1977 ORD NO 1523 - Laserfiche WebLink

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4. The fraction of final compensation to be providedfor 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 Law 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. The following additional provisions of the Public Employees' Retirement Law which apply only upon election of a contracting agency shall apply to the Public Agency and its employees: (a) Section 20930.3 (providing service credit under the provisions of Chapter 830, Stats. 1976, for up to four years of continuous military or merchant marine service for persons who are members because of employment by Public Agency). (b) Section 20024.2 (defining "final compensation" on the basis of average compensation earnable during the year immediately preceding retirement or any other one year period elected by . the member) for 'local safety members. 7. Public Agency, in accordance with Section 20740, Government Code, shall cease, to be an "employer" for purposes of Chapter 6 of the Public Employees' Retirement Law effective as of the effective date of this amendment to this contract. Accumulated contribu- tions of the Public Agency as of the date of such amendment shall be fixed and determined as provided in Section 20759, Government Code, and such accumulated contributions and contributions here- after rade shall be held by the Board as provided in Section 20759, Government Code. 8. Public Agency shall contribute to said Retirement System as follows a. With respect to miscellaneous members, the agency shall. contribute the following percentages of monthly salaries earned as miscellaneous members of said System: (1) 9.706 percent on account of the liability for current 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 System (1) 25.109 percent on account of the liability for current 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 Iaw. RET. FORM 702-2 -2