1993 R 33 - Laserfiche WebLink

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PLEASE DO NOT SIGIA "�''"?�S�31i �Nl'� 5. The percentage of final compensation to be provided for local miscellaneous members for each year of credited prior and current service shall be determined in accordance with Section 21251.13 of said Retirement Law, subject to the reduction provided therein for service on and after January 1, 1956, the effective date of Social Security coverage, and prior to December 31, 1979, termination of Social Security, for members whose service has been included in Federal Social Security (2% at 60 Full and Modified). 6. The percentage of final compensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21252.01 of said Retirement Law (2% at age 50 Full). 7. Public Agency elected to be subject to the following optional provisions: a. Section 20024.2 (One -Year Final Compensation). b. Section 20930.3 (Military Service Credit as Public Service), Statutes of 1976. C. Section 20614, Statutes of 1978, (Reduction of Normal Member Contribution Rate). From July 7, 1979 and until September 24, 1983, the normal miscellaneous member contribution rate shall be 3.5 % and the normal local fire member contribution rate shall be 4.5 %. From July 7, 1979 and until the effective date of this amendment, the normal local police member contribution rate shall be 4.5%. Legislation repealed said Section effective September 29, 1980. d. Section 20614, Statutes of 1980, (To Prospectively Revoke Section 20614, Statutes of 1978). e. Sections 21263, 21263.1 and 21263.3 (Post -Retirement Survivor Allowance) for local safety members only. 8. Public Agency, in accordance with Government Code Section 20740, ceased to be an "employer" for purposes of Section 20759 effective on January 6, 1978. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20759, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20759. 9. 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 and local safety members of said Retirement System. 10. 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.