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Retirement <br />April 15, 2003 <br />Page 2 <br />Eligible safety positions are listed below: <br />Fire Engineer (two positions) <br />Fire Captain (three positions) <br />Police Corporal/Detective (three positions) <br />The time period during which the eligible members must retire to receive the additional service <br />credit will be from July 1, 2003 to December 28, 2003. <br />In accordance with CalPERS requirements, the Resolution of Intention is presented for adoption <br />this date, along with the first reading of the proposed Ordinance. By law, 20 days must lapse <br />between the first reading and the second reading; therefore, the adoption of the second reading of <br />the Ordinance will be submitted for City Council's approval on May 6, 2003. <br />FINANCIAL IMPACT: <br />The one-time cost of the proposed contract amendment for the City's local safety members has <br />been calculated to be $379,271. The local safety member contribution rate will be 9% of <br />reportable earnings, as of the effective date of the amendment to the contract. <br />If all of the eligible employees accept the golden handshake the salary and benefit savings <br />realized by the City will be approximately $630,000, annually. <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 />REVIEW TEAM ONLY <br />City Attorney: Finance Directors' <br />City Manager: OTHER: <br />