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4 <br />CITY OF COLTON <br />AGENDAREPORT <br />FOR COUNCIL MEETING OF NOVEMBER 4,1997 <br />TO: HONORABLE MAYOR & CITY COUNCIL <br />APPROVAL: LEN WOOD, INTERIM CITY MANAGER <br />FROM: DENNIS MORRIS, INTERIM PERSONNEL DIRECTOR <br />SUBJECT: RESOLUTION OF INTENTION AND FIRST READING OF <br />ORDINANCE TO APPROVE THE PUBLIC EMPLOYEES' <br />RETIREMENT SYSTEM (PERS) CONTRACT FOR <br />NUSCELLANEOUS EM[PLOYEES FROM 2% AT AGE 60 TO 2% <br />AT AGE 55 <br />DATE: OCTOBER29,1997 I <br />BACKGROUND: Under current labor agreements with the miscellaneous employees and their <br />labor representatives, the City has agreed to amend our retirement contract from 2% at 60 to 2% at <br />55, to be effective on January 1, 1998. The attached documents are the first of several City Council <br />actions which are necessary to implement the change. <br />DISCUSSION/ANALYSIS: State law provides a basic framework for the retirement plan, and <br />some benefits are optional for local agencies, at an additional cost. Presently, the contract provides <br />2% at 60 for miscellaneous members, and 2% at 50 for safety (Police & Fire) members. This <br />amendment does not affect safety members. The 2% at 55 enhanced benefit will apply to all <br />miscellaneous members. It is understood by the affected members that the Qq is not pgying the <br />increased costs of this enhanced benefit. In the first year, employees will apply their $200 "one <br />time bonus" towards the cost of the benefit. <br />FINANCIAL IWACT: None. Any increases incurred will be borne by the miscellaneous <br />employees affected. <br />ENVIRONMENTAL IMPACT: None. <br />RECOMMENDATION: Request the Mayor and City Council's approval of the resolution of <br />intention and first reading of ordinance to approve the Public Employees' Retirement System (PERS) <br />contract for miscellaneous employees from 2% at 60 to 2% at 55 for miscellaneous members. <br />ATTACHAWNTS: ' Resolution of Intent to Approve Contract Certification of Governing Body's <br />Action, Certification of Compliance with G.C., Section 7507, Ordinance and one "Exhibif <br />REPORT PREPARED BY: Terri Truitt <br />WDATA\AGENDA\AGENDATr-DOC Item# 19 <br />