HomeMy WebLinkAbout6.1 Amend Employee Retirement Sys Contract CITY OF DUBLIN CY 0 d
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: February 10, 1986
SUBJECT PUBLIC HEARING
Amendment to Public Employees ' Retirement System
Contract
EXHIBITS ATTACHED 1 ) Transmittal letter from PERS dated February 5 , 1986
2 ) Resolution of Intention to Approve an Amendment to
Contract
3 ) Ordinance Authorizing the Amendment
4) Agenda Statement from Meeting of January 13 , 1986
5 ) Proposed Budget Transfer
RECOMMENDATION Open public hearing; receive Staff and public input ;
deliberate ; adopt resolutions ; introduce ordinance ;
continue the second reading of the ordinance to the
meeting of March 10, 1986; authorize budget transfer
from the Contingent Reserve in the amount of $2 ,955 •
FINANCIAL STATEMENT: Annual increased retirement cost estimated at $2 , 976
to $7 ,700 depending upon the number of members
selecting the option to participate in the program.
These rates are based on the actuarial percentage
projected to the year 2000. The employer rate is
subject to change with future amendments and/or
experience or other factors .
Potential cost for participation in health insurance
is $16,128 .
DESCRIPTION At the regular City Council meeting on January 13 ,
1986, the City Council reviewed an actuarial report on the inclusion of
elected officials in the Public Employees ' Retirement System membership.
Staff was directed to request the appropriate documents from PERS to
undertake this contract amendment .
The first procedure required by PERS is the adoption of a resolution of
intention to approve an amendment to the contract with the Public Employees '
Retirement System. The change would provide for removal of the exclusion of
elected officials and provide prior service credit to elected officials
which are employed with the agency on the effective date of the contract
amendment .
The second item required is the adoption of an ordinance which would
authorize the amendment to the PERS contract . The State Law regulating the
contract amendment process requires a 20 day waiting period from the time
that the resolution of intention is adopted until the adoption of the
ordinance . Therefore , the earliest regular Council meeting when the second
reading and adoption of the ordinance can be obtained would be the meeting
of March 10, 1986. Therefore , it is appropriate to conduct a public hearing
on this ordinance , waive the reading and introduce the ordinance . The
public hearing should then be continued to the meeting of March 10 , 1986 ,
for a second reading and adoption.
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COPIES TO :
ITEM NO. v
AGENDA STATEMENT: Amendment to Public Employees ' Retirement System Contract
Page 2
The attached agenda statement from the meeting of January 13 , 1986 outlines
the implications of modifying the current agreement . As a result of this
change , the City' s employer contribution rate would increase from 7. 878% to
8 . 262%. The PERS staff has indicated that these rates have been based on
1982 assumptions. The retirement system analyzes projected rates of return,
inflation, number of retirements and other factors affecting the system each
4 years . The 1986 assumptions are now being developed for use in modifying
employer contribution rates . Therefore , the City will receive a new
employer contribution rate on July 1 , 1986 which will reflect the 1986
assumptions and the June 30 , 1985 data related to membership within our
group.
California Government Code Section 7507 requires that the future annual
costs as determined by the system actuary or the increase in retirement
benefits be made public at a public meeting at least 2 weeks prior to the
adoption of the final ordinance . The City Clerk must certify that this
section of the Government Code has been complied with. The agenda statement
for the January 13th meeting contains an estimate showing the range of
additional costs associated with the contract amendment .
Provided that the ordinance is adopted on March 10, 1986 , it would then
become effective on April 9 , 1986. The exclusion would be removed for the
payroll period beginning April 12 , 1986.
Staff recommends that the City Council conduct a public hearing, adopt the
resolution, introduce the ordinance and continue the second reading to the
meeting of March 10, 1986. Staff also recommends that the Council authorize
a budget transfer from the Contingent Reserve for anticipated increased
retirement costs .
