Loading...
HomeMy WebLinkAboutRes -1563 - Public Employees' Retirement System RESOLUTION N0. 1563 RESOLUTION OF INTENTION '"' TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN PUBLIC EMPLOYEES' RETIREMENT SYSTEM WHEREAS, the Public Employees' Retirement Law permits the participation of public agencies in the Public .Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished; and i~IiFREAS, one of the steps required in the procedure is the adoption by the , Governing Body of the Public Agency of a resolution giving notice of intention to approve a contract for such participation between. said Governing Body and the Retirement System Board of.Administra- tion, which resolution shall contain a summary of the major provi- sions of the proposed retirement plan; and WHEREAS, attached is a summary of the major provisions of the proposed plan; NOW, THEREFORE, BE IT RESOLVED, that the BOARD OF DIRECTORS of the EAST SAN BERtdARDINO COUNTY WATER DISTRICT gives, and it doers hereby give notice of intention to approve a contract between said BOARD OF DIRECTORS and the Board of Administration of the Public Employees' Retirement System, providing for participation of said EAST SAN BERNARDINO COUNTY WATER DISTRICT in said Retirement System, a copy of said contract and a copy of the summary of the major provisions of the proposed .plan being attached hereto, marked Exhibit "A!' and "B" respectively, and by this reference made a part hereof. BOARD OF DIRECTORS OF THE EAST SAN BERNARDINO COUNTY WATER DISTRICT .~° .i BY G,__f,A,*.apta.ta.._G,, ~-~( ' .r RAYMOND E. STALLWOOD, President B rd of D.i~rectors Attest:. ~ ( y-~s4---~ David V. Garcia, Acting Secretar Board of Directors seal July 24, 1972 Date adopted and approved Ret. Form 122 '~.." EXHIBIT A 'j,~~a a.1 µ.~ y ~~~~•'' vA;n '~;,'~~~ ~~:; ,~ ~~: w ~~ ,a1Vy . ~iQT~+T:tiC"1 T'~sa`t'Y:r'~i litT' 13QA'~ qa RD:~.LJIS'i'P~.ATSfiSt TaiBLIC EF~„OY's"'c5+ 4iIP.E,~` iT bw+`3T~^3 A°:D Titi; EsOb«D q~' DI:TCT'S {7F TIx~ F,AS'T 511id 1'iAitDII3Q CAiii,*t'Xt~tA2'EIi DI5TRICT In co:c~ider4tian of th® cav~ensrstti and m,~r4esaeat hcrcvftesr oanta3.-sea r~-,c~ an the part of Loth p.^.,s~tiaN to '!x+ I:opt and porPor~aei, tho P~A:~r1 OF nZf?i:CTC';:i aY thm ..t;T 5R:`i T:°w~;i7A:i';ST;O Cq'~+i'~ SJ'.TER DISTZIC'1', hcurea,f#,dr refnrrCad to as °R:bliC A~?eRCy'" mtu3 tho I'.au~.i of t.dri3n3etratian, T'ubl.ic Emplayet~cs+ Retirataerst uyot~xs, hcra.~ft©r raft to ~,~ "Bcamt" hereby a as fo ~ z 1. Ai3, .^sse1L and terse uaod tx>rain which ara+ dafinad Sts trio F`„talio E.~nl~yecs+ P.eti.~;:3^ent Lary sYi'tI]. ha~ro tho t~ni'-ET mA desfinctd tiscrmin rrza7,e s othe^wi,sQ siikcal:ly prov5~iui. "hOa^ral. r~ttirar~arst ate" shy. tLL'~42 ag® fi0 for , tca%lsxteouu m~basrts. ~. Puk~1.1o Rgency stall. pmrtia4Txrta in the Public i~ployea~+ i',w^~t3.~w~^w t ~;ete.~ ~ arsi rft4;r , 19,.,,,,,,,,r th:aisirsi; its a~Isl.oyecs as herew Sr.ci ~<sr ,~*,. ot•3.dE:d, ~arbcrc o£ ea2d C~tesn asshaect tts a13. prov'...eia~.a of thcs Publ3.ss ~p?oyee+a+ %c~„irwrsecst Lars exoo,t tnzci's 3s aC.