2004 AGN APR 20 I12 - Laserfiche WebLink

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Item #12 CITY OF COLTON AGENDA REPORT FOR THE COUNCIL MEETING OF APRIL 20, 2004 TO: Honorable Mayor and City Council FROM: Anthony Arroyo, Administrative Analyst II PZ SUBJECT: Costs Related to Retirement Opportunity and Establishing Period of Time - Golden Handshake - Miscellaneous and Safety Members (May 5, 2004 - September 30, 2004) DATE: April 12, 2004 BACKGROUND: Effective June 6, 2001, the City's contract with the California Public Employees' Retirement System (Ca1PERS) was amended to allow two years of additional service credit (Golden Handshake) to local miscellaneous members and on June 3, 2003 for safety members. Effective December 7, 2002, the same contract was amended for local miscellaneous members to include the retirement benefit of 2.7% at age 55. Effective November 2, 2000, the same contract was also amended for local safety member to include the retirement benefit of 3.0% at age 50. ANALYSIS/DISCUSSION: In continuing the restructure of the City's workforce, City Council directed City Staff to offer additional service credit, better known as the Golden Handshake, to eligible employees, specifically, Miscellaneous and Safety Members, pursuant to Government Code Sections 20903 and 7507, as follows: MISCELLANEOUS MEMBERS: Public Services Manager - Public Services Department Police Support Services Supervisor - Police Department Senior Office Specialist - Community Services Department SAFETY MEMBERS: (1) Police Sergeant - Police Department (3) Police Officer - Police Department (3) Police Detective - Police Department (1) Police Corporal - Police Department The time period during which the eligible members must retire to receive the additional service credit will be from May 5, 2004 to September 30, 2004. ENVIRONMENTAL IMPACT: This item does not carry environmental impact.