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CITY OF COLTON <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF JANUARY 13,1998 <br />TO: HONORABLE MAYOR & CITY COUNCIL <br />APPROVAL: HENRY GARCIA, CITY MANAGER.) <br />FROM: DENNIS MORRIS, INTERIM PERSONNEL DIRECTORZ,CjV-,- <br />SUBJECT: REQUEST CERTIFICATION OF FINAL ACTION BY MAYOR <br />AND COUNCIL TO AMEND PUBLIC EMPLOYEES' <br />RETIREMENTSYSTEM(PERS) CONTRACT FOR LOCAL <br />MISCELLANEOUS MEMBERS, SECTION 21354,2% @ AGE 55 <br />DATE: DECEMBER 29,1997 <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 age 60 to 2% <br />at age 55, to be effective with the first payroll period following the effective date of Ordinance No. 0- <br />16-97. The attached documents will finalize said agreement between the City of Colton and PERS. <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 age 60 for miscellaneous members, and 2% at age 50 for local safety (Police & Fire) members. <br />Said amendment does not affect safety members. The 2% at age 55 enhanced benefit will apply to <br />all miscellaneous members. It is understood by the affected members that the City is not paying 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 IMPACT: None. Any increases incurred will be borne by the affected <br />miscellaneous employees. <br />ENVIRONMENTAL IMPACT: None. <br />RECOMMENDATION: That the City Council approve and the Mayor sign the Certification of <br />Final Action of the Governing Body and requisite Amendments to the Contract to implement 2% @ <br />age 60 to2%o@age 55. <br />ATTACHMENTS: Certification of Final Action of Governing Body and two (2) Amendments to <br />Contract Between the Board of Administration of PERS and the City Council of the City of Colton. <br />REPORT PREPARED BY: Terri Truitt <br />WDATAUGENDkAGENDATEDOC Item# 8 <br />