RES 96023 - Laserfiche WebLink

PLEASE DO NOT SIGN "EXHIBIT ONLY" 6. The percentage of final compensation to be provided for each year of credited prior and current service as a loc.~l safety member shall be determined in accordance with Section 21362 of said Retirement Law (2% at age 50 Full). 7. Public Agency elected and elects to be subject to the following optional provisions: a. Se~ion 21571 (Basic L~vel of 1959 Survivor Benefits) for local police members only. b. Section 20425 (NLOCal Police OfficerN shall include employees of a police d~anment who were employed to perform identification or communication duties on August 4, 1972 and who elected to b~ local safety m~nbers on or before Sept~nber 28, 1973). c. Section 20965 (Credit for Unused Sick I.t. ave). d. S~:tion 20042 (One-Year Pinal Compensation). e. S~ion 20516 (Public Agency and its employ~s have agr~l to share the cost of the following beneft0: Section 20042 (One-Year Pinal Compensation). . From and after S~t~mi~r 20, 1986 the local fire members of Public Agent~y shall be assessed an additional 1.750% of their coml~mation for a total contribution rate of 10.750% pursuant to Government Code Section 20516. f. Section 21572 ancrnsed I.~vel of 1959 Survivor Benefits) for local miscellaneous meml~rs only. g. Section 20903 (Two Years Additional Service Credi0. h. Section 21382.5 (Fourth Izvel of 1959 Survivor Benefits) for local fire members only. 8. Public Agency, in accordance with Government Code Section 20790, c~.~sed to i~ an Nemployer~ for purposes of Section 20834 effective on Apr~ 11, 1981. Ac~umula~l contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contributions thernfter shall be held by the Board as provided in Government Code S~tion 20834. 9. Public Agency shall contribute to said Retirement Syst~n the contributions by actuarial valuations of prior and future service liability with r~sp~ to local miscellaneous members and local safety members of said R~tir~ment Syst~n. I0. Public Agency shall also contribute to said Retirement System as follows: a. Public Agency shall contribute $9.00 per m~nber, per month on ac.e, ount of the liability for the 1959 Survivor Benefits provided under Section 21382.5 of said Retir~ent Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employ~s shall be pooled in a single aex, ount, based on term insurance rates, for survivors of all local fire members.