Loading...
09-84 RESOLUTION NO. 09-84 A RESOLUTION OF INTENTION TO APPROVE A CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF MENIFEE 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 of said agency in the Public Employees' Retirement System, which resolution shall contain a summary of the major provisions of the proposed retirement plan; and WHEREAS, attached as Exhibit A is a summary of the major provisions of the proposed plan; in the form of the contract to be adopted. NOW THEREFORE BE IT RESOLVED, by the City Council of the City of Menifee that 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, and that a copy of said contract, which is also a copy of the summary of the major provisions of the proposed plan is attached hereto, as an "Exhibit A," and by this reference made a apart hereof. PASSED, APPROVED AND ADOPTED this day of 2009, by the following votes: vynolrunu Ayes: amex, , Noes: -nOfu-) Absent:'nov-) Abstain: Lo— Wallace W. Edger-to ayor Attest [Add Certification ] Kathy Bennett, City Clerk Approved As to Form: hart Elizab6th Martyn 4820-8010-9827.1 Ca1PERS EXHIBIT California Public Employees' Retirement System CONTRACT Between the Hoard of Administration California Public lbVloyees' Retirement Syst6m and the City council City of Menifee e 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: 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' Refirement 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. 1 EA DO N��1t Ui�7t� `�1�3 1E4�{NP t tt' 1 3. Public Agency agrees to indemnify,defend and hold harmless the Califomia Public Employees' Retirement System (CaIPERS)and its trustees, agents and employees,'the CaIPERS Board of Administration, and the California Public Employees' Retirement Fund from any claims, demands, actions, losses, liabliities,damages,judgments,expenses and costs, including but not limited to inteiest, penalties and attorneys fees that may arise as a result of any of the fallowing: (a) Public Agency's election to provide retirement benefits, provisions or formulas-under this Contract that are different than the retirement benefits, provisions or formulas provided under the Public Agency's prior non-CaIPERS retirement program. (b) Public Agency's election to amend this Contract to provide retirement benefits, provisions or formulas that are different than existing retirement benefits, provisions or formulas. (c) Public Agency's agreement with a third party other than CaIPERS to provide retirement benefits, provisions, or formulas that are different than the retirement benefits, provisions or formulas provided under this Contract and provided for under the California Public Employees' Retirement Law. (d) Public Agency's election to file for bankruptcy under Chapter 9 (commencing with section 901)of Title 11 of the United States Bankruptcy Code and/or Public Agency's election to reject this Contract with the CaIPERS Board of Administration pursuant to section 365, of Title 11,of the United States Bankruptcy Code or any similar provision of law. (e) Public Agency's election to assign this Contract without the prior written consent of the CaIPERS' Board of Administration. (f) The termination of this Contract either voluntarily by request of Public Agency or involuntarily pursuant to the Public Employees' Retirement Law. (g) Changes sponsored by Public Agency in existing retirement bunions er-formulas-made-as-a--result-of amendments, additions or deletions to Califomia statute or to —the-Calif6mla-Constitution 4. 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: i a. Employees other than local safety members (herein referred to as local miscellaneous members). }- F f { I 5. Any exclusion(s) shall remain In effect until such time as the Public Employees'. Retirement System determines that continuing said exclusion(s) would risk a finding of non-compliance with any federal tax laws or regulations. If such a determination is contemplated, the Public Employees' Retirement System will meet with the Public Agency to discuss the matter and coordinate any required changes or amendments to the contract. In addition to the classes of employees excluded from membership by sald Retirement Law, the following classes of employees shall not become members of said Retirement System: a. SAFETY EMPLOYEES. 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 21354.5 of said Retirement Law (2.7% at age 55 Full). 7. Public Agency elects to be subject to the following optional provisions: a. Section 20042 (One-Year Final Compensation). b. Sections 21624 and 21626(Post-Retirement Survivor Allowance). 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. Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21574 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. sonable a ourk-a"xed-by--the—Board,-payableLAn 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 an 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 vWthin 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. BOARD"OF ADMINISTRATION CITY COUNCIL PUBLIC EMPLOYEES'-RETIREMENT SYSTEM CITY OF MENIFEE BY c','=: BY LORI MCGARTLA 1 I E ' PRESIDING OFFIPA.F,`' EMPLOYES 'IDIVISION °�°`� • .,, > PUBLIC EIC4 YEES' RETIREMENT SYSTEM . J t Witness Date Attest: Cleric NEW AGENCY or91d 13093 PERS-CON-702N(Rev.10105)