The URL can be used to link to this page

Home My WebLink About2007-05-10 - Resolution No. 07-08RESOLUTION NO. 07-08 AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE BOARD OF DIRECTORS YORBA LINDA WATER DISTRICT WHEREAS, the Board of Administration of the California Public Employees' Retirement System and the Board of Directors of the Yorba Linda Water District entered into contract effective December 21, 1975 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 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 AND ADOPTED this 10th day of May 2007 by the following called vote: AYES: Armstrong, Beverage, Collett NOES: None ABSTAIN: None ABSENT: Mills, Summerfield Ric Collett, President Yorba Linda Water District ATTEST: ~ K_;Vc_h a e I A. ayne, Secr t Yorba Linda Water Dist California Public Employees' Retirement System AMENDMNT TO CONTRACT Between the Board of Administration California.. Public Employees' Retirement System and the Board of Directors Yorba Linda 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 December 21, 1975, and witnessed November 26, 1975, and as amended effective July 1, 1979, September 26, 1999 and November 14, 2003 which provides for participation of Public Agency in said System, Board and Public Agency hereby agree as follows: A. Paragraphs 1 through 13 are hereby stricken from said contract as executed effective November 14, 2003, and hereby replaced by the following paragraphs numbered 1 through 13 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 55 for local miscellaneous members. ~l 2. Public System of the Public Empl+ on election 'of a cc and to all amendm which by :express 1 contracting agency. in the Public 3r 21, 1975 rr f said System -rent Law ex( es' Retirement employees as all provisions agency and are not provid iid Law hereafter enacted + thereof, apply only on the of a 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 shalt not become members of said Retirement System: G a. SAFETY MEMBERS EFFECTIVE DECEMBER 21,1975. 5. Assets heretofore accumulated with respect to members in the-local retirement system have been transferred to the Public Employees' Retirement System and applied against the liability for prior service incurred thereunder. That portion of the assets so transferred which represent the accumulated contributions (plus interest. thereof) required of the employees under said local system has been credited to the individual membership account of each such employee under the Public Employees' Retirement System. fi. The percentage of final compensation to be provided for each year of credited prior and current service for local miscellaneous members shall be determined in accordance with Section 21354 of said Retirement Law, subject to the reduction provided therein for service prior to September 30, 1977, termination of Social Security, for members whose service has been included in Federal Social Security (2% at age 55 Full and Modified). 7. No credit shall be granted for service prior January 1, 1960 (date district was organized). 8. Public Agency elected and elects to be subject to the following optional provisions: a. Section 21536 (Local System Service Credit Included in Basic Death Benefit). b. Section 20965 (Credit for Unused Sick Leave). C. Section 21574 (Fourth Level of 1959 Survivor Benefits). d. Section 20042 (One-Year Final Compensation). 9. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on December 21, 1975. 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. 10. 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. 11. Public Agency shall also contribute to said Retirement System as follows: a. Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21574 of said Retirement Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members. b. 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. C. 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. 12. 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. 13. 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. I d- 14. Arr Tvaas B. This amendment shall be effective on the day of , 2007 A~11 BOARD OF ADMINISTRATION BOARD OF DIRECTORS PUBLIC EMPLOYEES' RETIREMENT SYSTEM YORBA LINDA WATER DISTRICT BY _ PRA DING 4 ICER Witness Date Attest: --.. Clerk AMENDMENT ER# 1082 PERS-CON-702A (Rev. 10105)