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Home My WebLink AboutCalpers Amendment to the ContractCaIPERS California Public Employees' Retirement System AMENDMENT TO CONTRACT Between the Board of Administration California Public Employees' Retirement System and the Town Council Town of Los Altos Hills t 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 July 1, 1967, and witnessed June 16, 1967, and as amended effective June 1, 1976, July 1, 1998 and January 1, 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 January 1, 2006, and hereby replaced by the following paragraphs numbered 1 through 13 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 entering membership in the miscellaneous classification on or prior to the effective date of this amendment to contract and age 60 for local miscellaneous members entering membership for the first time in the miscellaneous classification after the effective date of this amendment to contract 1 l i 2. Public Agency shall participate in the Public Employees' Retirement System from and after July 1, 1967 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. 3. Public Agency agrees to indemnify, defend and hold harmless the California Public Employees' Retirement System (CaIPERS) and its trustees, agents and employees, the CaIPERS Board of Administration, and the California Public Employees' Retirement Fund from any claims, demands, actions, losses, liabilities, damages, judgments, expenses and costs, including but not limited to interest, penalties and attorneys fees that may arise as_a result of any of the following; (a) Public Agency's election to provide retirement benefits, provisions or formulas under this Contract that are different than the retirement benefits, provisions or formulas provided under the Public Agency's prior non-CaIPERS retirement program. (b) Public Agency's election to amend this Contract to provide retirement benefits, provisions or formulas that are different than existing retirement benefits, provisions or formulas. (c) Public Agency's agreement with a third party other than Cal'PERS to provide retirement benefits, provisions, or formulas that are different than the retirement benefits, provisions or formulas provided under this Contract and provided for under the California Public Employees' Retirement Law. (d) Public Agency's election to file for bankruptcy under Chapter 9 (commencing with section 901) of Title 11 of the United States Bankruptcy Code and/or Public Agency's election to reject this Contract with the CaIPERS Board of Administration pursuant to section 365, of Title 11, of the United States Bankruptcy Code or any similar provision of law. (e) Public Agency's election to assign this Contract without the prior written consent of the CaIPERS' Board of Administration. (f) The termination of this Contract either voluntarily by request of Public Agency or involuntarily pursuant to the Public Employees' Retirement Law. (g) Changes sponsored by Public Agency in existing retirement benefits, provisions or formulas made as a result of amendments, additions or deletions to California statute or to the California Constitution. 4. 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). 5. 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; b. PERSONS COMPENSATED ON AN HOURLY BASIS; AND C. ELECTIVE OFFICIALS. 6. The percentage of final compensation to be provided for each year of credited prior and current service for local miscellaneous member entering membership in the miscellaneous classification on or prior to the effective date of this amendment to contract shall be determined in accordance with Section 21354 of said Retirement Law, subject to the reduction provided therein for service prior to March 31, 1976, termination of Social Security, for members whose service has been included in Federal Social Security (2% at age 55 Full and Modified). 7. The percentage of final compensation to be provided for each year of credited current service as a local miscellaneous member entering membership for the first time in the miscellaneous classification after the effective date of this amendment to contract shall be determined in accordance with Section 21353 of said Retirement Law (2% at age 60 Full). 8. Public Agency elected and elects to be subject to the following optional provisions: a. Sections 21624 and 21626 (Post -Retirement Survivor Allowance). b. Section 21024 (Military Service Credit as Public Service). C. Section 21574 (Fourth Level of 1959 Survivor Benefits). d. Section 20475 (Different Level of Benefits). Section 21353 (2% @ 60 Full formula) is. applicable to local miscellaneous members entering membership for the first time in the miscellaneous classification after the effective date of this amendment to contract. 9. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on June 1, 1976. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contributions thereafter shall be held by .the Board as provided in Government Code Section 20834. 10. Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to focal miscellaneous members of said Retirement System. 11. Public Agency shall also contribute to said Retirement System as follows: a. Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21574 of said Retirement Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members. b. 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. C. 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, 12. 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. 11 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 be effective on the lst day of September 2011 BOARD OF ADMINISTRATION TOWN COUNCIL PUBLIC EMPLOYEES' RETIREMENT SYSTEM TOWN OF LOS ALTOS HILLS BY o Yr BY DARRYL WATSON, CHIEF PR DIN FFl ER CUSTOMER ACCOUNT SERVICES DIVISION PUBLIC EMPLOYEES' RETIREMENT SYSTEM Witne s Date Attest: � vL Clerk AMENDMENT ER# 690 PERS-CON-702A Actuarial & Employer Services Branch P.O. Box 942709 Sacramento, CA 94229-2709 Telecommunications Device for the Deaf - (916) 795-3240 Ca1PERS (888) CalPERS (225-7377) FAX (916) 795-3005 September 22, 2011 Mr. Nick Pegueros Director of Finance Town of Los Altos Hills 26379 Fremont Road Los Altos Hills, CA 94022 Dear Mr. Pegueros: Employer Code #0690 Reply to Section 126 The contract amendment has been executed by CaIPERS. The effective date of the contract amendment is September 1, 2011. If you have any questions regarding your contract, please do not hesitate to contact our office at (888) CaIPERS (225-7377). Sincerely, Retirement Contract Services IH:pm Enclosure California Public Employees' Retirement System www.calpers.ca.gov