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HomeMy WebLinkAboutReso 058-82 Approve a contract between Public Employees' Retirement System and the CityRESOLUTION NO. 58-82 RESOLUTION OF INTENTION TO APPROVE A CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY COUNCIL OF THE CITY OF DUBLIN 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 WHEREAS, 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 Administration, which resolution shall contain a summary of the major provisions 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 Governing Body of the above agency gives, and it does hereby give notice of intention to approve a contract between said Governing Body and the Board of Administration of the Public Employees' Retirement System, providing for participation of said agency 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, as an "Exhibit", and by this reference made a part hereof. PASSED, APPROVED AND ADOPTED this 8th day of November, 1982. AYES: Councilmembers Burton, Hegarty, Jeffery,zM~fatt and Mayor ~yder. NOES: None BY ~/~~, ~~_~. ~ (Same) 7 ~ ABSENT: None ATTEST: . . · \ City Clerk' ~ " (Ti{ie) November 8, 1982 ('Date adopted and approved) Ret. Form 122 SUMMARY OF MAJOR PROVISIONS @ 60 (1/50) Retirement Program Local Miscellaneous Members SERVICE RETIREMENT The earliest retirement is age 50; the normal retirement age is 60; and the compulsory retirement age is 70. An employee may retire any time between these ages, 50 and 70, provided he meets the minimum requirements that he either have five years of service or have attained the compulsory retirement age of 70. The monthly income is determined by age at retirement, years of credited service, and "final compensation". The basic benefit will be 2% of "final compensation" for each year of credited service upon retirement at age 60. If retirement is earlier than age 60 the percentages of "final compensation" for each year of service are decreased. If retirement is deferred beyond age 60, the percentages of "final compensation" for each year of service increases to age 63. "Final compensation" is the average monthly salary (full-time rate excluding overtime) earned either during (1) the final 36 consecutive months unless member specifically requests another 36 consecutive month period, or (2) if provided by your agency by contract amendment, during the final 12 consecutive months unless member specifically requests another 12 consecutive month period. DISABILITY RETIREMENT An employee becoming disabled to the extent that he is incapable of performing his duties shall be eligible for disability retirement provided he has at least five years of service. The monthly retirement allowance is 1.80% of "final compensation" for each year of service with a minimum guarantee of one-third of final compensation for most employees who have rendered at least 10 years of service. (If provided by your agency, the benefit would be a minimum of 30% of final compensation for five years of service and 1% of final compensation for each additional year of service to a maximum benefit of 50% of final compensa- tion). The disability retirement allowance shall under no circumstances exceed the service retirement allowance payable upon retirement for service at age 60 if employment could be continued to that age. DEATH BENEFITS Death Before Retirement Basic Death Benefit: This benefit is a refund of the member's contributions plus interest and up to six month's pay (the sum of one month's salary rate for each year of current service to a maximum of six months). '~ ~ 1957 Survivor Benefit: Members who are eligible to retire at the time of death have further death protection under this item. The beneficiary can elect to receive either the basic death benefit or the 1957 Survivor Benefit. This benefit provides a monthly allowance equal to one-half of the unmodified allowance the member was eligible for on the date of death. This monthly allowance will be paid to the surviving spouse until death or remarriage, or to eligible children until marriage or 18. Death After Retirement The death benefit is $500 (or if provided by your agency by contract amendment, $600). This amount will be in addition to any payments which might be made under an optional retirement benefit chosen by the member at time of retirement. TERMINATION OF EMPLOYMENT A member with five or more years of service may either leave his contributions with the System and receive upon attaining retirement age the retirement benefit he has earned, or he may withdraw his contributions plus interest through the June 3Oth before the refund is processed thus terminating his membership in the System and receiving no retirment benefits. Except (1) a member with less than five years of service shall not have the privilege of leaving his contributions with the System but shall automatically have his contributions plus interest through the June 30th before the refund is processed refunded upon termination of employment, and. (2) a member who is transferring to employment with another agency which is covered under the System shall not have the right of withdrawing his accumulated contributions. EMPLOYEE CONTRIBUTIONS Each miscellaneous member, whether a new member or a member With years of membership, will start contributing at the uniform rate of 7% of salary earned, exclusive of overtime, applied against gross salary. The employer also contributes toward the cost of the benefits. The amount contributed by the employer for current service retirement benefits will, on the average, exceed the cost to the employee. In addition, the employer bears the entire cost of prior service benefits. All employer contribution rates are subject to revision by the Board of Administration. C1001/Full (Rev. 4/82)