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}r1 < 2 =s 3n thy'. Stuta P� . PartiGipekicn of�io
T 30yeGS' Retirement System, by tne. euceoutlon of a• °ootu `.} r �F, i t �fi ;�
ra k;rag their emplay6oas rimbers of said stem, and sate fort the procedure by which t -* , } /;it
t,,-, a ld law agencies g f rlact to aubjsct themselves and their employees to am�dfinente;;,
to st.id law, providing for a gu aranteed percentage of final compensation for each,
yai:r of,service as "Member" and
{d iuu , Providing ding for the portion of compensation to be iii -
clude `
.computations ender said lam; and
NHMBAB, one'step in said procedure is the adoption by'tha legislative 'of:
the public agency, of a resolution giving notice . of its intention to body approve an amend:`
went to a contract between said governing board and the Board of Administration-of !
said Retirement system' providing for said participation, which said resolution sha11'''
contain a summary of the major provisions of the proposed Retirement Systems and
CAB, the following is..a summary of the IDs
Retirement. j or provisions of the proposed !
Systemu ,
1. The System is administered by a board of sightmembers, composed of
three members of the System, An official,ofla bank, an official, of a
life insurance company, the Director of Finance, a member of the State 3
Personnel Board, and an official of the University of California. Y
2. Retirement for service is optional upon.,attainment of age 55 by lo-
cil'firemen and local policemen, and age 60 or age 55 at the election
of the Public Agency, by other employees, and completion of twenty
years of service for the Public Agency; and is compulsory at age 65
for local firemen and local policemen, and at age,70 for other employees.
3. The monthly retirement allowance payable upon retirement for service
is dependent upon such factors as age, sex, salary and years of ser -:
vice. For local firemen and local policemen, retiring at age 55 in
Paragraph 2, or at a higher age with 20 years of service, the month -
ly allowance is approximately one -half the average monthly salary
during the five years immediately preceding retirement, unless the
Publif- Agency elects to provide prior service benefits at less than
the full amount. For other Agency employees, the monthly allowance,
upan'retirment at age 65 if the Agency elects 60 as the lowest op-
tio;fal serryrioe retirement age, is approximately 1/70th of the aver -
age monthly salary during the five years immediately preceding
retirement, for each year of service after the effective date of
PArticiPation, plus approximately 1/70th, or lose as may be pro -
v4.dad ill'skid contract by the Public Agency for its employees, of
"fi -4-11 IMPessation" or of the average monthly salary during the
rae ywarg tomediately preceding the effective date of partial ;
I t4.0n, ?'a.; �eanch year of service prior to .that date. Upon retit� -'
rLm+ 0t '16c 60 , if thm agony elects 55 as the lowest optional
rerrivc c?VIrauent a
ge, the fraction is approximate], 1/60th instead
cf .i /70th..
F 1224 - 1 (war. % a,Camp.> 10 -So .:
y-�
4. A minimum service retirement allowance of $40 per month is guaranteed
upon retirement at age 70 with credit for service rendered prior to
said effective date, if the Public Agency elects age 60 as the lowest
optional service retirement age, or a minimum allowance of $60 per
month upon retirement at age 65 or over with twenty years of service,
or upon retirement at age 70 with credit for prior service, if the Pub-
lic Agency elects age 55 as the lowest optional service retirement age.
5. Retirement for disability, except in the case of local firemen and lo-
cal policemen disabled from injury arising out of and in the course
of employment, is permitted only after ten years of service and upon
proof of incapacity for the performance of duty.
6. The monthly retirement allowance payable upon disability retirement,
described in preceding item 5, is dependent upon such factors as age,
salary and years of service, but generally is equal to 90% of 1 /70th,
or 1 /60th as the case may be, of the average monthly salary during
the five years immediately preceding retirement, for each year of
service, with a guarantee of 25% of said salary, subject to certain
restrictions and modifications.
7. Disability retirement of local firemen and local policemen, in the
event of disability arising out of and in the course of employment,
is permitted regardless of age and service, the monthly retirement
allowance being one -half the average monthly salary during the five
years immediately preceding retirement.
