1978 ORD NO. 1557 - Laserfiche WebLink

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, r 4. ` (.-#' The fraction of final compensation to be provided for miscellaneous members for each year of credited prior and current service shall be that provided in Section 21251.13 subject to the reduction provided therein for service on and after January 1, 1956 of members whose service has been included in Federal Social Security. 5. The fraction of final compensation to be provided for each year of credited prior and current service as a safety member shall be determined in accordance with Section 21252.01 of said Retirement Law (2% at age 50). 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 (allowing public service credit under the provisions of Chapter 830, Slats. 1976, for up to four years of continuous military or merchant marine service). ' 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). 7. Public Agency, in accordance with Section 20740, Government "Code, ceased to be an "employer" for purposes .of Chapter 6 of the Public Employees' Retirement Law effective on January 6, 1978. Accumulated contributions of Public Agency as of the aforementioned date sha11 be fixed and determined as provided in Sectiof 20759, Government Code, and accumulated contributions as of the afore- mentioned date and contributions thereafter made 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 Retirement System: (l) 0.057 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 13.226 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 mnnathly salaries earned as local safety members of said Retirement System: (1) 25.957 percent on account of the liaxdlity for current service benefits. c. A reasonable amount per annum, as fixed by, the 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 of the periodical investigatAon and valuations required by law. CON -702-2