CONTRACT 537K AmendmentAXENDNMT TO CONTRACT BETWEEN THE
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM.
AND TEE
CITY COUNCIL
OF THE
CITY OF EL SEGUNDO
17
The Board of Administration, Public Employees' Retirement System, hereinafter
referred to as Board and the CITY COUNCIL of the CITY OF EL SEGUNDO, hereinafter
referred to as Public Agency, having entered into a contract under date of August
25, 1943, effective October 1, 1943, as amended effective November 1, 1947, August 1,
1949, July 1, 1950, November 1, 19559 September 1, 1958, March 9, 19599 November 7,
1964, October 19, 1968, December 11, 19719 and July 20, 1974, and as provided by
Chapters 170 and 316, Statutes of 1971, which provide for participation of Public
Agency in said System, Board and Public Agency hereby agree as follows:
A. Paragraphs 1 through 8 are hereby stricken from said contract as executed
effective October 1, 1943, and are hereby replaced by the following para-
graphs numbered 1 through 8 inclusive:
1. All words and terms used herein which are defined in the Public
Employees' Retirement Law shall have the meaning as defined therein
unless otherwise specifically provided. "Normal retirement age"
shall mean age 60 for miscellaneous members and age 55 for local
safety members.
2. 'Public Agency shall participate in the Public Employees' Retirement
System from and after October 1, 1943, making its employees as here-
inafter provided, members of said System subject to all provisions of
the Public Employees' Retirement Law except such as apply only on
election of a contracting agency and are not provided for herein and
to all amendments to said Law hereafter enacted except such as by
express provision thereof apply only on the election of contracting
agencies.
3. Employees of Public Agency in the following classes and groups shall
become members of said Retirement System except such in each such
class and group as are excluded by law or this agreement:
a. Local firemen (herein referred to as local safety members);
b. Local policemen (herein referred to as local safety members);
c. Employees other than local safety members (herein referred to
as miscellaneous members).
In addition to the employees excluded from membership by said Retire-
ment Law, the following employees shall not become members of the
Retirement System:
NO ADDITIONAL; EXCLUSIONS
Ret. Form 702 -1
4. The fraction of final compensation to be provided for miscellaneous
members for each year of credited prior and current service shall be
that provided in Section 21251.13 subject to the reduction provided
therein for service on and after January 1, 1956 for members whose
service has been included in the federal system.
5. The following provisions of the Public Employees' Retirement Law
which apply only upon election of a contracting agency shall apply
to the Public Agency and its employees:
a. The fraction of final compensation to be provided for each year
of credited prior and current service as a local safety member
shall be that provided in Section 21252.1 of the Retirement Law.
b. Section 20952.5 (providing for age 50 as the minimum voluntary
retirement age for local safety members with benefit payments
commencing prior to age 55 subject to actuarial discount).
c. Section 21263 and 21263.1 (providing upon death of a local safety
member who has retired for service or disability for the continu-
ation of a post - retirement survivor allowance to certain survivors).
d. Section 21380 -7 (providing for allowances for survivors of mem-
bers covered under the 1959 Survivor program).
e. Section 21222.1 (providing for increases in allowances to which
the annual cost -of- living provisions apply, payable for time com-
mencing on the first day of the calendar month coinciding with
or next following the effective date of this amendment to or on
account of persons retired or members deceased on or prior to
December 31, 1970).
f. Section 21222.2 (providing for increases in allowances to which
the annual cost -of- living provisions apply, payable for time
commencing on the first day of the calendar month coinciding
with or next following the effective date of this amendment to
or on account of persons retired or members deceased on or after
January 1, 1971 but prior to July 1, 1971).
6. Public Agency shall contribute to said Retirement System as follows:
a. With respect to miscellaneous members, the agency shall contribute
the following percentages of monthly salaries earned as miscel-
laneous members of said System:
Ret. Form 702 -2
(1) 0.35 percent until June 30, 1980 on account of the liability
for prior service benefits.
(2) 7.18 percent on account of the liability for current service
benefits.
(3) 0.06 percent on account of the liability under the 1959
Survivors program.
(4) 0.47 percent for three (3)years from the effective date of
this amendment to provide the benefits under Section 21222.1
and 21222.2 of the Government Code.
b. With respect to local safety members, the public agency shall
contribute the following percentages of monthly salaries earned
as local safety members of said System:
(1) 0.133 percent until June 30, 2001 on account of the liability
for prior service benefits.
(2) 15.494 percent on account of the liability for current service
benefits.
(3) 0.084 percent on account of the liability under the 1959
Survivors program.
(4) 1.13 percent for three (3) years from the effective date of
this amendment to provide the benefits under Section 21222.1
and 21222.2 of the Government Code.
c. A reasonable amount per annum, as fixed by Board 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.
d. A reasonable amount as fixed by the Board, payable in one install-
ment as the occasions arise, to cover costs of special valuations
on account of employees of Public Agency, and costs of the period-
ical investigation and valuation required by law.
7. Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the Public
Employees' Retirement System, as determined by the periodical investi-
gation and valuation required by said Retirement Law.
Ret. Form 702 -3
8. Contributions required of Public Agency and its employees shall be
paid by Public Agency to the Retirement System within thirty days
after the end of the period to which said contributions refer. If
more or less than the correct amount of contribution is paid for any
period, proper adjustment shall be made in connection with subsequent
remittances, or adjustments on account of errors in payments between
the employee and Board. Payments by Public Agency to Board may be
made in the form of warrants, bank checks, bank drafts, certified
checks, money orders, or cash.
B. This amendment shall be attached to said contract and shall become effec-
tive on the -G_ day of July, 1975
Witness our hands this 3rd day of June 1975
BOARD OF ADMINISTRATION
FUMIC MEI OYEES' RETIREMENT SYSTEM
BY "
Carl J. echinger,4XKeautive Officer
Approved as to Form:
BY JOL"
zi—cyd d. Grayb'11, X strative Adviser
CITY COUNCIL
OF THE
CITY OF EL SEGUNDO
BY e z8.ae6114-
Presiding Officer Mayor
Attest:
City Clerk
(SEAL)
Ret. Form 702 -4