1983 RES NO 4354 - Laserfiche WebLink

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5. 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 or after January 1, 1956 and prior to December 31, 1979 for members whose service has been included in Federal Social Security (2o 0 60 Pull and Modified). 6. she fraction of final compensation to be provided for each year of cre- dited prior and current service as a local safety member shall be de- termined in accordance with Section 21252.01 of said Retirement Law (2% at ege 50 Full)* 7• 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 employeest a. Section 20952.5 (Age 50 voluntary retirement) for local safety members only. b. Section 20024.2 (One-year final compensation). C. Section 20930.; (Military service credit) as defined in Chapter . 830, Statutes of 1976. d. Section 20614 (Statutes of 1978, reduction of normal member con- tribution rate). From and after July 7, 1979, the normal local police member contribution rate shall be 4.5;x. From and after July 7, 1979, and until the effective date of this amendment to contract, the normal local miscellaneous member contribution rate shall be 3.5% and the normal local fire member contribution rate shall be 4.5%• e. Section 20614, Statutes of 1980 ( to prospectively revoke Section 20,614, Statutes of 1978) for local miscellaneous and local fire members only. 8. Public Agency, in accordance with Section 20740, Government Code, ceas- es3 to be an "employer" for purposes of Chapter 6 of the Public Employ- ees' Retirement Law effective on January 6; 1978. Accumulated contributions of Public Agency as of the aforementioned date shall be fixed and determined as provided in Section 20759, G-overnment 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. 9. Public Agency shall contribute to said Retirement System as follows. a. With respect to miscellaneous members, the agency shall contri- bute the following percentag3s of monthly salaries earned as mis- cellaneous members of said Retirement System: (1) 0.054 percent until June 30, 2000 on account of the liability for prior service benefits. (2) 15 -tility ? ere4n-t.Un�jf une 30, 2000 on account of the lifor Curren service benefits. b