HomeMy WebLinkAboutAgr 2001-04-11 (Town/PERS)
A.
CalPERS
California
Public Employees' Retirement System
.
AMENDMENT TO CONTRACT
Between the
Board of Administration
California Public Employees' Retirement System
and the
Town Council
Town of Tiburon
.
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
February 1,1967, and witnessed February 8,1967, and as amended effective June 30,
1972, October 16, 1973, July 15, 1985, December 25, 1989, March 22, 1991 and May
27, 1991 which provides for participation of Public Agency in said System, Board and
Public Agency hereby agree as follows:
A. Paragraphs 1 through 12 are hereby stricken from said contract as executed
effective May 27, 1991, and hereby replaced by the following paragraphs
numbered 1 through 12 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 and age 50 for local safety
members.
2. Public Agency shall participate in the Public Employees' Retirement
System from and after February 1, 1967 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. Local Police Officers (herein referred to as local safety members);
b. 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. PERSONS COMPENSATED ON AN HOURLY BASIS; AND
b. FIRE FIGHTERS.
5. 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
(20/0 at age 55 Full).
6. 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 of said Retirement Law (20/0
at age 50 Full).
7. Public Agency elected and elects to be subject to the following optional
provisions:
a. Section 21571 (Basic Level of 1959 Survivor Benefits).
b. Section 21622 ($600 Retired Death Benefit) for local miscellaneous
members only.
c. Section 20042 (One-Year Final Compensation) for local
miscellaneous members only.
d. Section 20965 (Credit for Unused Sick Leave).
8. Public Agency, in accordance with Government Code Section 20790,
ceased to be an "employer" for purposes of Section 20834 effective on
July 15, 1985. Accumulated contributions of Public Agency shall be fixed
and determined as provided in Government Code Section 20834, and
accumulated contributions thereafter shall be held by the Board as
provided in Government Code Section 20834.
9. 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 safety members of said
Retirement System.
10. 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.
11. 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.
12. 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 21st day of April
,2001
BOARD OF ADMINISTRATION TOWN COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM TOWN F TIBURON
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BY
PRESIDING OFF I
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Clerk
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Attest:
AMENDMENT
PERS-CON-702A (Rev. 8\96)