HomeMy WebLinkAboutCity Council - 1092 RESOLUTION NO. 1092
RESOLUTION OF INTENTION TO APPROVE
AMENDMENT TO CONTRACT PROVIDING FOR
PARTICIPATION IN STATE EMPLOYEESa
RETIR RENT SYSTEM.
WHEREA,S, the State Employeest Retirement Lax permits the participation
of public agencies in the State Employees? Retirement System, by the execu-
tion of a contract making their employees members of said system, and sets
forth the procedure by which said public agencies may elect to subject them-
selves and their employees to amendments to said law., providing for a
guaranteed percentage of final compensation for each year of service. as
"Member", and providing for the portion of compensation to be included in
computations under said law; and
'Af REAS, one step in said procedure is the adoption by the legislative
body of the public agency, of a resolution giving notice of its intention to
approve an amendment to a contract between said governing board and the
Board of Administration of said Retirement System., providing for said partici-
pation, which said resolution shall contain a summary of the major provisions
of the proposed Retirement System; and
WHEREAS, the following is a summary of the major provisions of the
proposed Retirement System.
1• The System is administered by a board of eight members., composed
of three members of the System, an official of a bank, an official
of a life insurance company, the Director of Finance, a member of
the State Personnel Board., and an official of the University of
California.
2, Retirement for service is optional upon attainment of age 55 by
local firemen and local policemen., and age 60 or age 55 at ihe
0
election of the Public Agency, by other employees, and completion
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Reso, 1092
of twenty yeats of service for the Public Agency, and is compulsory
at age 65 for local firemen and local policemen, and at age 70
for other employees.
3. The monthly retirement allowance payable upon retirement for
service is dependent upon such factors as age, sex, salary and
years of service. For local firemen and local policemen, re-
tiring at age 55 in paragraph 2, or at a higher age with 20 years
of service, the monthly allowance is approximately one-half the
average monthly salary during the five years immediately pre-
ceding retirement, unless the Public Agency elects to provide
prior service benefits at less than the full amount,. For other
Agency employees, the monthly allowance, upon retirement at age
65 if the Agency elects 60 as the lowest optional service retire-
ment age, is approximately 1/70th of the average monthly salary
during the five years immediately preceding retirement, for each
year of service after the effective date of participation, plus
approximately 1/70th, or less as may be provided in said contract
by the Public Agency for its employees, of the average monthly
salary during the three years immediately preceding the effective
date of participation, for each year of service prior to that date:
Upon retirement at age 60, if the agency elects 55 as the lowest
optional service retirement age, the fraction is approximately
1/60th instead of 1/70th,
4* A minimum service retirement allowance of 0 per month is guaranteed
upon retirement at age 70 with credit for service rendered prior
to said effective date, if the Public Agency elects age 60 as the
lowest optional service retirement age, or a minimum allowance of
$60 per month upon retirement at age 65 or over with twenty years
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Peso: 1092
of service, or upon retirement at age 70 with credit for prior
service, if the Public Agency .elects age 55 as the lowest optional
service retirement age:.
5. Retirement for disability, except in the case of local firemen and
local policemen disabled from injury arising out of and in the course
of employment, is permitted only after ten years of service and
upon proof of incapacity for the performance of duty„
6. The monthly retirement allowance payable upon disability retire-
went, described in preceding item 5, is dependent upon such factors
as age, salary and years of service, but generally id equal to 90%
of 1./70th, or 1/60th as the case may be, of the averekge monthly
salary during the five years immediately preceding retirements for
each year of service guarantee of 2
ys , with a g 5% of said salary;,
subject to certain restrictions and modifications*
7, Disability retirement of local firemen and local policemen, in the
event of disability arising out of and in the course of employment,,.
is permitted regardless of age and service, the monthly retirement
allowance being one-half the average monthly salary during the
five years immediately preceding retirements
8. The benefit payable at death before retirement, except in the case
of local firemen and local policemen dying from injury arising
out of and in the course of employment,, consists of the contribr.*
tions of the member plus interest, and plus 1/12th of the memberts
annual salary during the year immediately preceding death, for each
year, not exceeding six years, of service as a member of the System*
Upon death after retirement, and at the election of the Public
Agency, a benefit of 300.00 is payable.
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Reso. 1092
9* The monthly allowance payable to the widow and children, at the
death of local firemen and local policemen arising out of and in
the course of employment, is one—half the average monthly salary
during the five years icmediately preceding death:
l0, The benefit upon separation from service by other cause than death
or retirement, is the refund of the member's contributions, with
interest? Members having accumulated contributions of at least
$500 upon resignation or discharge, may elect irrevocably, within
ninety days, to leave contributions in the Retirement Fund, and
then upon reaching the lowest optional service retirement age or
becoming disabled, to be entitled to receive such retirement
allowance as will be provided by their and the Agency's contribu
tions and their credited service, regardless of service rendered.
ll: Contributions required of local firemen and local policemen,;
without credit for prior service, depend upon salary and upon
age of entry into the Retirement System, the contributions per
100 of salary varying from $7.63 at entry age 21, to $14.35 at
entry age 35. Contributions of firemen and policemen having
credit for prior service depend on salary, entry age, and amount
of prior service, the amount of contributions per $100 being
$16.33 for example, at entry age 54, with 19 yearn of prior
service,
12. For other Agency employees, the contributions depend upon salary ,
sex and age of entry into the Retirement System, the contributions
per 100 of salary varying from $4*83 at age 20, to 7*45 at age
64, for men,, and from $5.83 at age 20, to $8.50 at age 64, for
women, all based on the Public Agency's election of age 60 as the
lowest optional service retirement age. If the Public Agency
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Reso 1092
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elects age 55 as the lowest optional service retirement age,
the contributions per $100 of salary vary from $7.22 at age 20,
to $10.26 at age 59, for men, and from $8,51 at age 20, to $11.61
at age 59, f or women.
13, The Agency is required to contribute the balance of the funds
necessary to meet the cost of the benefits provided under the
Retirement System for the Agency employees* The Agency also is
required to pay its proportionate share of the administrative
costs of the System.
14* Ability of the Retirement System to pay benefits is safeguarded
by a provision authorizitg the Board of Administration to revise
contributions of both employees and the Agency, in the light of
experience under the System.
BE IT RESOLVED, that the City Council of the City of Huntington Beach, give,
and it hereby gives notice of intention to approve an amendment to the contract
between said City Council and the Board of Administration of the State
Employeesr Retirement System, providing for the participation of said City
of Huntington Beach in said Retirement System, a copy of said amendment
being attached hereto, marked "Exhibit A", and by reference made a part
hereof,
CITY COUNCIL OF
CITY OF INGTO BEACH
BY L. '4�nn icCklsCA
J. L. C EN, CITY CLERK.
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Resoe 1092
` PASSED AND AMPTEA by the City Council of the City of
�• Huntington Beach? California, at a regular meeting thereof held on the
19th day of September, 1949*
ATTEST Mayor
�. L. J J
City Clerk
I�
STATE OF CALIFORNIA )
Ccu my of Orange ) ss
City of Huntington Beach )
I
I, JOHN L. HENRICKSEN, the duly elected, qualified and acting
City Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Hunt n ton Beach is five,
that the foregoing Resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the 19th day of September, 1949, by
the following vote:
AYES: Councilmen:
LeBard, Flood, Seabridge, Langenbeck' Greer,
NOES: Councilmen:
Nones,
ABSENT: Councilmen:
None„
• City Clerk and ex-officio Clerk o
the City Council of the City of Huntir9ton
Beach, Cali.farni.ae