^,~lq only OA election of b cor.'.raotin~ a~~'•aJ' and .^.Y'd Ylgt ,~asc9 far hex'e:ln and t0 All. 8L1e:'iCaiiTlt3 tv ~r.:sd Lair rorcas""cor tsrwatcsd axacrat cueh as by os~~szte prpvis3ons tha^eaf Q.~`11,y an1F 021 thE1 ~s3.oC'~iars of COntr3CtSti,(~ a{bj~a7.(`rie$n 3. ~l~sl.os of Ftztalic ACcrssay in the followitxg alasrsesr sh~1 bocou,ei t;:~.:~: a of s„kQ i~'c3so~.°..crst System cxOmpt auc2t in each such c3..aca &S are exoludmd by 3:rr or thiss ap^ctsts a. ..mploye3s other thrus laosl. safoty t~(Yser~i:7as rafezTOd to a9 taicasllanex~ust ~). z'hcs fa2lo~.rin~ ~aployea+s ~htall3. bo excluded YaCtust tix~rahip itt said Rcstirt'a- t~ozst STrataaft P10 AL^T)ITIO.`~IAL P.,XCLUSTD2:;3 k. ks~Ets her,.,tofara aacu,'rril.est~i r.3th reapoet to mew",xn~a in tha local. Retire~- ~rnt :;yat~r ahctl3. be trazssfdrrerd to the Puhl.ic T:~ployoa3+ c'z~stirc:.rce:-st Bgctaa ::ithatt EO c?z,5-s a3~ter th~+ ti.C:netiva data of this contract +zrzd gpsl.i~ a~;r,,inaC t'ro L'.abil3ty far prior sc~rviiea incurraci i'i@rOr7~iQrn i "xt partiott C41° t2te asWrtg so ts~a,*saterrad arhic& rapresc~nto tho aocum+.+lltgd contributicna (p2.u3 intt theraupo¢s) r~zqu#rcd of the omp7.nyec+y utsd~+r +said loca]. sy~x~t~t shall ba crEx33.ted Ed the ixuii~I.dusl taE~nh+~xship ttcct>unt of each such e+i.oyee tsndcsr tho Public Ekaplayetla+ P,et~ Sy~utera. .'+ ~C Ret. Form 126-1 •~;,.. .R t.. .. ~ 5:. , .. -s} F,h .~ ;., ; ;: y ~.: . ~...,~, z:; y ~.ti~~ ~4~ ~:iwi ~ ~ .{. . ": `PY:6 fr~cwia~ of fina3. campensaticuz to bo pmvidcxi Ybr each year oY a«ndit~ prier Z.t.r1 current sarviao as a miecolianeoua ~ceM:°.xae~r u}km re4.irer:e::t ut mcs,a3. yeti«cc~:ont aver sh~,3.1 ba aphliod ea prav9.dact in Soctian ?1251.13 02 aAi:i E":ctircn;d~:t i~w +artcl r~s~uer:d Sor ~~.ub~rs coverr~d ezrn3©r F~teral rocS.a2. Seavr3:~y prnvidc~i, ho',~ac:~«, ttznt ecid rczluaed fraction shell a;~b.ly with re~c-~c:'e to a3.3. enrvic® oP such me~besr whsther or not the ssrviae is iz~- eludsd in Federal. 3oaial liacurity. mn^t::ly cer~per:sation and 10D~, of such raids Am thoy apg~?y to the .^~.:~~:.n- dap of th© c~n..hhly co~penaaticm. .`cabers roahasm po:sitionss are excluded frost Encial 5,;.curity oo~rrrage c:hzsll cant, ibutea in aecordanc® :~rith 8actiosr 24b03 oa said ~:stir~cnt 3.aw as it sppliasu to the full fnr~zu7.a. Contriba~tiosaa fox eu.coalluneous at+xabc+rs ahtsll ~e subject to ::~^etioxs 20b03 of sa3~'i :otiremn~t Law, said section pravidin$ For a r~ action in a^w~:€~o $F e~intrihution t~ ouch xataa Ito to t~:a brat xt,CU.~:, of 7. :'he follo~t.,ng tidditiasrt,,l proviQions of the Public a:swplogaes~ iatirc~sat Law wRsich an?xly only upon ataction of a aontrsatits~; agency mhall, apply to the Ps1171.ic Agena,~ sr„3 its empla,~et~ss a. c ~t gortioa of Sections 21253..13 c~hich provida~:, for reduction iza tYs® ra«cantoga of final casspasxsssatia~.3'or membmra cover®d uzdor Social 3ccurity.. b. S;sctian 21361.. j (providing that yaara o: snrvico x~ndereci as a saber of the Iaea,1.: otire»~ent SyEt©m p-3or to the caf7'scti~4-e dote of this con- tract shall bs 3nolucaad in the casaputation of the basic death bsnr~fit provided in 3action 213b1 span the death of azsy sa,~cubar '~tw auto oleo n sir of the local ~nyetam). 