2003 AGN JUL 01 I12 - Laserfiche WebLink

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Item #12 CITY OF COLTON AGENDA REPORT FOR THE COUNCIL MEETING OF JULY 1, 2003 TO: HON. MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Teresa S. Delgado, Human Resources Manager . k SUBJECT: Announcing Costs Related to Retirement Opportunity and Establishing Period of Time - Golden Handshake - Safety DATE: June 23, 2003 BACKGROUND: Effective June 18, 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 local Safety Members, pursuant to Government Code Section 20903. ANALYSIS/DISCUSSION: In keeping with the City Council's directive, City Staff offered additional service credit, better known as the Golden Handshake to the position listed below: Police Captain - Police The time period during which the eligible member must retire to receive the additional service credit will be from July 16, 2003 to November 12, 2003. 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 member's annual reportable compensation, the cost factor, and whether the agency's contract provides the post-retirement survivor allowance and the cost -of -living allowance. It has been calculated that the two years additional service credit for the listed positions will cost $76.367.95. In addition, there is a $10 valuation charge for each member who retires during the designated period and receives the additional service credit. Government Code Section 7507 requires that the costs to provide this benefit be made public at a public meeting at least two weeks prior to the adoption of the resolution.