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Reso 1168-06/2002RESOLUTION NO. 1168 RESOLUTION OF THE BOARD OF DIRECTORS OF THE VALLECITOS WATER DISTRICT AUTHORIZING AN AMENDMENT TO THE CONTRACT WHEREAS, the Board of Administration of the California Public Employees' Retirement System and the Board of Directors of the Vallecitos Water District entered into a contract effective on January 5, 1968 providing for the participation of said public agency in the California Public Employees' Retirement System; and WHEREAS, it is now desirable to take advantage of certain benefits provided under said Retirement System and not included in said contract; NOW, THEREFORE, BE IT FURTHER RESOLVED, that said governing body authorized, and it does hereby authorize, an amendment to said contract, a copy of said amendment attached hereto and by such reference made a part hereof as though herein set out in full, and NOW, THEREFORE, BE IT FURTHER RESOLVED, that the presiding officer of said governing body is hereby authorized, empowered and directed to execute said amendment for and on behalf of said public agency. PASSED, APPROVED AND ADOPTED by the Board of Directors of the Vallecitos Water District at a regular meeting held on the 5th day of June, 2002 by the following roll call vote: AYES: NOES: ABSTAIN: ABSENT: CRUZ, FERGUSON, HANNAN, MASON, DAVY Paul A. Davy, Prefide Board of Directors Vallecitos Water District ATTEST: William W. Rucker, Secretary Board of Directors Vallecitos Water District Resolution No. 1168 Pag Ca1PERS AM ATTACHMENT California Public Employees' Retirement System NDM ENT TO CONTRACrI r etween the oaird of Administration California Public En-nplloyees' Retirement System and the oard of Directors Vallecitos Water District The Board of Administration, California Public Employees' Retirement System, hereinafter referred to as Board, and the governing body of the above public agency, hereinafter referred to as Public Agency, having entered into a contract effective January 5, 1968, and witnessed December 4, 1967, and as amended effective October 20, 1982, November 20, 1990, June 30, 1993 and August 17, 2000 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 11 are hereby stricken from said contract as executed effective August 17, 2000, and hereby replaced by the following paragraphs numbered 1 through 11 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 local miscellaneous members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after January 5, 1968 making its employees as hereinafter 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 those, which by express provisions thereof, apply only on the election of a contracting agency. Resolution No. 1168 Page 3 ATTACHMENT 3. Employees of Public Agency in the following classes shall become members of said Retirement System except such in each such class as are excluded by law or this agreement: a. Employees other than local safety members (herein referred to as local miscellaneous members). 4. In addition to the classes of employees excluded from membership by said Retirement Law, the following classes of employees shall not become members of said Retirement System: a. SAFETY EMPLOYEES. 5. The percentage of final compensation to be provided for each year of credited prior and current service as a local miscellaneous member shall be determined in accordance with Section 21354.3 of said Retirement Law subject to the reduction provided therein for Federal Social Security (3% at age 60 Modified and Full). [Note that future legislative proposals are being considered. One proposal could amend the 3% at 60 benefit formula under Government Code Section 21354.3 to coincide with the 2.7% at 55 benefit formula under Section 21354.5 between the ages of 50 and 55, Another proposal being considered could amend Government Code Section 21354.3 to make the 3% @ 60 formula applicable to both active and inactive members who have not yet retired. If enacted, this amendment could have an effect on your agency's actuarial valuation and employer contribution rates in future years.] 6. Public Agency elected and elects to be subject to the following optional provisions: a. Section 20042 (One -Year Final Compensation). b. Section 20965 (Credit for Unused Sick Leave). c. Section 21024 (Military Service Credit as Public Service), Statutes of 1976. d. Section 21548 (Pre -Retirement Optional Settlement 2 Death Benefit). 7 Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on October 20, 1982. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20834. Resolution No. 1168 Page 4 ATTACHMENT 8. Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to local miscellaneous members of said Retirement System. 9. Public Agency shall also contribute to said Retirement System as follows: a. A reasonable amount, as fixed by the Board, payable in one installment within 60 days of date of contract 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 periodic investigation and valuations required by law. b. A reasonable amount, as fixed by the Board, payable in one installment as the occasions arise, to cover the costs of special valuations on account of employees of Public Agency, and costs of the periodic investigation and valuations required by law. 10. Contributions required of Public Agency and its employees shall be subject to adjustment by Board on account of amendments to the Public Employees' Retirement Law, and on account of the experience under the Retirement System as determined by the periodic investigation and valuation required by said Retirement Law. 11. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within fifteen days after the end of the period to which said contributions refer or as may be prescribed by Board regulation. If more or less than the correct amount of contributions is paid for any period, proper adjustment shall be made in connection with subsequent remittances. Adjustments on account of errors in contributions required of any employee may be made by direct payments between the employee and the Board. B. This amendment shall be effective on the 7th day of June , 2002 BOARD OF ADMINISTRATION BOARD OF DIRECTORS PUBLIC EMPLOYEES' RETIREMENT SYSTEM VALLE 'OS WATER DISTRICT BY BY /G KENNETH W. MARZION, CHIEF PRESIDING OFFICE ACTUARIAL & EMPLOYER SERVICES DIVISION PUBLIC EMPLOYEES' RETIREMENT SYSTEM June 5, 2002 aul Davy Witness Date Clerk - William W. Rucker AMENDMENT PERS-CON-702A (Rev. 8196)