CONTRACT 537C Amendment'-1 /l /SD
AMENDMENT TO CONTRACT BETWEEN TE E
BOARD OF ADMINIS�'_i_ATION
STATE EMPLOMS' RETIREMENT SYSTEM
AND CITY COUNCIL OF TEE
CITY OF EL SEGU iDO
The Board of Administration, State Employees' Retirement System, and the City
„ouncil of the City of E1 Segundo, hereinafter referred to as Public Agency, having
entered into a contract under date of August 25, 1943, effective October 1, 1943,
which provides for the participation of said Public Agency in said Retirement System,
and said contract being based on the Retirement Law as that Law existed prior to
amendments adopted in 1949, increasing benefits, said Board of Administration and
said City Council hereby agree as follows:
1. Paragraph 6 shall be and is hereby stricken from said contract.
2. The following paragraphs shall be and are hereby added to said contract:
6. Prior service benefits to Miscellaneous members employed by Public
Agency, that is, other than Local Safety members, upon retirement for
service at age 60, shall be allowed only as a percentage of the average
salary specified in Section 21253 of said Retirement Law, for each year
of such service, and said percentage shall be 10O "w= of the percentage
determined under said section.
13. The provisions of Section 21252.4 of the State Employees' Retirement
Law, providing for a guaranteed percentage of final compensation for
each year of current service as a member, shall apply to persons who
are Local Safety members because of employment by Public Agency.
14. The retirement allowances of persons who were members because of
employment by Public Agency and who were retired prior to July 1.
1950, shall be recalculated on the basis of this contract, and said
allowances shall be paid for time beginning with July 1, 1950, in
the recalculated amounts. Paragraph 8 of this contract shall apply
to persons retired prior to July 1, 1950, and who are entitled to
receive a retirement allowance based on time after said date because
of employment by Public Agency.
3. The following paragraphs of said contract shall be amended to read:
9d. The sum of $ 11,424.20 per annum, or less frecuent installments
as Board shall recuare, for the period of 25 years less the time
elapsed from the date of participation to the effective date hereof.
9e. 8.125 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.
4. Benefits, including retirement allowances, payable prior to the effective
date of this amendment, shall not be affected by this amendment.
5. This amendment shall be attached to said contract and shall be effective as
of July 1, 1950.
Witness our hand this 28th day of
ATTEST:
ATTEST:
E'xe
tive Officer
June , 1950.
CITY COUNCIL of
CITY OF EL SEGUNDO
Presiding Ofi"'er
BOARD OF ADMINISTRATION
STATE E?.YLOY7ES' RETIREMENT SYSTEM
Mayor
sident, oard of Administrati