ORD 0948 - Laserfiche WebLink

4- '?he fraction of fin~! compensation to be provided for each year of credited prior ena current service as a local miscellaneous member sh~ll be ~etern~ined in s. ccor~ance with Section 21251-1~ of s~td Retirement L~J3 (2~ at age ?he fraction of final 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 2~252.01 o~ said Retirement Law (2~ at age 50)- 6. The following additional provisions of the P~blic Employees' Reti~e- ~ent Law which apply only upon election of s contracting agency shall apply to the Public Agency and its employees: a. Sections 21380-21388 (1959 Survivors Program). b. Section 20020 "Local Policemen" shall include persons assigned to identification and communication duties in the Police Department who are not now local safety ~embers 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 s~id Retirement System as follows: a. With respect to miscellaneous members, the agency shall con- tribute ~he fo]-lo'~ing percentages of monthly salaries earned as ~ miscellaneous members of said Retirement System: (1) 12.84~ percent on account of the liability for current service benefits. (2) 0.066 percent on ~ccount of the liebility for the 1959 Survivor Program. b. With respect to local safety members, the ~gency shall contribute the following percentages of monthly salaries earned as local safety members of said Retirement System: (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 current service benefits. c. A reasonable amount per annum, as fixed by the Board to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special vsluatiQns or of the periodic investigation and valuations required by law. d. A reasonable amount as fixed by the Board, payable in one install- ment as the occasionsarise, to cover the costs of special valua- tions on account of employees offPublic Agency, and costs of the periodic investigation and valuations required by law.