safety members); Local Police Officers (herein referred to as local safety members); Employees other than local safety members (herein referred to as local miscellaneous members). 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. ALL HOURLY RATED NON -CIVIL SERVICE EMPLOYEES HIRED ON OR AFTER MAY 1, 1965; AND b. LOCAL HEALTH DEPARTMENT EMPLOYEES. 5. Assets heretofore accumulated with respect to local miscellaneous members under the local retirement system who waived their rights under that system have been transferred to the Public Employees' Retirement System and applied against the liability for prior service incurred thereunder. That portion of assets so transferred which represent the accumulated contributions (plus interest thereof) required of the employees under said ;local system have been credited to the individual membership account of each such employee under the Public Employees' Retirement System. 6. Assets heretofore accumulated with respect to local safety members under the local . retirement system who waived their rights under that system have been transferred to the Public Employees' Retirement System and applied against the liability for prior service incurred thereunder. That portion of assets so transferred which represent the accumulated contributions (plus interest thereof) required of the employees under said local system have been credited to the individual membership account of each such employee under the Public Employees' Retirement System. 7. This contract shall be a continuation of the contract of the Housing Authority of the City of Alameda, hereinafter referred to as "Former Agency ". The accumulated contributions, assets and liability for prior and current service under the Former Agency's contract shall be merged pursuant to Section 20508 of the Government Code. Such merger occurred July 1, 2000. Section 21354 (2% @ 55 full formula) provided under this contract shall apply to all past service for former employees of the Housing Authority of the City of Alameda. PLEASE DO NOT SIGN "EXHIBIT ONLY" 8. The percentage of final compensation to be provided for each year of credited prior and current service for local miscellaneous members shall be determined in accordance with Section 21354 of said Retirement Law, subject to the reduction provided therein for service on and after January 1, 1959, the effective date of Social Security coverage, and prior to December 31, 1982, termination of Social Security, for members whose service has been included in Federal Social Security (2% at age 55 Full and Modified). 9. The percentage of final compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21362.2 of said Retirement Law (3% at age 50 Full). 10. Public Agency elected and elects to be subject to the following optional provisions: a. Section 21573 (Third Level of 1959 Survivor Benefits). b. Sections 21624 and 21626 (Post-Retirement Survivor Allowance). c. Section 20042 (One-Year Final Compensation). d. Section 20938 (Limit Prior Service to Members Employed on Contract Date) for local safety members only. e. Section 20965 (Credit for Unused Sick Leave). f. Section 21635 (Post-Retirement Survivor Allowance to Continue After Remarriage) for local safety members only. g. Section 21536 (Local System Service Credit Included in Basic Death Benefit) for local safety members only. h. Section 20903 (Two Years Additional Service Credit) for local miscellaneous members only 11. 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 and local safey members of said Retirement System. 12. Public Agency shall also contribute to said Retirement System as follows: a. Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21573 of said Retirement Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members and local safety members. b. 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. c. 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. • 13. 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. 14. 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 BOARD OF ADMINISTRATION S--/ CITY COUNCIL .& PUBLIC EMPLOYEES' RETIREME5T SYSTEM CITY OF ALAMEDA /..... p„,■.. /.... BY BY ,•-... KENNETH W. MARZION, CH PRESIDING OFFICE ACTUARIAL & EMPLOYER RVICES DIVISION P--/ PUBLIC EMPLOYEES' R EMENT SYSTEM Witness Date K.. 0 Attest: 1.4 Clerk 4Q AMENDMENT ER# 354- PERS-CON-702A (Rev. 8\02) I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly adopted and passed by the Council of the City of Alameda in a regular meeting assembled on the 6th day of May, 2003, by the following vote to wit: AYES: Councilmembers Daysog, DeWitt, Kerr, Matarrese, and Mayor Johnson - 5. NOES: . None. ABSENT: None. ABSTENTIONS: None. IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City this 7th day of May, 2003. Lara Weisiger, City Clerk= City of Alameda