RES 2297 - Laserfiche WebLink

11. Contributions required cf Local Safety Members, vrlthout credit for prior service, depend upon salary and upon age of entry into the Retirement System, the contributions per $1OO of salary varying from $7.63 at entry age 21, to $14.35 at entry age 35. Contributions of Local Safety Members having credit for prior service depend on salary, entry ag% and amount of prior servic% the amount of contributions per $100 being $16.33 for example, at entry age 54, with 19 years of prior service. 12. For other Agency employees~ the contributions depend upon salary~ sex and age of entry into the Retirement System, the contributions per $100 of salary varying from $4.62 at age 20, to $7.99 at age 64, for men, and from $%.36 at age 20, to $9.45 at age 64~ for women, all based on the Public Agencyts election of age 60 as the lowest optional ser- vice retirement age, If the Public Agency elects age 55 as the lowest optional sera-ice retirement age, the contributions per $1OO of salary ~ry from $7.36 at age 20, to $10.88 at age 59, for men, and from $8.35 at age 20, to $12.81 at age 59, for women. 13. The Agency is required to contribute the balance of the funds necessary to meet the cost of the benefits provided under the retirement system for the Agency employees. The Agency is also required to pay its proportionate share of the administrative costs of the ~ystem. 14. Ability of the Retirement System to pay benefits is safeguarded by a provision authorizing the Board of Administration to revise contribu- tions of both employees and the Agency, in the light of experience under the system. THEI~FORE, BE IT RESOLVED. ~hat the (Na~ of Governing Body) of ~ ~ es, and it does hereby give notice (Namg of Public Agency) of intention to approve a contract be~'~een said~-----~ -- ~Go~.~ Bo~yl~ and the Board of Ad.m~nistration o.f th~.q~ate EmplQye~ Retirement Sys~tem, providing for participation of samd~--~ (Na~e~ of Public Agency) in said Retirement System, a copy of said contract being attached hereto, marked t~Exhibit A", and by reference made a part hereof. (Name q~/Governing Body) of ame ~Sf Public Agency~ May 18, , 195.3 (Date Adopted and Approved) ~_~ (Title) F 122b-3 2/52 200