CONTRACT 537A Amendment__..END NT TO CONTRACT BETWEEN TIE
BOARD OF ADI.,ZNISTRATION
STATE F LPLOYEES' RETIFPAFNT SYSTEM
and
CTTY !; TT
(Governing Body
CITY
(Name
of the
F S�1C4JTWQ
Pu �ic Agency)
The Board of Administration, State Employees' Retirement System, and the
City Council of the City of El Segundo
(Governing Body) (Name of Pu'bJ.i ..ncy)
hereinafter referred to as Agency, having entered into a contract under date of
August 25, 193 , effective October 1 19 43
which provides for the participation of said Agency in said Retirement System and
said contract
a. being based on the retirement law as that law existed prior to
amendments adopted in 1915, increasing benefits and reducing ages of
retirement;
b. having set forth City Firemen as excluded employees, and
c. having stated 60 years as the minimum age for voluntary service
retirement for Policemen,
said Board of Administration and said City Council , hereby agree as
follows: (Governing Body)
1. Paragraphs 4, 5, and 6 shall be and are hereby stricken from said
contract.
2. The following paragraphs shall be and are hereby added to said contract:
4. Age 60 shall be the normal minimum age for retirement for
service, of persons who are miscellaneous members because of employ-
_ ment by- public agency, that is, members other than Local Firemen
and Local Policemen, and one - sixtieth shall be the fraction of
final compensation, as defined ih Said Retirement Law, to be provided
on the average, for each year of service as a member, by the members'
and Public Agency's normal contributions, upon retirement at said
minimum age.
5. Benefits on account of prior service, that is, service credited
hereunder as rendered to Public Agency prior to the effective date
of participation, to respective persons who are members because of
employment by-Public Agency as Local Firemen or Local Policemen,
shall be allowed only as a percentage of the average salary
specified in said Retirement Law, for each year of such service,
and said percentage shall be 100 per cent of the fraction
of final compensation, as defined in the State Employees' Retirement
Law, for each year of service rendered after said date, as
F328 -1 (E1S) 9-17
determined for said respective members under said law, for retire-
ment for service at age 55, or upon qualification for service retirement
at a higher age. If a member retires for service before attaining
age 55, his prior service pension shall be reduced to that amount
which the value of the pension as deferred to age 55 will purchase
at the actual age of retirement.
6. Prior service benefits to persons who are miscellaneous members
because of employment by-Public Agency, that is, members other than
Local Fireman and Local Policemen, upon retirement for service at
the normal minimum age entered in paragraph 4 hereof, shall be
allowed only as a percentage of the average salary specified in
said Retirement Law, for each year of such service, and said
percentage shall be 100 per cent of one - sixtieth
If a member retires for service before attaining the normal minimum
age in item 4, his prior service pension shall be reduced to that
amount which the value of the pension as deferred to said minimum
age will purchase at the actual age of retirement.
7. The provisions of Section 21258b of the State Employees'
Retirement Law, guaranteeing a minimum retirement allowance under
certain conditions shall apply to persons who are miscellaneous
members because of employment by Public Agency.
8. The provisions of Section 21367.5 of the State Employees'
Retirement Lary, providing a $3575-Jeath benefit after retirement
shall apply to persons who are miscellaneous members because
of employment by public Agency.
9. Public Agency shall contribute to said Retirement System as
follows:
d. The sum of 7,288.o9 per amnion, payable in equal
monthly or less frequent installments as Board shall
require, for the period of years stated in said contract,
less the time elapsed from the date of participation to
the effective date hereof.
e. 11.582 per cent of total salaries paid by Public Agency
each month to its employees who are members of said Retirement
System, provided that only salary earned as members
of said System shall be included in said total salaries, and
the employees who are members of said System shall include
employees who become members upon the effective date hereof
and employees who become members thereafter.
f. A reasonable amount per annum, as fixed by Board, payable
in equal monthly or less frequent installments, as Board
shall require, 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
periodical investigation and valuation required by law,
provided that said amount shall be determined on the basis
of the number of employees of Public Agency who are members
on July 1 of the respective fiscal years, or with respect
to the first year of participation, on the effective date
of said participation.
F328 -2 (E1S) 9-47
g. A reasonable amount as fixed by the Board, payable in one in-
stallment from time to time as the occasions arise, to cover
the costs of special valuations on account of employees of
Public Agency, and the costs of the periodical investigation
into the experience under said Retirement System, as it affects
said employees, and the val uation of the assets and liabilities
of said System on account of said employees„
Contributions required of Public Agency and its employees shall be
subject to adjustment by the Board of Administration on account of
amendments to the State Employees! Retirement Law, and on account of
experience under the Retirement System, as determined by the
periodical investigation, valuation and determination provided
for by said Retirement Law.
10. Contributions required of Public Agency under paragraph 9 immediately
preceding, and contributions required of Public Agency's employees who
are members of said System, shall be paid by Public Agency to the
State Employees' Retirement System within thirty days after the and
of the month or longer period to which said contributions refer.
If more or less than the correct amount of contribution required
of Public Agency or its employees is paid for any period, proper
adjustment shall be made in connection with subsequent remittances
of Public Agency to the Board, to rectify the errors; or such
adjustments on account of errors made in contributions reqiired
of employees, may be made by direct cash payments between the
employee in connection with whom the error was made, and Board.
Payments of Public Agency to Board maybe made in the form of
warrants, bank checks, bank drafts, certified checks, money orders,
or cash.
Benefits, including retirement allowances, prior to the effective date of
this amendment, shall not be affected by this amendment.
4. "to exclude City Firemen" appearing in Paragraph 3 of said contract shall
be amended to read: "No Additional Exclusions."
5. Any adjustment necessary in the contributions required of the City of
(Name of
El Segundo on account of the inclusion of Local Firemen
Public Agency)
under the Retirement System, shall be determined by said Board of Administration
on the basis of the results of the investigation and valuation required
by Section 20127 of the State Employees' Retirement Law, as of July 1, 1950,
and that said adjusted contributions shall be effective when certified by
said Board of Administration.
6. "60" appearing in ParagraD h 3 of said contract as the minimum age for voluntary
service retirement of City Policemen shall be amended to read: "55 ".
F328 -3 (E1S) 9 -47 -3-
7. This amendment shall be attached to said contract and shall be
effective as of 19 47
November 1
Witness our hand this
Cr
Q
day of
194
City Council of
ame of Legislative Body
City of El Segundo
Name of F «ic Agency
BY
BOARD OF ADLINISTRiTION
STATE EMPLOYEES' RETIREMENT ENT SYSTEM
BY
sident, Board of Admini tration
F328 -11 (E1S) 9-47