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CITY OF COLTON <br />A G E N D A R E P O R T <br />For Council Meeting of August 06, 1991 <br />TO: HONORABLE MAYOR AND CITY COUNCIL <br />FROM: GORDON R. JOHNSON, PERSONNEL DIRECTORjJ2' <br />' DATE: 07-24-91 <br />SUBJECT: RESOLUTION INDICATING SERIOUS CONSIDERA ION OF ADOPTING AN <br />ALTERNATE PLAN - PART-TIME EMPLOYEE RETIREMENT SYSTEM MEMBERSHIP <br />BACKGROUND: At your July 16, 1991, meeting, you were informed of a <br />new law requiring that part-time City employees be covered by Social <br />Security or a comparable plan starting July 2, 1991. You deferred <br />consideration until the hearings on the new City budget. <br />STATEMENT OF THE PROBLEM: The author of the federal regulations <br />implementing this law has stated that the effective date of this act <br />may be delayed to January 1, 1992. For such a delay to be granted, <br />the City Council needs to adopt a formal resolution indicating that <br />serious consideration is being taken of adopting an alternate plan to <br />Social Security. <br />FINANCIAL IMPACT: An alternate plan requires 7.5% of salary be <br />placed in the plan, approximately $36,000 for the period July 1 - <br />December 31, .1991. That amount would be paid by the employees, the <br />City, or a combination of the two. <br />RECOMMENDATION: Adopt attached resolution. <br />Concur <br />it Manager <br />Attachments: Resolution ;E-NTRAL RECORDS <br />NLE.............., ,L, <br />Page 1 of Item No. 31 <br />