2003 AGN JUL 15 I09 - Laserfiche WebLink

Browse Search

Item #9 CITY OF COLTON AGENDA REPORT FOR THE COUNCIL MEETING OF JULY 15, 2003 TO: HON. MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Teresa S. Delgado, Human Resources Manager kk SUBJECT: Approve and Adopt Proposed Resolutions Formally Establishing Window Periods for the Golden Handshake (GC20903) for Safety and Miscellaneous Members DATE: July 7, 2003 BACKGROUND: Effective June 06, 2003, the City's contract with the California Public Employees' Retirement System (CaIPERS) was amended to allow two years of additional service credit (Golden Handshake) for Safety Members, pursuant to Government Code Section 20903. ANALYSIS/DISCUSSION: In continuing the reorganization of the City's workforce, the City Council directed City Staff to offer additional service credit, better known as the Golden Handshake, pursuant to Government Code Section 20903 and 7507, to the following eligible Safety position: Police Captain position - Police Department. On July 1, 2003, along with announcing costs related to this item, the following window period was established from July 16, 2003 to November 12, 2003, during which the eligible Safety member must retire to receive the additional service. ENVIRONMENTAL IMPACT: This item does not carry environmental impact. FISCAL IMPACT: The cost of providing the two years additional service credit is calculated based on the individual member's annual reportable compensation, the cost factor, and whether the agency's contract provides the post-retirement survivor allowance (applies to Safety Members only) and the cost -of -living allowance. It has been calculated that the two years additional service credit for the single position listed above will cost $ 76,367.95 and in addition, there is a $10 valuation charge for the member who retires during the designated period and receives the additional service credit. At the July 1st City Council meeting, the costs to provide this benefit were made public and this was at least two weeks prior to the adoption of the proposed resolutions thus the City has complied with Government Code Section 7507.