RES 2297 - Laserfiche WebLink

-,,~. kE3OLUTIO,.'~ NO. 2297 RESOLUTION OF INTENTION TO APPR0~E CONTRACT PROVIDING FOR PARTICIOIPATION ]2{ STATE k~PLOYEES! RETIPJ~NT SYSTEN WHEREAS, the State Employeest Retirement Law permits the participation of Public Ageneies in the State Employeest Retirement System~ making their employees members of said System, and sets forth the procedure by which participation may bo accomplished; and WHEREAS~ one step in said procedure is the adoption by the legislative body of the Public Agency of a resolution giving notice of intention to approve a con- tract between said Governing Body and the Board of Administration of said Retirement System, providing for said participation~ which said resolution shall contain a stmmmry of the major provisions of the proposed Retirement System; and WHEREAS, thefollo~rlng is a ~m~ary of the major provisions of the proposed Retirement System: 25 The system is administered by a board of eight members, composed of three members of the System~ an official of a bank~ an official of a life insurance company, the Director of Finance~ a member of the State Personnel Board~ and an official of the University of California. Retirement for service is optional upon attainment of age 55 by Local Safety Members (local firemen, local policemen, and county peace officers) and age 60 or age 55 at the election of the Public Agency, by other employees, and completion of twenty years of service for the Public Agency, and is compulsory at age 65 for Local Safety Hembers~ and at age 70 for other employees. 5 The monthly retirement allowance payable upon retirement for service is dependent upon such factors as age, sex, salary, and years of service, For Local Safety Members retiring at age 55 in paragraph 2~ or at a higher age with 20 years of service~ the monthly allowance is approximately one-half the average monthly salary (salary over $416.66 being excluded unless Agency elects otherwise) during the five years immediately preceding retirement, unless the Public Agency elects to provide prior service benefits at less than the ~ull amount, For other Agency employees, the monthly a]_low~nce, upon retirement at age 65~if the Agency elects 60 as the lowest optional service retirement age~ is 1/70th of the average mon~bly salary during the five years ~mmediately preceding retirememt~ for each year of service after the effective date of participation, plus approximately l/7Oth, or less as may be provided in said contract by the Public Agency for its em- ployees, of "Final Compensation" or the average monthly salary during the three years immediately preceding the effective date of participa- tion: for each year of service prior to that date. Upon retirement at age 60~ if the Agency elects 55 as the lowest optional service retire- ment age~ the fraction is approximately 1/6Otb instead of 1/70th~ or e~mctly 1/6Oth~ if the guaranteed fraction also is elected, The fractions are reduced for both current and prior service if retirement is below 60, and increased only for current service, if retirement is above 60, F lS2b- /52 200