CC RESOLUTION 3709CITY COUNCIL
OF THE CITY OF EL SEGUNDO
RESOLUTION NO. 3709
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO, CALIFORNIA, IN OPPOSITION TO THE STATE OF
CALIFORNIA PENSION PROPOSAL THAT WOULD USE PUBLIC
EMPLOYEES' RETIREMENT SYSTEMS FUNDS TO BALANCE THE
STATE BUDGET.
WHEREAS, the City of E1 Segundo, California, participates in the
California Public Employees' Retirement System; and
WHEREAS, the City of E1 Segundo's contribution rates are determined
based upon actuarial estimates, investment yields, and Retiree payments;
and
WHEREAS, the State of California, as part of the efforts to balance
the State's budget, passed AB702 which states that funds remaining in the
Investment Dividend Disbursement Account (IDDA), the Purchasing Power
Accounts, and the Extraordinary Performance Dividend Account (EPDA) "shall
be used to reduce employer contributions in fiscal year 1991 -92 and
subsequent fiscal years until those amounts are depleted."
WHEREAS, the City of E1 Segundo feels strongly that the California
Public Employees' Retirement System's contributions and earnings must be
managed consistently, prudently, and be restricted to annuitant payments
for Retirees, and related administration;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO AS FOLLOWS:
The City of E1 Segundo, on behalf of its citizens, does hereby oppose
any efforts to use Public Employees' Retirement System funds to balance the
State's General Fund Operating Budget.
PASSED, APPROVED AND ADOPTED this 6th day of 1)ugust, 1991.
Mayor, C
(SEAL)
0
ty
2
of:,Rl'egundo, Cal
STATE OF CALIFORNIA )
Is COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO )
I, Ronald L. Hart, City Clerk of the City of El Segundo, California, DO HEREBY
CERTIFY that the whole number of members of the City Council of said City is five; that
the foregoing resolution, being Resolution No. 3709 was duly passed and adopted by the
said City Council, approved and signed by the Mayor of said City, and attested by the City
Clerk of said City, all at a regular meeting of the said Council held on the 8th day of
• August, 1991 and that the same was so passed and adopted by the following vote:
AYES: Mayor ProTem Dannen and Councilmembers West and Wise
NOES: None
ABSTENTIONS: Mayor Jacobson
WITNESS MY HAND THE OFFICIAL SEAL OF SAID CITY this 16th day
of August, 1991.
0
RONALD L. HART
City Clerk of the
City of El Segundo, California
(SEAL)