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Reso 1167-04/2002RESOLUTION NO. 1167 RESOLUTION OF INTENTION TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE BOARD OF DIRECTORS VALLECITOS WATER DISTRICT WHEREAS, the Public Employees' Retirement Law permits the participation of public agencies and their employees in the Public Employees' Retirement system by the execution of a contract, and sets forth the procedure by which said public agencies may elect to subject themselves and their employees to amendments to said Law; and WHEREAS, one of the steps in the procedures to amend this contract is the adoption by the governing body of the public agency of a resolution giving notice of its intention to approve an amendment to said contract, which resolution shall contain a summary of the change proposed in said contract; and WHEREAS, the following is a statement of the proposed change: To provide Section 21354.3 (3% @ 60 Full and Modified formula) for local miscellaneous members. NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency does hereby give notice of intention to approve an amendment to the contract between said public agency and the Board of Administration of the Public Employees' Retirement System, a copy of said amendment being attached hereto, as an "Exhibit" and by this reference made a part hereof. PASSED, APPROVED AND ADOPTED by the Board of Directors of the Vallecitos Water District at a regular meeting held on the 17th day of April, 2002 by the following roll call vote: AYES: NOES: ABSTAIN: ABSENT: ATTEST: wuCu.4 Zk' CRUZ, FERGUSON, HANNAN, MASON, DAVY William W. Rucker, Secretary Board of Directors Vallecitos Water District ClArf"( Paul A. Davy, Preside Board of Directors Vallecitos Water District Resolution No. 1167 Page 2 Ca1PERS California Public Employees' Retirement System • AMENDMENT TO CONT EXHIBIT ACT Between the Board of Administration California Public Employees' Retirement System and the Board 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. 1167 Page 3 PLEASE DO NOT SIGN "EXHIBIT ONLY" 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). 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. 1167 Page 4 errors in contributions requir payments between the em B. This amendment shall be effew; on the BOARD OF ADMINISTRATION 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 Sys,tem within fifteen days after the end of the period to which said contrib tins refer or as may be prescribed by Board regulation. If more os than the correct amount contributions is paid for any peri ,"roper adjustment shall be ma*skin connection with subsequent re ittances. Adjustments on accQ t of any employee may be mad `direct e and the Board.e day of BOARD OF D. PUBLIC EMPLOYEES' RETIR v1ENT SYSTEM VALLECIT BY 4C' BY<(CJ TORS ATER DISTRICT KENNETH W. MARZI CHIEF PRW)ING OFFICER ACTUARIAL & EMPIR) ER SERVICES DIVISION PUBLIC EMPLOYEES' RETIREMENT SYSTEM Witness Date Attest: Clerk AMENDMENT PERS-CON-702A (Rev. 8\96)