1977 ORD NO 1509 - Laserfiche WebLink

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�+« The fraction of final compensation to be provided for each year of 'credited prior and current service 'as miscellaneous member upon retirement at normal retirement age shall be that provided in Section 21251.13 of'said Retirement Lair and reduced for members covered under Federal Social Security for all service prior to the -termination of.Social Security coverage for all service subject to the modification as set forth in said section. 5. The fraction of final compensation to be provided for each year of credited prior and current service as a local safety member shall be that provided in Section 21252.01. 6. Public Agency shall contribute to said Retirement System as follows: a. With respect to miscellaneous members, the agency shall contri- bute the following percentages of monthly salaries earned as miscellaneous members of said System: (1) 8.180 percent on account of the liability for cent service benefits. b. With respect to local safety members, the agency shall contribute the following percentages of monthly salaries earned as local safety members of said Systema: . (1) 22.384 percent on account of the liability for curreftt service benefits. c. A reasonable amount per annum, as fixed by Board to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or -the periodical investigations and valuation required by law. - d. A reasonable amount as fixed by the Board, payable in one install - gent as the occasions arise,, to cover costs of special valuations on account of employees of Public Agency, and costs of the period- ical investigation and valuation required by law. 7. Contributions required of Public Agency and its employees shall be subject to adjustment by Board on account of amendments to the Public Employees' Retirement Law, and on account of the experience under the Retirement System as determined by the periodical investigation and valuation required by said Retirement Law. 8. Contributions required of Public Agency and its employees shall be paid by Public Agency to the Retirement System within thirty days after the end of the period to which said contributions refer or as may be prescribed by Board regulations. if more or less than tete correct -amount of contributions is paid for any period,.proper adjust- ment shall be made in connection with subsequent remittances, or adj- ustment on account of errors in contributions required of any employee may be made by direct cash payments between the employee and Board. Payments by Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certified checks, honey orders, or cash. Ret. `Form 702-2