Ordinance No. 521ORDINANCE NO. 521
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CYPRESS
AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE
BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES'
RETIREMENT SYSTEM AND THE CITY OF CYPRESS.
THE CITY COUNCIL OF THE CITY OF CYPRESS DOES ORDAIN AS FOLLOWS:
SECTION 1. That an amendment to the Contract between the City Council
of the City of Cypress and the Board of Administration, California Public
Employees' Retirement System is hereby authorized, a copy of said amendment
being attached hereto, marked "EXHIBIT A ', and by such reference made a
part hereof as though herein set out in full.
SECTION 2. The Mayor of the City of Cypress is hereby authorized,
empowered, and directed to execute said amendment for and on behalf of
said Agency.
SECTION 3. This Ordinance shall take effect thirty (30) days after
the date of its adoption, and prior to the expiration of fifteen (15) days
from the passage thereof shall be posted in three (3) public places in the
City of Cypress, and thenceforth and thereafter the same shall be in full
force and effect.
PASSED AND ADOPTED by the City Council of the City of Cypress at an
adjourned regular meeting held on the 26th day of December, 1973.
ATTEST:
CITY CLERK or THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
C /� l t -4 11�f -�-.
MAYOR (OY THE CITY `0i CYPRESS 1
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY that
the foregoing Ordinance was duly adopted at an adjourned regular meeting of the
said City Council held on the 26th day of December, 1973, by the following roll
call vote:
AYES: 5 COUNCILMEN: Frankiewich, Harvey, Kanel, Lacayo and Roberts
NOES: 0 COUNCILMEN: None
ABSENT: 0 COUNCILMEN: None
CITY CLERK OF THE CIT' OF CYPRESS
EXHIBIT "A"
AMENDMENT TO CONTRACT BETWEEN THE
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF CYPRESS
The Board of Administration, Public Employees' Retirement System, herein-
after referred to as Board, and the CITY COUNCIL of the CITY OF CYPRESS, here-
inafter referred to as Public Agency, having entered into a contract under date
of March 9, 1964, effective May 1, 1964, and as provided by Chapters 170 and 316,
Statutes of 1971, which provide for participation of Public Agency in said System,
Board and Public Agency hereby agree as follows:
A. Paragraphs 1 through 12 are hereby stricken from said contract as
executed effective May 1, 1964, and are hereby replaced by the fol-
lowing paragraphs numbered 1 through 8 inclusive:
1. All words and terms used herein which are defined in the Public
Employees' Retirement Law shall have the meaning as defined
therein unless otherwise specifically provided. "Normal
retirement age" shall mean age 60 for miscellaneous members
and age 55 for local safety members.
2. Public Agency shall participate in the Public Employees' Retirement
System from and after May 1, 1964, making its employees as herein-
after provided, members of said System subject to all provisions
of the Public Employees' Retirement Law except such as apply only
on election of a contracting agency and are not provided for herein
and to all amendments to said Law hereafter enacted except such
as by express provision thereof apply only on the election of
contracting agencies.
3. Employees of Public Agency in the following classes and groups shall
become members of said Retirement System except such in each such
class and group as are excluded by law or this agreement:
a. Local firemen (herein referred to as local safety members);
b. Local policemen (herein referred to as local safety members);
c. Employees other than local safety members (herein referred to
as miscellaneous members).
In addition to the employees excluded from membership by said Retire-
ment Law, the following employees shall not become members of the
Retirement System:
NO ADDITIONAL EXCLUSIONS
4. The fraction of final compensation to be provided for miscellaneous
members for each year of credited prior and current service shall be
that provided in Section 21251.13 with all service prior to the termi-
nation of Social Security coverage subject to the reduction provided
by said section.
5. The following provisions of the Public Employees' Retirement Law
which apply only upon election of a contracting agency shall apply
to the Public Agency and its employees:
a. Section 21252.6 (providing for the fraction of final compensation
to be provided for each year of credited prior and current service
as a local safety member).
b. Section 20952.5 (providing for age 50 as the minimum volhntatr -Y
retirement age for local safety members with benefit payments
commencing prior to age 55 subject to actuarial diacoutt).
c. Section 21263 (providing upon death of a local safety nember
who retliad for service or disability for the continuation of
one -half the retirement allowance to certain survivors).
6. Public Agency shall contribute to said Retirement System as follows:
a. With respect to miscellaneous members, the agency shall contri-
bute the following percentages of monthly salaries earned as
miscellaneous members of said System:
(1) 0.22 percent until June 30, 2000 on account of the
liability for prior service benefits.
(2) 7.67 percent on account of the liability for current
service benefits.
b. With respect to local safety members, the public agency shall
contribute the following percentages of monthly salaries earned
as local safety members of said Systems
(1) 0.629 percent until June 30, 1984 on account of the
liability for prior service benefits.
(2) 12.893 percent on account of the liability for - current
service benefits.
c. A reasonable amount per annum, as fixed by Board to cover the
costs of administering said System as it affects the employees
of Public Agency, not including the costs of special valuations
or of the periodical lavestigation and valuation required by law.
d. A reasonable amount as fixed by the Board, payable in one instal-
ment as the occasions arise, to cover costs of special valuations
on account of employees of Public Agency, and costs of the periodi-
cal investigation and valuation required by law.
7. Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the Public
Employees' Retirement System, as determined by the periodical investi-
tion and valuation required by said Retirement Law.
8. Contributions required of Public Agency and its employees shall be
paid by Public Agency to the Retirement System within thirty days
after the end of the period to which said contributions refer. If
more or less than the correct amount of contribution is paid for any
period, proper adjustment shall be made in connection with. subsequent
remittances, or adjustments on account of errors in payments between
the employee and Board. Payments by Public Agency to Board may be
made in the form of warrants, bank checks, bank drafts, certified
checks, money orders, or cash.
B. The provisions of this amendment shall be attached to said contract and
shall become effective on
Witness our hands this
BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
BY
William E. Payne, Executive Officer
- 2 -
CITY COUNCIL
OF THE
CITY OF CYPRESS
BY f Che- `'�_ /le
Preaidi g Officer
Attest:
BY
Clerk