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