Field and Contract Services Division
P.O. Box 90109
Sacramento,CA 95809-0109
(916) 445-6570 Reply to Section 900
445-4900 (Telecommunications Field & Contract
Device for the Deaf) Services Division
February 5, 1986 Employer Code 41329
Paul S. Rankin
Assistant to the City Manager
City of Dublin -T A
P.O. Box 2340
Dublin, CA 94568
Dear Mr. Rankin:
Enclosed are two copies of the Resolution of Intention (Form 122) to amend
your agency's contract to provide Removal of Exclusions of Elected Officials;
and Section 20835.1 (Limit Prior Service to Elected Officials Employed on the
Effective Date of this Amendment to Contract).
Also enclosed are the following required forms:
1. Form CON-12, Certification of Governing Body's Action.
2. Form CON-12A, Certification of Compliance With Government Code
Section 7507.
3. Form CON-11A, Sample Ordinance.
The sample Ordinance is a guide only and is included to allow sufficient time
to prepare the Ordinance for a first and final reading. The Resolution of
Intention and accompanying documents should not be held pending final reading
of the Ordinance.
Government Code Section 7507 requires your governing body to make public the
cost implications of the proposed contract amendment at a public meeting at
least two weeks prior to the adoption of the final Ordinance. When
forwarding the executed Resolution of Intention documents, please include the
Form CON-12A, Certification of Compliance With Government Code Section 7507.
California Public Employees'Retirement System
The facts that you must make public are: Local Miscellaneous Members
The rate for your agency without the optional benefit is 7.878%. Your new rate
is 8.262%, thus the change in cost of the optional benefit is 0.384%, (8.262% —
7.878%). Apply this percentage to the most current payroll figures for the
next 12 months to compute the dollar amount. This percentage increase is the
projected actuarial rate to the year 2000, but, as your contract reads, the
employer rate is subject to change with future amendments and/or experience and
other factors. These are the cost figures which must be made public at a
public meeting at least two weeks prior to the adoption of your final
Ordinance.
Since this amendment will be effective prior to July 1 , 1986, these rates are
based on 1982 assumptions and June 30, 1984 data. Your agency will be notified
of the updated July 1 , 1986 rate which will reflect the 1986 assumptions and
the June 30, 1985 data and your current amendment.
As soon as we receive one executed copy of the Resolution of Intention, Certi-
fication of Governing Body's Action (Form CON-12) , Certification of Compliance
With Government Code Section 7507 (Form CON-12A), and any other required forms,
we will forward additional copies of the amendment and the documents necessary
to complete your governing body's final action. That final action will require
an affirmative vote of the majority of your governing body and must be deferred
for at least twenty days after the adoption of the Resolution of Intention.
In summary, the. following documents must be returned to this office before we
can forward final documents to you. ORIGINAL SIGNATURES ARE REQUIRED ON ALL
OF THESE DOCUMENTS — DO NOT HOLD THESE DOCUMENTS PENDING THE FINAL READING OF
YOUR ORDINANCE.
1 . One executed copy of the Resolution of Intention, original or
certified copy.
2. Certification of Governing Body's Action (Form CON-12), original or
certified copy.
3. Certification of Compliance With Government Code Section 7507
(Form CON-12A), original or certified copy.
According to the "Anticipated Schedule of Agency Actions", your agency plans
to adopt its Resolution of Intention on February 10, 1986. If this date is
met, the earliest date your agency can have the final reading of the
Ordinance is March 2, 1986. This meets the 20 day waiting period required by
Government Code Section 20460. THERE CAN BE NO EXCEPTIONS TO THIS LAW.
The effective date of this amendment cannot be earlier than the beginning
of a payroll period following the effective date of the final action of your
governing body.
If you have any questions regarding this letter or the enclosed material,
please do not hesitate to contact me at (916) 322-4521 .
