Resolution 2827-07
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RESOLUTION NO. 2827-07
RESOLUTION OF INTENTION
TO APPROVE AN AMENDMENT TO CONTRACT
BETWEEN THE
BOARD OF ADMINISTRATION
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
BOARD OF DIRECTORS
SOUTH TAHOE PUBLIC UTILITY DISTRICT
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 procedures to amend this contract is the adoption
by the governing 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 change proposed in said contract; and
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WHEREAS, the following is a statement of the proposed change:
To provide Section 21354.5 (2.7% @ 55 Supplemental
formula) for local miscellaneous members.
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 said public agency and the Board of Administration 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: ~
Presiding Offi r
~YLJ r~e"'SJd~~..yyJ-
Title
J'nO_rcJJ ) ,-d-.CC 7
Date adopted and approved
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(Amendment)
CON-302 (Rev. 4/96)
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CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Actuarial and Employer Services Branch
Public Agency Contract Services
P.O. Box 942709
Sacramento, CA 94229-2709
(888) CalPERS (225-7377)
,- ~~f__L C. C
CERTIFICATION OF EMPLOYEE ELECTION
I hereby certify that the following employees of the South Tahoe Public Utility District
have expressed their approval or disapproval of said agency's intention to amend its
contract to provide Section 21354.5 (2.7% @ 55 Supplemental formula) on the basis
described in the Resolution of Intention adopted by said agency's governing body on
----IYlo./lcJ, I, , ~.:bo 7 ' in such manner as to permit each employee
to separately and secretly express his choice and that the outcome of such election was
as follows:
Number of
employees
eligible to vote
Local Miscellaneous
Members as defined in
Govt. Code Section
20383
log
(Amendment)
PERS-CON-15 (Rev. 9/03)
Number of votes
approving said
partici patio n
,<g'/
~~
Clerk or Secre ary
Number of votes
disapproving said
participation
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11la-1Ch 6'1 i ,,:::>(')C) 1
Date
...
A
CalPERS
EXHIBIT
California
Public Employees' Retirement System
.
AMENDMENT TO CONTRACT
Between the
Board of Administration
California Public Employees' Retirement System
and the
Board of Directors
South Tahoe Public Utility District
.
\.,. The Board of Administration, California Public Employees' Retirement System,
hereinafter referred to as Board, and the governing body of the above public agency,
hereinafter referred to as Public Agency, having entered into a contract effective June
19, 2003, and witnessed June 5, 2003, and as amended effective November 16, 2006
which provides for participation of Public Agency in said System, Board and Public
Agency hereby agree as follows:
A. Paragraphs 1 through 11 are hereby stricken from said contract as executed
effective November 16, 2006, and hereby replaced by the following paragraphs
numbered 1 through 12 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 55 for local miscellaneous members.
2.
Public Agency shall participate in the Public Employees' Retirement
System from and after June 19, 2003 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 in employment before and not on or after the
effective date of this amendment to contract 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).
6. The percentage of final compensation to be provided for local
miscellaneous members in employment on or after the effective date of
this amendment to contract 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 21354.5 of said Retirement Law (2.7% at age 55
supplemental to Federal Social Security).
7. Public Agency elected and elects to be subject to the following optional
provisions:
8.
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a. Section 21024 (Military Service Credit as Public Service).
Public Agency, in accordance with Government Code Section 20840 and
regulations, has elected to participate in risk pools for its local
miscellaneous members and shall share its experience with the
experience of all employers participating in the same risk pool.
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9.
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.
10. 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 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.
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. .
11. 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.
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12. 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.
B.
This amendment shall bee~:ective on the
BOARD OF ADMINISTRATloN';~
PUBLIC EMPLOYEES' RETIRt='MENT SYSTEM
~..' lit
C)' .:
"<', oj
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BY ,!.<'..
LORI MCGARTLAND, eif(EF
EMPLOYER SERVICt~DIVISION
PUBLIC EMPLOYE~~;"RETIREMENT SYSTEM
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AMENDMENT ER# 1869
PERS-CON-702A (Rev. 10\05)
day of
BOARD OF DIRECTORS
SOUTH TAHOE PUS(I~ UTILITY
DISTRICT .:'. J
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BY ~..()
PRESIDING OF~"~ER
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C5'
i~
Witness Da1tt;"
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Attest. c", J
(;~r;
Clerk i:.-l
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Actuarial and Employer Services Branch
Public Agency Contract Services
P.O. Box 942709
\.; Sacramento, CA 94229-2709
(888) CalPERS (225-7377)
CERTIFICATION OF COMPLIANCE WITH
GOVERNMENT CODE SECTION 7507
I hereby certify that in accordance with Section 7507 of the Government Code
the future annual costs as determined by the System Actuary for the increase
in retirement benefit(s) have been made public at a public meeting of the
Board of Directors
of the
(governing body)
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South Tahoe Public utility District
(public agency)
March 1, 2007 which is at least two weeks prior to the adoption of the
(date)
on
Resolution / Grdin3nce.
~i~~-Y-yJ~/,
Clerk of the Board
Title
Date L\3/~~?
~
PERS-CON-12A (rev. 1/96)
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CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Actuarial and Employer Services Branch
Public Agency Contract Services
P.O. Box 942709
Sacramento, CA 94229-2709
(888) CalPERS (225-7377)
CERTIFICATION OF GOVERNING BODY'S ACTION
I hereby certify that the foregoing is a true and correct copy of a Resolution adopted by the
Board of Directors
(governing body)
South Tahoe Public utility District
of the
(public agency)
on
March 1, 2007
(date)
'..-'~~L 5/yL.
Clerk/Secr~ry r
Clerk of the Board
Title
PERS-CON-12 (rev. 1/96)