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Retirement <br />October 1, 2002 <br />Page 2 <br />Pursuant to applicable law, the City hereby discloses the following values identified in the <br />amendment actuarial valuation for the adoption of the plan amendment: <br />1) Change in the Present Value of Benefits $7,286,280 <br />2) Change in the Accrued Liability $4,979,053 <br />3) Change in the Total Employer Rate 1.428% <br />FINANCIAL IMPACT: <br />The future annual cost of the proposed contract amendment for the City's miscellaneous <br />employees has been calculated to be $83,280.96. The local miscellaneous member contribution <br />rate will be 8 % of reportable earnings, as of the effective date of the amendment to the contract. <br />The City and the City employees will each contribute 4% of that rate. There is no financial <br />impact to the City of Colton. <br />ENVIRONMENTAL IMPACT: <br />This item does not carry an environmental impact. <br />RECOMMENDATION: <br />Staff recommends that the Members of the City Council adopt the proposed Resolution of <br />Intention to approve an amendment to the contract between the Board of Administration of the <br />Public Employees' Retirement System and the City Council. Further, it is requested that the <br />Members approve and adopt the first reading of the proposed Ordinance authorizing an <br />amendment to the contract between the City Council and the Board of Administration of the <br />Public Employees' Retirement System. <br />Art: (2) <br />IEW TE ONLY <br />Attorney: k -k <br />City Manager: <br />Finance Director: <br />OTHER: <br />