R 1023
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'" RESOLUTION NO, 1023
. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARROYO
GRANDE SETTING FORTH ITS INTENTION TO APPROVE AN AMEND-
MENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION OF
THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE CITY
COUNCIL OF THE CITY OF ARROYO GRANDE,
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 procedure to amend this contract is
the adoption by the legislative 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 changes proposed in said contract; and
WHEREAS, the following is a statement of the proposed change:
Retirement allowances to which the annual cost-of-living provisions
apply, payable for time cDmroencing on the first day of the calendar
month coinciding with or next following the effective date of this
amendment to or on account of persons retired or members deceased on
or prior to December 31, 1970, are hereby increased by 5%.
WHEREAS the estimate of the cost of such change for the public agency
is set forth in a copy of the valuation report attached hereto, marked "Exhibit
A" and by this reference incorporated into the amendment as though therein set
out in full,
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of ':..
Arroyo Grande gives, and it hereby gives notice of intention to approve an' "I
amendment to the contract between the City Council of the City of Arroyo Grande
and the Board of Administration of the Public Employees' Retirement System to
accomplish the above change.
On motion of Councilman de Leon, seconded by Councilman Wood and on the
following roll call vote, to wit:
AYES: Councilmen Millis, Talley, Wood, de Leon and Mayor Schlegel
NOES: None
ABSENT: None
the foregoing resolution was this 27th day of February, 1913.
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ATm",~~~~ ;,
I, POLLY S. KINGSLEY, City Clerk of the City of Arroyo Grande, County
of San Luis Obispo, State of California, do hereby certify that the foregoing
Resolution No, 1023 is a true, full and correct copy of said resolution passed
and adopted by the City Council of the City of Arroyo Grande, at a regular
meeting of said Council held on the 27th day of February, 1973.
WITNESS my hand and the seal of the City of Arroyo Grande affixed this
28th day of February, 1973,
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(SEAL)
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, "EXHIBIT A"
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
ACTUARIAL VALUATION TO DETERMINE COSTS
UNDERSB 135, CHAPTER 1413 (1972)
(5% Increase)
AGENCY NAME: ARROYO GRANDE, CITY OF
AGENCY NUMBER: 545
DATE: FEBRUARY 27, 1973
Desired method of funding the liability for the increases with respect
to persons retired or members deceased prior to January 1, 1971:
MISCELLANEOUS MEMBERS
. WMP SUM PAYMENT 3 YEARS
$562.00 .07%