8. Public A,ency shall aontribut¢ to rsaid i2stirsmont ,~gestern as follows: a. With respect to sr3eco11~°seaus raga, the Pub3.ie 1l~wncy :+ha11 co:stri- `arstB thm following perestagco of s~mthly sa3dX'iC9 earn®d 89 sni.mcolla- ne3a3a'at! sneinbsrs of ma3a3 Systesas (1) 2. a3 pcxcvnt until Juno 3~. 2000, on accaurst of thm li.~.bility for p. for scarvioe 2a~c~S'its 1GC~s 1.2tt parcont of total aa3nriea paid to mawxrbcres far each ~1QU,000 of asWots trassafor~d to the Fub11e a.;,zi.oyaes~ Fimtir~ent SyGtsm to tYssa mxtant much trsns- far«nd aosets axae+ed the aacww;ultttsd 3.ooal e~'st~s aontributiona of uboro transferred under Purat~uFh fs. (2) 7.15 porccsnt on account of the 3.iability for currant service bcnmFita :mid peraentag® being fiscod by ueotian 207§0 of the Zetirsr.,srit L;3w. 8. .4 rcasanablm as~unt por dsnnusa, as firaci taq Hoard ~ eta cover th® costa ac^ ssd.~iinimterin~ said Systc~ as it affects the osaploydas of Public l~~ca2cy, not including the costs of s~:eciel valuations or the ~,eriodi• caI invemti~.tiona atxl valuation rmgair«t by law, provided that said amount ;~ha13. b,s dmtersuissr~d on th® basis of the numbmr of Ret. Form 126-2 ~ "~ ~ ~, ~ e.~,~.oyEas o£ Public. ".~;e.:cy ~t~a are resport4d acs ta-urasara o:. a 2~r'="o12 to be desi~natod ~ this Systetm covarins one month oP rich yaax, ar v+i*,,:z rospect to the Pirat ye2.r o1 participation, on the ®fPea- tiv© dato oP said participation. a. R rcasanablo srau.~t ~ Pircd by the E3onacd, payablo in anQ inctull- rs~nt as th0 OCC2s'ltTn3 ariso, to cover costs oP apeaial v<„~u'at:.iona on a:.court oP ctnployoes oP Public Agency, and coats oP th© poriodf,- cal invawtihration a.nd vteluation roquirAd try lt-w. 9. Cantributions required oP Public ACcncy and its es~ployeos ah::17_ bo sub- ~ect to t~d~c~,statent by Poard on account oP aciondmonto to tho Public I':>F.ler,~oao~ Retirevont i~Yt, tend on account oP the ~~~saricnce under the ~c;tire ent System as dcterscined by th® pcsriodical inv4stipation .:rxi vw1u~L• ion rsrluirad by said Rcitir~ent Tsw. 10. Cartrabutions required cP Aiblic R~snoy and its e:aplayees a?k11 bo paid by Public ACeney to the :totirensrit ayata~st within t$irty d3ga after th© eazc3 oP th® period to WReieh strict contributions roper or as mny be pre:;cribed h3" Beard naCotiation. ZP more or toss than the cor: rct aunt oP contributionw is paid for any period, proper ad3ustmerit sha1Y. bo clads in connection wins subseCUUO77t rEmittancos, ar ad~uretmcxsta an aecoi:nt oP Er> ors in eantributians reg•.zired aP az~,v employsc+ te3„v bs p>ado by dirort. rash paFtaents betstaan the Cw~laye8 and Eoazd. Payments by Public A,re.:cy to Board ' be atu3e in thm form oP warranta, bazilc ohoaka, barilc dra,.