Yours truly,
: y Eois Hill, Retirement Specialist
Contracts Office
Field & Contract Services Division
LH:de
Enclosures
cc: San Francisco Area Office
FCSD—CON-32 (AMENDMENT)
C0402A (Rev. 11/85)
RESOLUTION OF INTENTION
TO APPROVE AN AMENDMENT TO 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 pub-
lic 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 adop-
tion by the governing body of the public agency of a resolution giv-
ing notice of its intention to approve an amendment to said contract,
which resolution shall contain a summary of the change proposed in
said contract; and
WHEREAS, the following is a statement of the proposed change:
To provide Removal of Exclusions of Elected
Officials; and Section 20835.1 (Limit Prior Service
to Elected Officials Employed on the Effective Date
of this Amendment to Contract).
NOW, THEREFORE, BE IT RESOLVED that the governing body of the above agency
does hereby give notice of intention to approve an amendment to the
contract between the said governing body and the Board of Adminis-
tration of the Public Employees' Retirement System, a copy of said
amendment being attached hereto, as an "Exhibit" and by this reference
made a part hereof.
BY
(NAME)
(TITLE)
(Date adopted and approved) Ret. Form. 122
C0302
AMENDMENT TO CONTRACT
oo BETWEEN
BOARD OF ADMINISTRATION
OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF DUBLIN
The Board of Administration, Public Employees' Retirement System, hereinafter
referred to as Board, and the governing body of above public agency, herein-
after referred to as Public Agency, having entered into a contract effective
February 1 , 1983, and witnessed December 13, 1982, which provides for partici-
pation of Public Agency in said System, Board and Public Agency hereby
agree as follows:
A. Paragraphs 1 through 8 are hereby stricken from said contract as executed
effective February 1 , 1983, and hereby replaced by the following paragraphs
numbered 1 through 10 inclusive:
1 . All words and terms used' herein which are defined in the Public
Employees' Retirement Law shall have the meaning as defined therein
unless -otherwise specifically provided. "Normal retirement age"
shall mean age 60 for local miscellaneous members.
2. Public Agency shall participate in the Public Employees Retirement
System from and after February 1 , 1983 making its employees as
hereinafter provided, members of said System subject to all provisions
of the Public Employees' Retirement Law except such as apply only on
election of a contracting agency and are not provided for herein and
to all amendments to said Law hereafter enacted except those, which by
express provisions thereof, apply only on the election of a contract-
ing agency.
3. Employees of Public Agency in the following classes shall become
members of said Retirement System except such in each such class as
are excluded by law or this agreement:
a. Employees other than local safety members (herein referred to as
local miscellaneous members).
4. In addition to the classes of employees excluded from membership by
said Retirement Law, the following classes of employees shall not
become members. of _said Retirement System:
a. FIRE FIGHTERS; AND
b. POLICE OFFICERS.
PLEASE DO NOT SIGN "EXHIBIT-ONLY''
5. The fraction of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member
shall be determined in accordance with Section 21251 .13 of said
Retirement Law (2% at age 60 Full).
6. The following additional provisions of the Public Employees'
Retirement Law, which apply only upon election of a contracting
agency, shall apply to the Public Agency and its employees:
b. Section 2035.1 (Limit Prior Service to Elected Officials
Employed on the Effective Date of this Amendment to Contract).
7. Public Agency, in accordance with Government Code Section 20759, shall
not be considered an "employer" for purposes of the Public Employees'
Retirement Law. Contributions of the Public Agency shall be fixed and
determined as provided in Government Code Section 20759, and such
contributions hereafter made shall be held by the Board as provided in
Government Code Section 20759.
8. Public Agency, shall contribute to said Retirement System as follows:
a. With respect to local miscellaneous members, the agency shall
contribute the following percentages of salaries earned as
members of said Retirement System:
(1 ) 0.251 percent until June 30, 2007 on account of the
liability for prior service benefits. (Subject to annual ,
change. )
(2) 8.011 percent until June 30, 2011 on account of the
liability for current service benefits. (Subject to annual
change. )
b. A reasonable amount, as fixed by the Board, payable in one in-
stallment within 60 days of date of contract to cover the costs
of administering said System as it affects the employees of
Public Agency, not including the costs of special valuations or
of the periodic investigation and valuations required by law.
