ORD 1677 - Laserfiche WebLink

PLEASE DO NOT SIGN "EXHIBIT ONLY" 6. The percentage of f'mal compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21362 of said Retirement Law (2% at age 50 Full). 7. Public Agency elected and elects 'to be subject to the following optional provisions: a. Section 21571 (Basic Level of 1959 Survivor Benefits) for local police manbeE only. b. S~tion 20425 ('Loc, al Police Officer" shall include employees of a police department who were employed to perform identification or communication duties on August 4, 1972 and who elected to be local safety members on or before September 28, 1973). c. Setztion 20965 (Credit for Unused Sick Leave). d. Section 20042 (One-Year Final Compensation). e. Section 20516 (Public Agency and its employees have agreed to share the cost of the following benefit): Section 20042 (One-Year Final Compensation). · From and after September 20, 1986 the local fire members of Public Agemy shall be assessed an additional 1.750% of their compensation for a total contribution rate of 10.750% pursuant to Government Code Section 20516. f. Section 21572 (Increased Level of 1959 Survivor Benefits) for local miscellaneous members only. g. Section 20903 (Two Years Additional Servie, e Credit). h. Section 21382.5 (Fourth Level of 1959 Survivor Benefits) for local fire members only. 8. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on April 11, 1981. Ac, cmnulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and acxumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20834. 9. Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to local miscellaneous members and local safety members of said Retirement System. 10. Public Agency shall also contribute to said Retirement System as follows: a. Public Agency shall contribute $9.00 per member, per month on account of the liability for the 1959 Survivor Benefits provided under Section 21382.5 of said Retirerhent Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall be pooled in a single ac, c, ount, based on term insurance rates, for survivors of all local fire members.