°ts, cesatiPied ehQCks, saonoy ord®ra, or cash. l:itnoss our hands this 24 day oP Suly 1972 . I3GA:'~.3 Oi'' 1~:z:'r.xF?~i"iZGP3 PU'~I~IC ~d3"LG2;:S ~ Tu,TT~2~u""ts ~T' a ~ . BGARD 09' DZF"u,Ct^OF.S OF Tl~ k3Y }~` ' :s L. P„yzxe, ~coc¢ti*ro OP'Yic®r BAS'i &A:S Bi:Fi.~lAfd71T:0 CODiTY ~ATrit DZ,STRZCI •~ Attrsst s Presiden iyuv rY vat ~..ia, Acting Secretary to the Board of Directors ,, Ret. Form 126-3 ,~xJl~rr 1~ Stf*2tfARY t)F ~?A.14R pROVI5Ic1YS itodiflod 2~ at G4 (1/SQ &otirwmsnt prograw) Local ddisce22ansous 1~3on:bors .~;E~SE RSS 3I P t4sr„I,srship is caaFuisory far a12 omyloyaos, other than olectod officials, xho aro employed one-half limo or maro except thaso oxciudad vender t:ha contract. S6RVICH pGTIRL•ldti?dT '1'i-.a earliest retixro;asnt ago is SS; the nonsaal rotiro>5ent ago 1s 64; and Yho co:~puisary recirc*.:nent a,?a is 67 for those who attain apo 67 os- yr aftor pctobor 1. 1073. Corxpulsory retirements arp bused on a sot graduated scalo until that data. An a~F2oyee s:zy rotirs any time aftex ato 55 i~rovidod ho meots tho minima xoquirn- went that l.c havo 5 years of servico. •T.o :~orthly ircore is d¢torminod by age at ratirsn;snt, ysai•s of credited service, and anal coa;~cnsation". Ti:a basic hcnofit will ba Zn of ``final componsatian" far ©ach year of credite3 service tr,lon ratirsnsnt at age G4. If retirement is daferr®d beyond era 60, t:io percontages of "final ccm+pensRtign" for each year of sorvica aro ir:craascd actuarially up to age 63 but not beyond. If retirounant is oarlier than ago 6e~, the Irerccntages of •final eoc:pensation" far each year of service are actuariily dgcrea.,od. Yn order to caordinata the benefits from the 5tato systQCC witft benefits frorrf Social Security (for t:tasa empIayccs covered by 5acial Socarity) the Gave provides that: the portion of tho State system tchic}t relates to the first $40D of mantixly salary will be t~ao-thirds of the foil formula with tho full formula t;ovarning that portion of the benefit mhidt is aarnnd by ttto oxcess of final compensation over 3404. ~fathcmat- icul.ly this is exactly thv sanso as thouyh thv~ salary subject to 2rotiremont w¢ro ro- duced by 3133.33 for any msr~bor barnin}; $44EJ a month or nozo. "Final caapvnsntion" is tho highest averagrs annual compensation (¢xcluding aver- tirc} carna;;la by a neubor during the three conseFutivo years of employment irraindiatel.y preceding the affactiva date of r¢tiromant or during any other period of 3 cansecutiva years designatrxd by the member. A rainizatmr service rgtixc:nent allowance of $140 per month is guaranteed upon com- puisory ratiranonl with credit for prior servicm,. ,, ~r. llIiAl'.ILITY RETIFi°.'