CONTRACT 537L Amendmentfimewb . .
AMENDMENT TO CONTRACT BEWEEN THE
BOARD OF ADMINISTRATION
PQBLIC EMPLOYEES' RETIREMENT SYSTEM!
AND THE
CITY COUNCIL
OF Tim
CITY OF EL SEGUNDO
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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
259 1943, effective October 1, 1943, as amended effective November 1, 1947, August
1, 1949, July 1, 19509 November 1, 1955, September 1, 1958, March 9, 1959, November
79 19649 October 19, 1968, December 11, 1971, July 20, 1974, and July 19, 1975,
and as provided by Chapters 170 and 3169 Statutes of 19719 which provide for
participation of Public Agency in said System, Board and Public Agency hereby
agree as follows:
A. Paragraph 1 shall be stricken from said contract and the following
Paragraph 1 shall be substituted therefor:
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, age 55 for local
firemen, and age 50 for local policemen.
B. Paragraphs 5 (a) and (b) shall be stricken from said contract and the
following Paragraph 5 (a) substituted therefor:
5.(a) The fraction of final compensation to be provided for each year
of credited prior and current service for local firemen shall be
that provided in Section 21252.1 and for local policemen shall
be that provided in Section 21252.01 of the Government Code.
C. Paragraph 6 (b) shall be stricken from said contract and the following
Paragraph 6 (b) shall be substituted therefor:
6.(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:
Ret. Form 702 -1
(1) 0.137 percent until June 30, 2001 on account of the liability
for prior service benefits.
(2) 20.762 percent on account of the liability for current service
benefits.
(3) 1.130 percent until August 31, 1978 for benefits provided
under Sections 21222.1 and 21222.2 of the Government Code.
D. This amendment shall be attached to said contract and shall become effec-
tive on the 3rd day of janun ry, 1.976
Witness our hands this ±b day of WoyPmhPr, 1 Q75
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
BY p
Carl J. echinger, Ellutive Officer
r
Approved as to Form:
CITY COUNCIL
OF TIC
CITY OF EL SEGUNDO
BY
Presiding Offioer Mayor
Attest: Valerie A. Burrowes,
City Clerk
Deputy C er
(SEAL)
BY
Lloyd Graybill, A istrative Adviser
Ret. Form 702 -2