Res. No. 1225 - Laserfiche WebLink

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RESOLUTIOT,74 TSU . 122JO + RE OLUTIOTOT OF IIWEATTION TO APPROVE CON TR. ,%"J T PROVIDING TPOR PART CIP A TION I'14 STATE ETV1PLOYF ;S' RETIREMTST SYSTE14. WHEREAS, the State Employees' Retirement Act permits the participation of municipal corporations in the State Employees' Retirement System, making their employees members of s&id System, and sets forth the procedure by which participation may be accomplished; and MIEREAS, one step in said procedure is the adoption by the legislative body of the municipal corporation, of a resolution giving g notice of intention to approve a contract between said legislative body and the Board of Administration of said Retirement System, providing for said participation, which said resolution shall contain a summary of the major provisions of the proposed retirement system, and 4TIEREAS, the following is a summary of the major provisions of the proposed retirement system: 1. The System is administered by a board of eight members, composed of three members of the System, an official of a bank, an official of an insurance company, the Director of Finance, a member of the State Personnel Board, and an official of the University of California. 2. Retirement for service is optional upon attainment of an age which shall be not less than 55 or more than 60, as provided in said contract, by city firemen and city police- men, and age 60 by other employees, and completion of twenty years of service for the municipal corporation, and is cumpulsory at age 65 for city firemen and city Policemen, and at age 70 for other employees. 3. The monthly retirement allowance payable upon retirement for service is dependent upon such factors as age, sex, salary and years of service. For city firemen and city Policemen, retiring at the optional age in paragraph 2, or at a higher age with twenty years of service, the month- ly allowance is approximately one-half the average month- ly salary curing the five years immediately preceding retirement. For other city employees, the monthly allow- ance, upon retirement at age 65, is approximately 170th of the average monthly salary during the five years immediately preceding retirement, for each year of service .after the effective date of participation, plus approx- imately 170th, or less as may be provided in said contra by the municipal corporation for its employees, of the ct average monthly salary during the three years immediately preceding the effective date of participation, for each year of service prior to that date.