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Home My WebLink About2003-11-13 - Resolution No. 03-15YORBA LINDA WATER DISTRICT RESOLUTION AUTHORIZING AN AMENDMENT TO THE CONTRACT No. 03-15 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 a contract effective on 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. Adopted this 13th day of November 2003 Presidin Off er J p-W - stfinmerf i€ld President Secretary (Amendment) PERS-CON-13 (Rev. 1/98) CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM Actuarial and Employer Services Division Public Agency Contract Services P.O. Box 942709 Sacramento, CA 94229-2709 (888) CalPERS (225-7377) CERTIFICATION OF FINAL ACTION OF GOVERNING BODY I hereby certify that the Board of Directors of the (governing body) Yorba Linda Water District (public agency) adopted on November 13 2003 , by an affirmative vote of a majority (date) of the members of said Governing Body, Resolution (Ordinance or Resolution) No. 03-15 approving the attached contractual agreement between the Governing Body of said Agency and the Board of Administration of the California Public Employees' Retirement System, a certified copy of said Resolution (Ordinance or Resolution) Secretary Title Date November 13, 2003 PERS-CON-5 (Rev. 1/96) in the form furnished by said Board of Cler Robertson Secrl William J. CalPERS EXHIBIT California Public Employees' Retirement System AMENDMENT 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, and September 26, 1999 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 September 26, 1999, and hereby replaced by the following paragraphs numbered 1 through 13 inclusive: 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. PLEASE DO NOT SIGN "EXHIBIT 0' 2. Public Agency shall participate in the Public Employees' Retirement System from and after December 21, 1975 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. 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 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. 6. 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). -'LEASE DO NOT SIGN "EXHIBITC 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). t 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. 9 R 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. B. This amendment shall be effective the day of , BOARD OF ADMINISTRATION Q~ PUBLIC EMPLOYEES' RETIREMEOYSTEM `w BY KENNETH W. MARZION, CHIFCko ACTUARIAL & EMPLOYER S RVICES DIVISION PUBLIC EMPLOYEES' RETIIENT SYSTEM tom' CtJ BOARD OF DIRECTOS YORBA LINDA WATER DISTRICT BY PRESIDING OFFICER Witness Date Attest: G~ ~Q •~Gj !,r Clerk 0 AMENDMENT ER# 1082 PERS-CON-702A (Rev. 8\02)