CONTRACT 537F AmendmentfinEkTh. 6.
"EXHIBIT A"
AN AMENDMENT TO CONTRACT BETWEEN
THE BOARD OF ADMINISTRATION, STATE EMPLOYEES' RETIREMENT SYSTEM
AND
THE CITY COUNCIL
OF THE
CITY OF EL SEGUNDO
3
1959,
betweenIIthe BO RD OF ADMINISTRATION executed
TRATION oftheeSTAT; EMPLOYEES REtIREMENT SYSTEM, here-
inafter referred to as Board and the CITY COUNCIL of the CITY OF EL S EGUNDO, here-
inafter referred to as "Public Agency ".
W I T N E S S E T H:
WHEREAS, the Board and Public Agency executed an amendment to said Contract
pursuant to Section 21702, Government Code, to coordinate rates and benefits
thereunder with rates ara benefits under Old -Age, Survivors, and Disability
Insurance; and
WHEREAS, the plan of coordination in said amendment was intended to provide
a reduced benefit formula and a reduced rate of contribution on that portion of
a member's compensation falling within the coverage of Old -Age, Survivors, and
Disability Insurance; and
WHEREAS, said amendment provided for such reductions in terms of the dollar
amount of compensation then falling within such coverage; and
WHEREAS, the Social Security Act has since been amended to change such
amount effective as of January 1, 1959, thereby increasing the benefits to
which covered persons will be entitled and the contributions required of them; and
WHEREAS, the parties anticipate that there will be future amendments to the
Social Security Act changing such amounts; and
whereas, by reason of said change in the Social Security Act the contract
no longer correctly states the intentions of the parties; and
WHEREAS, the parties desire to amend said contract so that it will at all
times clearly reflect their intention as such changes occur under the Social
Security Act;
NOW, THEREFORE, it is agreed as follows:
1. That Paragraph 6c of said contract, as amended effective September 1, 1958,
shall be amended to read as follows:
"6c. The fraction of final compensation specified in subparagraph 6a.
shall be reduced as to service in any period after September 1, 1958,
which was also covered under Old -Age, Survivors, and Disability
Insurance to 1/90 for application to that part of final
compensation which does not exceed the monthly equivalent
of the maximum annual amount included in "wages" under
Section 209, Social Security Act during such period, it
being recognized that such maximum may be changed from time
to time by amendments to said Social Security Act and in-
tended that any such change shall not affect the amount of
the retirement allowance based on service during any period
prior to the date of such change."
2. That Paragraph 6f of said contract shall be amended to read:
"6f. Contributions to be made by miscellaneous Group B members
with respect to service rendered after September 1, 1958,
shall be at taro- thirds the rate provided in said Retirement
Law for the "1/60" formula as that rate applies to the
monthly equivalent of that part of the annual compensation
which is subject to contributions under Section 218 of the
Social Security Act at the time such compensation is paid and
at 100 per cent of such rate as it applies to the remainder
of compensation."
Witness our hands this
BOARD OF ADMINISTRATION
STATE EMPLOYEES' RETIRE€NT SYSTEM
day of 1959.
CITY COUNCIL OF THE
CITY OF EL SEGUNDO
BY `" .r BY► e_e
City Clerk)