•::.T An aa;ployoo beco-ring disabled to the extend that ha is incapable of porfosr.,fng his duties sk:ali he ali~;ibla for disability ratirarnant provided ho has at 1¢ast S ycar:> of serrrico. Tho r,.onthly retirreaent allowance is I.SO$ of "final cora,ronsation" for each year of service, with a s,inimuia guarantee, of ono-third of final compen- sation for west ervploycas who Nava xandored at Icast 10 ymars of sorvi.ro. The dis» rabiiizy xotircmanz allowance shsll under no cireurstancos axceadl the soxvica rctirexsert allowance payable anon retirement fox Smrvico at age 60 if employment could Da continued~to that ago. T1EJ1Ta3 3'S.PdEFIT5 Tke.ath Before RetixorUent Basic E~eath Benefit Ti,is benafit is a refund of the rnomYrar's accrxaulated tontrihutiocrs plus six months' salary provided ho has been a rso~::ber for sis yaaxs or xwxa. nor those who die bofara completing six years of mer.,borship, zhrn benafit is ono rsonth~s salary far oath year of ssorbership Pius refund of contributions. Tha saiaxy rafarred to is that aarnEd during the year preceding death, l'ri.or soxvica does not count toward this benefit. 1957 Survivor Bens fit l,splayoes with S~or mgrs ymars of sarvico rQlo have re:arhed the m3nie:tasa aga fox sorviea ratixoment hmvo furthax death }~rotactian under this item, hero the surviving r71do,+ can ole:ct to ruccive either the basic death Iaesnafit or a raanthiy incoere equal Lo cwrc-l;alf the un:sodifiod ratirau,ent allowance th® arnployea was eligible fat 6n1 tl:cr date of his loath. Tha raanthly ineama lasts until tPro ridox's death ar s~c~arriage with a guarantee that the Systeu >oill pay as rsuch as un,dar the basic loath bone fit. Reath kftar Retirement 5ha death benefit is $5Q0 if death occurs after xetiremont. This azaaunt will be 3r, addition to any paysrants which might b® made under an o,~tional retirement banofit chosen by the member at hit rntiro;uent. TE1Ltiili7ATT0.'~' Qr H?spL(3Y~S;i1J9' Upon tor~iration of ee,ployerent, err e;srployoo with r ar more yoaxs of service may citciax laavo his eontrihutions ,ritl, the System and rocaivo, upcsn attaining rotiremant age:, the ratirernont benafit i1e has aarnrad, or ho stay withdraw his contributions (plus intaaa^ast)„ thus, tarrxiinatinp., his a;osnbexship in the 5ystox and rocoivinJr no retirement beno~'its, l:scoi~t, (i) a nember with toss than 5 years of sarvi~a shell not have the privilege of leavin;; lzls contributions with the System, but shalt automatically have bis contributions, plus interest, xofundad uJron tarerinution of employROnt and (1) a a:ocuaer who is transferring to cmploy~aent with another agency wtifch 1s coveresd and:rr the Sys tam shall not have the right of ait::drawing his accwsrulated coat ributian s . ,, . . E~IPLOYIE CCLVTItIGi?TIQhS each miscoll~~noous srerabor, whet}sor a acs member or a racr~bo:r with year of mor.:trmrship, wi21 start contributing at t}ro uuffor:a xato o£ Igo of salary Darned, ez<:lusivo of ovortirae, on tho Jato this foaRUla boco~os efPoctivo. Trio or.:ployor also contributor townrd t;aa cost of tho benofits. Tho a.*~oc::,t contributed by L•hr orapioymr.{or euxront service re;.iroraont banofits will, on tho averago, excocd tho cost to Lhcs o:a~+loyoo. In addition, the o:np:toycr boars the entiro cost of prior sarviee aid disability benefits, All contribution zatws aro subjoct to rovfsioza by tho Boaxd of Admi»istration. r r ,. , `. • C