RES 80277 - Laserfiche WebLink

The fraction of final compensation to be provdded for ~ach year of credited prior and current service as a !oca] miscel],sneo/~s member shq!l be determined in accordance with :~ectjon 2125~.~z of s~id Retirement Law (2% at age 60). The fraction of final compensation to be provided for each y~!ar of credited prior and current, service as ;l lees] satiety member shnl! be determine~ in accordance with Section 2~252.0] oti said F. etirement Law (2% at age 50). The following additional provisions of the Pt, bljc Employees' 2'~tire- meat Law which apply only upon election of a contracting agency shall apply to the Public Agency and its employees: a. Sections 21380-21388 (1959 Survivors Proa:ram). Section 20020 "Local Policemen" shall include persons assffgned to identification and communication duties in the Police Department who are not now local safety members and who were in such employment on August 4, 1972, who elect safety membership on or before September 28, 1973. 7- Public Agency shall contribute to said Retirement System as follows: With respect to miscellaneous members, the ag, ency sh;i]i ':on- %rib, ute the following porcentago~ of monthly s,'.Jaries e~rn.~l as miscellaneous members of said Retirement System: 12.244 percent on account of the ]i~!~;iljty for' curr!~nf, service benefits. (2) 0.066 percent on account of the li.'!biljty for the 1959 Survivor Program. With respect to local safety members, %be ,~'enr~y shall con~,ribute the followring percentages of monthly sal~lries earned as local safety members of ssid Retirement ,qystem: (1 ) 0.034 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 20.661 percent on account of the liability for curm.~nt service benefits. costs o? administering said System as ~t affects the eraployees of Pub]to Agency, not including the. eosts of special valuations or of tb~ perlodjc investignition and va]m'~tions T'~,quire~ by law. A reasonable amount as fixed by the Board, payable in one jnsta!l- mentns the occasions arise, to cover the costs of special valua- tions on account of employees oti Public AF:enc'y, and costs o~ the perjodic investigation and valuations required hy low.