CONTRACT 537N AmendmentThe Board of Administration, Public Employees' Retirement System, herein-
after referred to as "Board ", and the governing body of above public agency,
hereinafter referred to as "Public Agency ", having entered into a contract
under date of August 25, 1943, effective Octboer 1, 1943 and as amended
effective November 1, 1947, Augustl, 1949, July 1, 1950, November 1, 1955,
September 1, 1958, March 9, 1959, November 7, 1964, October 19, 1968, December
11, 1971, July 20, 1974, July 19, 1975, January 3, 1976 and July 16, 1977,
which provides for participation of Public Agency in said System, Board and
Public Agency hereby agree as follows:
A. Paragraphs 1 shall be stricken from said contract and the following
Paragraph 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 and age 50 for local
safety members.
B. Paragraph 5(a) 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 as a safety member shall
be determined in accordance with Section 21252.01 of said
Retirement Law (2% at age 50).
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 agency shall
contribute the following percentages of monthly salaries
earned as local safety members of said Retirement System:
(1) 0.111 percent until June 30, 2001 on account of the
liability for prior service benefits.
(2) 27.219 percent on account of the liability for current
service benefits.
(3) 1.130 percent until August 31, 1978 on account of the
liability for the benefits provided under Section
21222.1 and /or 21222.2"ldf'said Retirement Law.
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B. This amendment shall be attached to said contract and shall be effective on
the 3rd day of , 19
Witness our hands this 2nd, day of M , 19 78 .
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Now,Ij a g^ r, EV/utive Of ficer-
Approved as to form:
WIC 3 30
r
CITY COUNCIL
OF THE
CITY OF EL SEGUNDO
BY r "
:`Arm
Presiding Officer
Attest:
Clerk
C LCi.II'
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