O-004-11 - Amendment to contract w. Cal PERS

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PLEASE DO NOT BION "EXHIBIT ONLY 10. Public Agency elected and elects to be subject to the following optional provisions: a. Section 20042 (One -Year Final Compensation). b. Section 21024 (Military Service Credit as Public Service). C. Section 20614, Statutes of 1978, (Reduction of Normal Member Contribution Rate). From July 7, 1979 and until September 24, 1993, the normal local miscellaneous member contribution rate shall be 3.5% and the normal local fire member contribution rate shall be 4.5%. From July 7, 1979 until July 17, 1993, the normal local police member contribution rate shall be 4.5%. Legislation repealed said Section effective September 29, 1980. d. Section 20690, Statutes of 1980, (To Prospectively Revoke Section 20614, Statutes of 1978). e. Sections 21624, 21626 and 21628 ' (Post -Retirement Survivor Allowance) for local safety members only. Section 21574 (Fourth Level of 1959 Survivor Benefits). g. Section 20903 (Two Years Additional Service Credit). h. Section 20475 (Different Level of Benefits). Section 21363.1 (3% ig 55 Full formula) is applicable to local safety members entering membership for the first time in the safety classification after the effective date of this amendment to contract. 11. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on January 6, 1978. Accumulated contributions of Public Agency shall be fixed and .determined as provided in Government Code Section 20834, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20834. 12. Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to local miscellaneous members and local safety members of said Retirement System. 13. Public Agency shall also contribute to said Retirement System as follows: a. Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21574 of said Retirement Law. (Subject to annual change.) In addition, all assets and. liabilities of Public Agency and its employees shall be pooled in a single account, based on term insurance rates, for survivors of all focal miscellaneous members and local safety members.