8. The benefit payable at death before retirement, except in the case of
local firemen and local policemen dying from injury arising out of
and in the course of-employment I consists of the contributions of the
member plus interest, and plus 1 /12th of the member's annual salary
during the year immediately preceding death, for each year, not ex-
ceeding six years, of service as a member of the System. Upon death
after retirement, and at the election of the Public Agency, a bene-
fit of is payable.
0
9. The monthly allowance payable to the widow and children, at the death
of local firemen and local policemen arising out of and in the course
of employment, is one -half the average monthly salary during the five
years immediately preceding death.
10. The benefit upon separation from service by other cause than death
Or retirement, is the refund of the member's contributions, with in-
terest. Members having accumulated contributions of at least $500
upon resignation or discharge, may elect irrevocably, within ninety
days, to leave contributions in the Retirement Rind, and then upon
reaching the lowest optional. service retirement age or becoming dis-
abled, to be entitled to receive such retirement, allowance as will
be provided by their and the Agency's contributions and their
credited service, regardless of service rendered.
. F 122d -• 2 (Guar. a & Comp.) 10 -50
BE IT RESOLVED, that the city Council of
(Name of overning Body)
The -C it of New_ -ort Beach ^�; give, and it hereby gives notice of inten
ame of ei cyj .
tion to approve an amendment to the contract between said City Council
(Name of Governing E6aT
and the Board of Administration of the State Employees' Retirement System, providing
for the participation of said said Retire -
ame o 1 iblic Agency
,lent System, a copy of said amendment being attached hereto, marked "Exhibit A", and
:j reference made a part hereof.
T;.e above Resolution No. L�42 '.as Eiao_otnd by the City Ccuncil of the City of
!sr Dort Beac'r. on February 'lj, 1970 i
. : n € oll call vote, to x14:
City Council
CUU'NCI1.K!i;: Bennett, Stoo,darii, -- — ,
Higbie, idderhoi, Hill
one o Governing Nody
b:
GOUNCIIJ/217: none
Strum, COLyCI.ija!,': Wilder, MaCRrij
„eAd� n 19.1r('
to op an j>prove�Tj
City of Newport Beach
Tame e of rbl gency
Mayor k Ti e
F122d - 3 (Guar. % & Comp.)
11;
Contributions' required of Local firemen and local p6licecueny' without '. }..
cred %£,:for 'prior service, rlej?enA, upo>1 salary arid upon age of entry into
the Retirement System; the contributions per -$100 of salary v3ryirig
from $7;63 at entry age 21, 'to $14,37 at en ti .age 35: Conttitiutions
of ° amen and palioemen haid.n�; credit for prior service depend on
salary, entry age; and amount of prior service, the amount of tontribu- :1
tions per $100 being $16;;3 for ?r,:mplei a.-t. etattf age 54, with 19 years
of prior service;
12'.
For other Agency mplovees, the contributions depend upon salary, sex
.entry
and age of entry into the Retirement System, .he contributions per $.100,
of salary from $4.62 at age 20, to $7' +99 at age 64) for mend
and frob $5.36 at age 20; to $9.45 at age 64; for women, all based on ,
the.Public Agency's election of age 60 as the lowest optional service
retirement age. If the Public Agency elects age 55 as the lowest op= '
tional service retirement age; the contributions per $100 of salary A
vary from $7.36 at age 20; to $10 ;88 at age 59, for men, and from
$805 at age 20, to $12:81 at age 59, for women.
19:
The Agency is required to contribute the balance of funds necessary to
meet the cost of the benefits provided under the Retirement System for
the Agency employees. The Agency also is required to pay its propor-
tionate share of the administrative costs of the System.
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.
BE IT RESOLVED, that the city Council of
(Name of overning Body)
The -C it of New_ -ort Beach ^�; give, and it hereby gives notice of inten
ame of ei cyj .
tion to approve an amendment to the contract between said City Council
(Name of Governing E6aT
and the Board of Administration of the State Employees' Retirement System, providing
for the participation of said said Retire -
ame o 1 iblic Agency
,lent System, a copy of said amendment being attached hereto, marked "Exhibit A", and
:j reference made a part hereof.
