HomeMy WebLinkAboutReso - CC - 044-1974RESOLUTION OF INTENTION TO APPROVE AN
A``.N0AENT TO V'ONTRAiT BETWEEN THE
,OARD OF ADMINISTRATION OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE
CITY MUNCTT.
Governing Body)
OF THE
TY OF BURLINGAME
(Name of Public Agency)
CITY OF BURLINGAME RESOLUTION NO. 44-74
y.
WHEREAS, the Public Employees' Retirement Law permits the participation of public
agencies and their employees in the Public Employees' Retirement System
by the execution of a contract, and sets forth the procedure by which
said public agencies may elect to subject themselves and their employees
to amendments to said law; and
WHEREAS, one of the steps in the procedure to amend this contract is the adoption
by the legislative body of the public agency of a resolution giving
notice of its intention to approve an amendment to said contract, which
resolution shall contain a summary of the changes proposed in said
contract; and
WHEREAS, the following is a statement of the proposed change:
Retirement allowances to which the annual cost -of -living provisions apply,
payable for time commencing on the first day of the calendar month coin-
ciding with or next following the effective date of this amendment to or
on account of persons retired or members deceased on or prior to July 1, 1971,
are hereby increased by 5%.
WHEREAS, the estimate of the cost of.such change for the public agency is set forth
in a copy of the valuation report attached hereto, marked "Exhibit A" & "Exhibit B"
and by this reference incorporated into the amendment as though therein
set out In full.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of Burlingame
Governing Body) (Name of Public
, gives, and it hereby gives notice of intention to approve an
Agency)
amendment to the contract between the City of Burlingame
(Governing Body)
and the Board of Administration of the Public Employees' Retirement System
to accomplish the above change.
CITY COUNCIL of
Governing Body)
the
CITY OF BURLINGAME
(Name of Public Agency)
/, _
~(Name) Charles F. Schwalm
City Manager
(Title)
August 5, 1974
(Date adopted and approved)
runme niPl.oYEr•.s, Iu e math•, YSTE!
ACTUARIAL VALUATION To DETIiI'MINE COSTS
UNDER S11 135, CHAPTER 1413 (1972)
(S% Increase)
AGENCY NAME: City of Burlingame
AGENCY DUMBER: 18
DATE ; FEBRUARY 9, 1973
Indicate desired msthod of funding the liability for the increases with respect
to persons retired or members deceased prior to January 1, 1971:
MISCELLAIIEOUS II-EMERS
LUI•IP SUH PlNIMIT 3 YEAF.S 5 YEARS 10 YEARS
$ 29771.72% .43% .22%
SAFETY I•MMBBRS
LUMP SUd PAYtIEM 3 YEAP.S 5 YEAP.S
$ 67049 1.98% 1.20%
10 YEARS
.61%
EXHIBIT 4 B
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
ACTUARIAL VALUATION TO DETERMINE COSTS
UNDER SD 1113, CHAPTER 1123 (1973)
(5% Increase)
AGENCY NAME: Burlingame City of
AGENCY NUMBER: 18
DATE: January 11, 1974
LUMP SUM PAYMENT FOR
MISCELLANEOUS MEMBERS
3,428
LUMP SUM PAYMENT FOR
SAFETY MEMBERS
8t265