1979 ORD NO. 1564 - Laserfiche WebLink

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-4. The fraction of final compensation to be provided for local miscel- laneous 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 canpensation to be provided for each year of credited prior and current service as a local safety member shall be determined in accordance with Section 21251.01 of said Retirement Law (2% at age 50). 6. The following additional provisions of the Public Employees' Retire- ment Law which apply only upon election of a contracting agency shall apply to the Public Agency and its employees: a. Section 20930.3 (Military service credit) as defined in Chapter 830, Statutes of 1976. b. Section 20024.2 (One-year final compensation). C. Section 20614 (Reduction of normal inember contribution rate). From and after the effective date of this contract amendment, the normal member contribution rate shall be .4-1/2% for safety, and 3-1/2% for miscellaneous. 7. Public Agency, in accordance with Section 20740, Goverment Code, ceased to be an "employer" for purposes of Chapter 6 of the Public Employees' Retirement Law effective on Janusry 6, 1978. Accumulated contributions of Public Agency as of the aforementioned date shall be fixed and determined as provided in Section 20759, Government Code, and accumulated contributions -as of the aforementioned date and contributions thereafter made shall be held by the Board as provided in Section 20759,.Government Code. Board. 8. Public Agency shall contribute to said Retirement System as follows; a. With respect to miscellaneous members, the agency shall con- tribute the following percentages of monthly salaries earned as miscellaneous members of said Retirement System: (1) 0.058 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 17..495 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 Retirement System: (1) 30.981 percent on account of .the liability for current service benefits.