ORD 1299 - Laserfiche WebLink

- · · c o P · "FXNImT ONLY" 8. Public Agency, in accordance with Government Code Section 20740, ceased to be an "employer" for purposes of Section 20759 effective on April 11, 1981. Accumulated contributions of Public Agency shall be " fixed and determined as provided in Government Code Section 20759, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20759. 9. Public Agency shall contribute to said Retirement System as follows: a. With respect to local miscellaneous members, the agency shall contribute the following percentages of salaries earned as members of said Retirement System: (1) 7,492 percent until June 30, 2000 on account of the liability for current service benefits. (Subject to annual change.) b. With respect to local safety members, the agency shall contribute the following percentages of salaries earned as members of said Retirement System: (1) 0,039 percent until June 30, 2000 on account of the liability for prior service benefits. (Subject to annual change.) (2) 19.061 percent until June 30, 2000 on account of the liability for current service benefits. (Subject to annual change.) c. A reasonable amount, as fixed by the Board, payable in one in- stallment within 60 days of date of contract 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 periodic investigation and valuations required by law. d. A reasonable amount, as fixed by the Board, payable in one stallment as the occasions arise, to cover the costs of special valuations on account of employees of Public Agency, and costs of the periodic investigation and valuations required by law. 10. Contributions required of Public Agency and its employees shall be subject to adjustment by Board on account of amendments to the Public Employees' Retirement Law, and on account of the experience under the Retirement System as determined by the periodic investigation and valuation required by said Retirement Law. 11. 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 or as may be prescribed by Board regulation. If more or less than the correct amount of contributions is paid for any period, proper adjustment shall be made in connection with subsequent remittances. Adjustments on account of errors in contributions required of any employee may be made by direct payments between the employee and the Board.