C. A reasonable amount, as fixed by the Board, payable in one in-
stallment as the occasions arise, to cover the costs of special
valuations on account of employees of Public Agency, and costs of
the periodic investigation and valuations required by law.
9. Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the Public
Employees' Retirement Law, and on account of the experience under the
Retirement System as determined by the periodic investigation and
valuation required by said Retirement Law.
10. Contributions required of Public Agency and its employees shall be
paid by Public Agency to the Retirement System within thirty days
after the end of the period to which said contributions refer or as
may be prescribed by Board regulation. If more or less than the
correct amount of contributions is paid for any period, proper
adjustment shall be made in connection with subsequent remittances.
Adjustments on account of errors in contributions required of any
employee may be made by direct payments between the employee and the
Board.
B. This amendment shall be effective on the day of
19
BOARD OF ADMINISTRATION CITY COUNCIL
PUBLIC EMPLOYEES' RETIREI . T SYSTEM OF THE
U CITY OF DUBLIN
BY BY
SIDNEY C. 'MitCAUSLAND, Presiding Officer
EXECUTI'V,1� OFFI6ER
0 \
Witness Date
Approved as to form: Attest: Q.
Legal Office, Date Clem Date
PERS—CON-702 (AMENDMENT)
(Rev. 9/85)
ORDINANCE NO. - 86
AN ORDINANCE OF THE CITY OF DUBLIN
------------------------
AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE CITY COUNCIL
OF THE CITY OF DUBLIN AND THE BOARD OF ADMINISTRATION OF THE
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
The City Council of the City of Dublin does ordain as follows :
Section. l. That an amendment to the Contract between the
City Council of the City of Dublin and the Board of
Administration, California Public Employees ' Retirement System is
hereby authorized , a copy of said amendment being attached
hereto , marked "Exhibit A" , and by such reference made a part
hereof as though herein set out in full .
Section 2 . The Mayor of the City Council is hereby
authorized, empowered, and directed to execute said amendment for
and on behalf of said Agency.
Section 3 . This ordinance shall take effect and be in force
thirty (30) days from and after the date of its passage . Before
the expiration of fifteen (15 ) days after its passage, it shall
be published once with the name of the Councilmembers voting for
and against the same in the Tri-Valley Herald , a newspaper
published in Alameda County and available in the . City of Dublin.
PASSED, APPROVED AND ADOPTED by the City Council of the City
of Dublin on this day of 1986 by the following vote :
AYES :
NOES :
ABSENT:
Mayor
ATTEST:
City Clerk
Q�14 EXI-%,'i 7'
AMENDMENT TO CONTRACT
QO BETWEEN THE
��jiC► BOARD OF ADMINISTRATION
OF THE
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
OF THE
CITY OF DUBLIN
The Board of Administration, Public Employees' Retirement System, hereinafter
referred to as Board, and the governing body of above public agency, herein-
after referred to as Public Agency, having entered into a contract effective
February 1 , 1983, and witnessed December 13, 1982, which provides for partici-
pation of Public Agency in said System, Board and Public Agency hereby
agree as follows:
A. Paragraphs 1 through 8 are hereby stricken from said contract as executed
effective February 1 , 1983, and hereby replaced by the following paragraphs
numbered 1 through 10 inclusive:
1 . All words and terms used herein which are defined in the Public
Employees' Retirement Law shall have the meaning as defined therein
unless otherwise specifically provided. "Normal retirement age"
shall mean age 60 for local miscellaneous members.
2. Public Agency shall participate in the Public Employees' Retirement
System from and after February 1 , 1983 making its employees as
hereinafter provided, members of said System subject to all provisions
of the Public Employees' Retirement Law except such as apply only on
election of a contracting agency and are not provided for herein and
to all amendments to said Law hereafter enacted except those, which by
express provisions thereof, apply only on the election of a contract-
ing agency.