T;.e above Resolution No. L�42 '.as Eiao_otnd by the City Ccuncil of the City of
!sr Dort Beac'r. on February 'lj, 1970 i
. : n € oll call vote, to x14:
City Council
CUU'NCI1.K!i;: Bennett, Stoo,darii, -- — ,
Higbie, idderhoi, Hill
one o Governing Nody
b:
GOUNCIIJ/217: none
Strum, COLyCI.ija!,': Wilder, MaCRrij
„eAd� n 19.1r('
to op an j>prove�Tj
City of Newport Beach
Tame e of rbl gency
Mayor k Ti e
F122d - 3 (Guar. % & Comp.)
AW1r MENT TO CONTRACT, BMVW TiIE .
BOAP.D OF ADPII;;IISTRATICH
STATE v..ktPLO=f R=#WzT .'RSTEft
• AYD THE CITY C(WCIL OF' ThE
CITY OF NEWPORT DEACH •
The Board of Administration, ` State t =mployeest ru�tl em =t System., and the QTY
COUNCIL-of the CITY OF NEIPOR„` iEAW3, .h)reinafter referred to as Agency, having ;
entered into a -contract und4r. date •:,f April. 27.9 1947# effoctive July ly 1947t -
which provides for the parti.cipaticn of said Agemy in said Retirement System,
and said Contract being basFd on the Fptiremrni. J,sx, rsxc?!usivs of amendments
thereto which changed benefits and FiF.es of retirement, soitd I#ssrd of A&dmistrae
tion and said CITY COUNCIL hereby agree as f0llowat
to Paragraph 9 shall be and is' hereby stricken from said Contract,
2. The following paragraphs shall be and are heraby added to said Contracts
A.
9. The provisions of Section 21367651 of the State Employees'
Retirement Law, providing a ,00 death benefit after retire-
ment SMALL APPLY to persons who are members because of
employment by Public Agency.
r.:
13• The provisions of Section 20024.01 of the State Employees'
Retirement Lax, which provide that "final compensation"
shall mean the highest average annual compensation earnable
by a member during any period of three consecutive years
during his membership in the System, SHALL APPLY to employees .
of Public Agency who become members of said Retirement System,
149 The provisions of Section 20952.5 of the State Employees'
Retirement Law which provide age 50-as the minimum voluntary
retirement age for Local Firemen and LJCal. Policemen SHALL
APPLY to employees of Public Agency who become members of the
Retirement System as Local Firemen or Local Policemen.
3o The cost of such application# except paragraph 9, not lending itself
to read determination in advance, shall be determined by the Board
of Administration at the proper time and in the same manner as other
contributions tivreaftcr,requirad of Agency under said Contract, and
any adjustment dets3rm ned by t -ht: Boani as nscessary shall be included
in the contributia s thereafter re utre•d of Agency under said Coatracto
4o The amount shown in paragraph 11a. shfill reed 42131873968o
5a The percent stated in pzragraph 11b shall be amended to read 6.082,
6, This mm6ndzent shall be attached to said Contract and shall, be effective_
as of
vi tneas eras hand this_ - -- �_�day of� � L9_ •
T nRD of ALKINISTPATION
b`SATE OMOYEP21 RETIRRT.NT SKSTE�;.
tPresident
Attestt '
CM C- MiNCIL OF THE
CITY OF 14—WORT BEACH
Prasiding Officer
Attests:
Mork
0
0
l.I
L
•
•
STATE OF CALIFORNIA
COUNTY OF ORANGE I SS.
CITY OF NEWPORT BEACH
Margery Schrouder
I' -- ----------- ------ ------ -- ------- ---- - - ---- -------------------- -------------- - ---- City Clerk of the City of Newport
Beach, California, do hereby certify that the foregoing.. Resolution
YY 9 9 - - -------- - -- ----------------- --- ----- -- ---- — -------- --
No -------------- ..... duly and regularly adopted, passed, and approved by the City Council
of the City of Newport Beach, California, at a regular meeting of said City Council held at the
regular meeting place thereof, on the ----------- 13th day, of - February 19 56
by the following vote:
AYES: COUNCILME
NOES: COUNC
ABSENT: COUNCILME
Dated this..... -.4th
Bennett, Stoddard, Higbie,
-- -- ------ -------- - ---- ----------------------------
Ridderhof, Hill.
None
Wilder, MacKay
December
of- ----- -------- -- --- --------------------------------------------------- 19- 56-
-- - - - - --
City Clerk and Ex fficio Clerk of the City Council,
City of Newport Beach,. State of California
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