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To implement this change, CaIPERS requires that the City adopt a Resolution of <br /> Intention to amend the contract to provide Section 20475 (Different Level of Benefits), <br /> Section 21363.1 (3% @ 55 Full Formula) and Section 20037 (Three-Year Final <br /> Compensation). In addition, an ordinance to that effect must also be adopted. Both the <br /> resolution of intention and introduction of the ordinance may take place at the same City <br /> Council meeting. Pursuant to Government Code Section 20471, there must be a 20 day <br /> waiting period between the adoption of the Resolution of Intention and the adoption of <br /> the final ordinance. Therefore, the final ordinance will be presented at the November 20, <br /> 2012 City Council meeting. The proposed amended contract is attached as Attachment <br /> 4. Following the required process, the effective date of the amendment is December 22, <br /> 2012 and Lateral Employees hired on or after this date may be provide:id the 3% @ 55 <br /> formula with an average of three-year compensation calculation. <br /> Submitted by: Fiscal Review: Approved by: <br /> � I <br /> he Yuan- iu Emily Wagner Nelson Fialho <br /> ssistant Manager/ Director of Finance City Manager <br /> Director of Administrative Services <br /> Attachments: <br /> 1. Resolution <br /> 2. Ordinance <br /> 3. CaIPERS Valuation Report <br /> 4. Contract Amendment <br /> Page 3 of 3 <br />