1581 - Laserfiche WebLink

Browse Search

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 providad in Section 21251.13 subject to the red tion provided therein for service on or :after J, -n, uary 1, 1955, and prior E December 31, 1979 for 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 local safety :member shall be determined in accordance with Section 21252.01 of said Retirement- Law (2% at age 50) . h. 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 creit) as defined in ;hapter 330, Statutes of 1975. b. Section 20021.2 (One-year final compensation). C. Section 20614 (Reduction of normal .member contribution rate). From and after the effective date of this contract amendment, the normal member contribution rate shell be 4-1/21* for local safety members, and 3-1/2119 for local miscellaneous me*tbers. 7. Public Agency, in accordance with .Section 20740, Government Code, ceased to be an "employer" for purposes of Chanter 5 of the Public Employees' Retirement Law effective on January 6, 1978. Accumulate] contributions of Public Agency as of the aforementionad 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 Cade. 3. Public A;ency shall contribute to said Retirement System as follo„r : a. With respect to miscellaneous members, the a en<�y shall con- tribute the following percentages of monthly salarias earned as miscellaneous members of said Retirement System: (1) 0.095 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 17.939 percent on account of the liability for currant 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) 33.244 percent on account of the liability for current service benefits.