3. Employees of Public Agency in the following classes shall become
members of said Retirement System except such in each such class as
are excluded by law or this agreement:
a. Employees other than local safety members (herein referred to as
local miscellaneous members).
4. In addition to the classes of employees excluded from membership by
said Retirement Law, the following classes of employees shall not
become members of said Retirement System:
a. FIRE FIGHTERS; AND
b. POLICE OFFICERS.
PLEASE DO NOT S;ON Me
5. The fraction of final compensation to be provided for each year of
credited prior and current service as a local miscellaneous member
shall be determined in accordance with Section 21251 .13 of said
Retirement Law (2% at age 60 Full).
6. The following additional provisions of the Public Employees'
Retirement Law, which apply only upon election of a contracting
agency, shall apply to the Public Agency and its employees:
b. :.;e.-:..on . ,,835.1 . (Limit Prior Service to Elected Officials
Employed on the Effective Date of this Amendment to Contract).
7. Public Agency, in accordance with Government Code Section 20759, shall
not be considered an "employer" for purposes of the Public Employees'
Retirement Law. Contributions of the Public Agency shall be fixed and
determined as provided in Government Code Section 20759, and such
contributions hereafter made shall be held by the Board as provided in
Government Code Section 20759.
8. Public Agency shall contribute to said Retirement System as follows:
a. With respect to local miscellaneous members, the agency shall
contribute the following percentages of salaries earned as
members of said Retirement System:
(1 ) 0.251 percent until June 30, 2007 on account of the
liability for prior service benefits. (Subject to annual
change. )
(2) 8.011 percent until June 30, 2011 on account of the
liability for current service benefits. (Subject to annual
change. )
b. A reasonable amount, as fixed by the Board, payable in one in-
stallment within 60 days of date of contract to cover the costs
of administering said System as it affects the employees of
Public Agency, not including the costs of special valuations or
of the periodic investigation and valuations required by law.
C. A reasonable amount, as fixed by the Board, payable in one in-
stallment as the occasions arise, to cover the costs of special
valuations on account of employees of Public Agency, and costs of
the periodic investigation and valuations required by law.
9. Contributions required of Public Agency and its employees shall be
subject to adjustment by Board on account of amendments to the Public
Employees' Retirement Law, and on account of the experience under the
Retirement System as determined by the periodic investigation and
valuation required by said Retirement Law.
10. Contributions required of Public Agency and its employees shall be
paid by Public Agency to the Retirement System within thirty days
after the end of the period to which said contributions refer or as
may be prescribed by Board regulation. If more or less than the
correct amount of contributions is paid for any period, proper
adjustment shall be made in connection with subsequent remittances.
Adjustments on account of errors in contributions required of any
employee may be made by direct payments between the employee and the
Board.
B. This amendment shall be effective on the day of
, 19 —
ti
BOARD OF ADMINISTRATION C1` CITY COUNCIL
PUBLIC EMPLOYEES' RET MENT SYSTEM OF THE
4 '. ``�� CITY OF DUBLIN
� L
BY '` BY
SIDNEY C ` cCAUSLAND, Presiding Offi
EXECUTIvI OFFICER
ZS4.
Witness Dat��
.3
Approved as to form: Attest:��,
A."
Legal Office, Date Clerk
Date
PERS-CON-702 (AMENDMENT)
(Rev. 9/85)
CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: January 13, 1986
SUBJECT Actuarial Report on Inclusion of Elected Officials in
PERS Membership
EXHIBITS ATTACHED Actuarial Report dated 12/10/85; Comparison of
Employer PERS Contributions
RECOMMENDATION Review report and direct Staff to request appropriate
documents to undertake inclusion of elected officials,
if the Council desires to proceed.
FINANCIAL STATEMENT: Annual Increased retirement costs .estimated at.
$2,976 - $7,700. Maximum increased health insurance- costs
of $16,128.
