Resolution 2762-03
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SOUTH TAHOE PUBLIC UTILITY DISTRICT
RESOLUTION AUTHORIZING A CONTRACT
No. 2762-03
WHEREAS, the Public Employees' Retirement Law provides for the participation of a
Public Agency in the California Public Employees' Retirement System,
making its employees members of said System; and
WHEREAS, the Board of Directors of the South Tahoe Public Utility District on
rY)C'\ ~ 15, ' ...2..~, adopted a Resolution giving
notice of' ention to approve a contract providing for such participation; and
WHEREAS, the employees of said public agency, whose memberships in said
Retirement System are contemplated, have approved said participation, by
majority vote;
NOW, THEREFORE, BE IT RESOLVED, that a contract between the Board of
Directors of the South Tahoe Public Utility District and the Board of
Administration, California Public Employees' Retirement System is hereby
authorized, a copy of said contract being attached hereto and by such
reference made a part hereof as though herein set out in full; and
NOW, THEREFORE, BE IT FURTHER RESOLVED, that the presiding officer of said
governing body is hereby authorized, empowered and directed to execute
said contract for and on behalf of said public agency.
Adopted this6--H- day of ::.J ~ 0
,..:2..66~
Attest:
4~-S),a Af
Clerk or Secr ary
New Agency
PERS-CON-21 (Rev. 1/98)
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California
Public Employees' Retirement System
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CONTRACT
Between the
Board of Administration
California Public Employees' Retirement System
and the
Board of Directors
South Tahoe Public Utility District
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In consideration of the covenants and agreement hereafter contained and on the part of
both parties to be kept and performed, the governing body of above public agency,
hereafter referred to as "Public Agency", and the Board of Administration, Public
Employees' Retirement System, hereafter referred to as "Board", hereby agree as
follows:
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 55 for local miscellaneous members.
2.
Public Agency shall participate in the Public Employees' Retirement
System from and after ~ ~ \ q~ 'Z<:o~_ 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 contracting
agency.
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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. Any exclusion(s) shall remain in effect until such time as the Public
Employees' Retirement System determines that continuing said
exclusion(s) would risk a finding of non-compliance with any federal tax
laws or regulations. If such a determination is contemplated, the Public
Employees' Retirement System will meet with the Public Agency to
discuss the matter and coordinate any required changes or amendments
to the contract.
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. SAFETY EMPLOYEES.
5.
The percentage of final compensation to be provided for local
miscellaneous members for each year of credited prior service is 0% and
the percentage of final compensation to be provided for each year of
credited current service is 100% and determined in accordance with
Section 21354 of said Retirement Law (2% at age 55 Supplemental to
Federal Social Security).
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6. Public Agency elects to be subject to the following optional provisions:
a. Section 21024 (Military Service Credit as Public Service), Statutes
of 1976.
7. Public Agency shall contribute to said Retirement System the contributions
determined by actuarial valuations of prior and future service liability with
respect to local miscellaneous members of said Retirement System.
8. Public Agency shall also contribute to said Retirement System as follows:
a.
A reasonable amount, as fixed by the Board, payable in one
installment within 60 days of date of contract to coyer 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.
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b.
A reasonable amount, as fixed by the Board, payable in one
installment 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.
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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 fifteen 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.
BOARD OF ADMINISTRATION BOARD OF DIRECTORS
PUBLIC EMPLOYEES' RETIREMENT SYSTEM SOUTH TAHOE PUBLIC UTILITY
DISTRICT
BY ~tJ#1r B~
KENNET W. MARZION, CHIEF PRE liNG OFFIC .
ACTUARIAL & EMPLOYER SERVICES DIVISION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
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Witness Date
Attest
4~.<;J-n~r
Clerk
AMENDMENT ER# 4882
PERS-CON-702A (Rev. 8\02)
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CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Actuarial and Employer Services Division
Public Agency Contract Services
P.O. Box 942709
Sacramento, CA 94229-2709
(916) 326-3420
CERTIFICATION
OF
FINAL ACTION OF GOVERNING BODY
I hereby certify that the ~ c.rL.r-rJ lr;k- :bc .......p ~-I-oy-<...
(goverrt!J1g body)
<~<.~ j";;)).,-~ ~li~ Ll:f,. {~+\./ n ;~Jt'"'-r
(public agen~
adopted on ... -r;-. _ LJ .s I ~^^ ~ by an affirmative vote of a majority
(date)
of the members of said Governing Body, -R~~/u-+~
(Ordinance or Resolution)
No.~ 7/~-(j ~ approving the attached contractual agreement between the
Governing Body of said Agency and the Board of Administration of the California Public
Employees' Retirement System, a certified copy of said f?afSQ!( . it rv-7 .
(Or inance or Resolution)
in the form furnished by said Board of Administration being attached hereto.
of the
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Title I J
\." Date L'o/~~:s
PERS-CON-5 (Rev. 1/96)