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Golden Handshake — Misc./Safety <br />April 21, 2004 <br />Page 2 of 2 <br />FISCAL IMPACT: <br />The cost of providing the two years additional service credit is calculated based on the individual <br />member's annual reportable compensation, the cost factor, and whether the agency's contract provides the <br />post-retirement survivor allowance (applies to Safety Members only) and the cost -of -living allowance. <br />It has been calculated that the two years additional service credit for the three (3) miscellaneous positions <br />listed above will cost $107,034.87 and for the eight (8) safety positions listed above $383,818.12. In <br />addition, there is a $10 valuation charge for the eligible members who will be retiring during the <br />designated period and who receives the additional service credit. Government Code Section 7507 requires <br />that the costs to provide this benefit be made public at a public meeting at least two weeks prior to the <br />adoption of the resolution, which was presented to Council on April 20, 2004. <br />This one-time cost of $490,852.99 will be paid this fiscal year from each funds' reserves, but will be more <br />than offset by annual savings of approximately $904,794.61 in salary and benefit costs in each of the <br />future fiscal year budgets. <br />RECOMMENDATION: <br />It is respectfully recommended that the Members of the City Council hereby approve and adopt the <br />proposed Resolution formally establishing, pursuant to Government Code Section 20903 and 7507, <br />another window period from May 5, 2004 to September 30, 2004 for eligible Miscellaneous and Safety <br />Members <br />City Attorney: nj�Finance Director: <br />