DESCRIPTION At the regular City Council meeting on August 26,
1985, the City Council reviewed a report on Public Employee Retirement
System (PERS) contract options.
Staff was directed to request an actuarial valuation on the removal of the
exclusion for elected officials. A valuation is required by PERS prior to
adoption of a contract amendment. The removal of the exclusion was
evaluated under the option assuming that the removal would apply to those
holding office at the time the contract is amended and they may be credited
for prior service with the agency.
The current PERS program provided to full-time employees is the 2% at 60
plan. The final retirement compensation is defined as an average of the
employees 3 highest years of compensation. (For example a person who has 5
years of service and has reached age 60 would receive a benefit of 10% of
his/her average annual salary over the three highest years. ) The employee
contributes 7 percent of their gross earnings exclusive of overtime
compensation. The City's contribution is based on an actuarial review of
the employees covered.
The removal of the exclusion for elected officals allows each of the elected
officials the option to participate. State Law includes the City Attorney
as an elected official without regard to the individual's elective status.
Any officials which elect to participate in the PERS retirement program
would also be able to participate in the PERS Public Employees Medical and
Hospital Care Act. The City currently utilizes this program to provide
health insurance to the City's full-time employees. The program requires
employees and annuitants, who are members of PERS, be allowed to
participate. The City currently contributes up to $224 plus the
administrative charges levied by PERS. The requirement to contribute
towards annuitants creates an obligation for the City to contribute up to
$224 per month for PERS members, who retire while employed by the City.
The results of the actuarial study indicate that the City's contribution
rate would increase from 7.878% to 8.262% with the removal of the exclusion.
This rate is applied to the gross wages of all City employees covered by
PERS. A chart comparing the amended retirement costs with the current
contract is attached. The costs in the comparison were derived using
salaries of the current members and an estimate of the City Attorney's hours
based on the prior year. Based on the new employer contribution, the City's
annual retirement costs would increase by 9.7% if only City Councilmembers
elect to participate. If the City Attorney elects to participate the annual
retirement costs would increase 25.2%. This does not include any increases
as the result of merit salary adjustments or increased costs associated with
the provision of health insurance.
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COPIES TO:
PAGE TWO
AGNEDA STATEMENT - Actuatial Report on Inclusion of Elected Officials in
PERS Membership
The Comparison sheet also itemizes the potential maximum cost of providing
health insurance to the new members. The costs shown are an estimate
assuming each of the eligible officials elected to participate. The actual
cost would depend on the number of individuals participating and the premium
cost of the insurance plan selected. The maximum cost of medical insurance
would be $16,128. This assumes the maximum contribution for six City
Officials.
PERS has advised Staff of the time frame required to amend the current
agreement. The City Council must adopt a Resolution of Intention and an
Ordinance. PERS requires that the second reading of the Ordinance occur at
least 20 days after the adoption of the Resolution of Intention. Based on
their policies the earliest effective date would be the payroll period
beginning April 14, 1985. The City Council would also have to authorize a
change in the pay periods for City Councilmembers. Currenly they are paid
once each month. However, membership in PERS would require that their
earnings be reported with the full-time payroll and pro-rated on a bi-weekly
basis. _If the City Attorney elected to be included he would also have to
provide an accounting of hours worked on a bi-weekly basis.
Staff recommends that the City Council review the results on the valuation
and direct Staff as appropriate.
�'�.':?:Sr,'SS:STa'S�:.."�.^'. '�i:Z'�.r.:�:.S..!.:�=a`.::•:r•':�_'�n.,:�S..k:.�i3..3i_.�.�'..Y.t?Kk't.7...y.�zkf..�..w.:-''�?.�, i ..: �,7?m.�t^ .. ..
