2004 AGN JAN 20 I16 - Laserfiche WebLink

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Item #16 CITY OF COLTON AGENDA REPORT FOR THE COUNCIL MEETING OF January 20, 2004 TO: HON. MAYOR AND MEMBERS OF THE CITY COUNCIL OUNCIL FROM: Teresa S. Delgado, Human Resources Manager 'lM� SUBJECT: Announcing Costs Related to Retirement Opportunity and Establishing Period of Time — Golden Handshake — Miscellaneous DATE: January 12, 2004 BACKGROUND: Effective June 6, 2001, the City's contract with the California Public Employees' Retirement System (CaIPERS) was amended to allow two years of additional service credit (Golden Handshake) for local Miscellaneous Members, pursuant to Government Code Section 20903. ANALYSIS/DISCUSSION: In finalizing the 2003 plan for restructuring of the City's workforce, City Staff, as directed by City Council, offered additional service credit, better known as the Golden Handshake to an eligible employee whose position is listed below: Water/Wastewater Department—Utilities Plan Examiner The time period during which the eligible member must retire to receive the additional service credit will be from February 9, 2004 to May 13, 2004. FISCAL IMPACT: The cost of providing the two years additional service credit is calculated based on the member's annual reportable compensation, the cost factor, and whether the agency's contract provides the post-retirement survivor allowance and the cost -of -living allowance. It has been calculated that the two years additional service credit for the listed position will cost $38,212.71 plus a $10 valuation charge for the eligible member who retires during the designated period and receives the additional service credit. Government Code Section 7507 requires that the cost to provide this benefit be made public at a public meeting at least two weeks prior to the adoption of the resolution. This written agenda report is a public document and serves to provide notice to the public. The report is available to the public via the Internet.