COMPARISON OF PERS CONTRIBUTIONS
WITH AND WITHOUT EXCLUSION FOR ELECTED OFFICIALS
PREPARED JANUARY 1986
Current Expense with Exclusion
Gross Monthly Payroll $32,353
(13 Full-Time Employees)
Monthly Amount of Employer Share PERS at 7.878 2 549
Expense Under Amended Agreement
Providing For Removal of Exclusion
Councilmembers Excluding City Attorney
Full-Time Monthly Payroll (13 Employees) $32,353
City Officials Monthly Payroll 1,500
$33,853
Monthly Amount of Employer Share PERS at 8.262% $ 2,797
City Attorney
Monthly Earnings Based on 53 hours/month $ 4,770
Monthly Amount of Employer Share PERS at 8.262% 394
Total Monthly Employer Share PERS with all Eligible
Officials Participating 3 191
Annual Cost
(Without Adjustments for Merit Salary Changes)
Current Contract $30,588
Amended Contract (with only Councilmembers Participating) $33,564
Difference ($2,976)
Additional Annual Cost = 9.7%
Current Contract $30,588
Amended Contract (Assuming City Atty. &
Council Participate) $38,292
Difference ($7,704)
Additional Annual Cost = 25.2%
Maximum Additional Cost for Participation in
The PERS Hospital Health Care Act
Assuming 5 City Councilmembers
Maximum Monthly Premium cost at $224/month $ 1,120
Annual Cost $13,440
Additional Annual Cost for City Attorney 2,688
Maximum Annual Increase for Health Premium .$16,128
1�
kGENCY NAME CITY OF DUBLIN EMPLOYER NUMBER ' 1329
MISCELLANEOUS MEMBERS
. PRESENT BENEFITS PROPOSED BENEFITS
1982 ASSUMPTIONS 1982 ASSUMPTIONS
�. VALUATION SPECIFICATIONS
1. Actuarial Data as of 6/30/ 84
2. Formula 2% @ 60 Full 2% @ 60 Full
3. Final Compensation Average 3 Years 3 Years
4. Post—Retirement Survivor Benefits NO No
5. 1959 Survivor Benefits No No
6. Credit for Unused Sick Leave No No
7. Removal of Exclusion of Elected No Yes
Officials. with Prior Service
Limited to the Elected Officials
in Office on. Date of Contract
Amendment
3. AGENCY CONTRIBUTION RATE FOR CURRENT SERVICE
(as % of member payroll until 6/30/2011)
1. Retirement Benefits 7.686% 7.896%
2. Death Benefits 0.1000/0 0.115%
3. 1959 Survivor Benefits — —
AGENCY CONTRIBUTION RATE FOR PRIOR SERVICE
(as % of member payroll until 6/30/ 2007) 0.092% 0.251%
�. TOTAL AGENCY CONTRIBUTION RATE
(When change is for an individual safety 7.878% 8.262%
group, rate will apply to total safety
payroll)
E. ACTUARIAL VALUATION FEE $ 15 +.00
DATE: December 10, 1985
PERS—CON-14
:0761 (Rev. 7/85)
CITY OF DUBLIN
BUDGET CMNCE FORM
FRCM I TO
APPROPRIATION
ACCOUNT AVOW i ACCOU i Pf'�Ui�i
TRANSFER 1-►- ►oa- -+01. 0 10S.00
00
P,^IEVL�'FNT }-�- �0�— SOS Z2. 955 1-1- X01.-�01. 04 �o. 00
�-1 _gol _ }o1 °y lao .od
o ao.00
1-t- lot - -ol. oN 3 30, 00
o\ _ jol , 05 �, 2�0, 00
JUSTIFICATION FOR CHANGE
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Pc�v e, e�r�Je Ire. 4c n,e► ,ecs p .
,i -%+�, 0,-A/-e- ��cpen Se , "Tl.e e
eol2v :o� .v !�e e r-a�� bJ�
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I lI L COST S R e,�`cis rY•�.�}-
moo►• oy oo
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TOTAL I$a, 955 I
ti�� DATE
CITY l -TIAGER AFFROVAL
-" COUNCj�iAFFROVA.L I,Ait
CII ,