TO:
Honorable Mayor and Members of the City Council
THROUGH:
Bruce Moe, City Manager
FROM:
Lisa Jenkins, Human Resources Director
SUBJECT:Title
Consideration of Introducing an Ordinance and Adopting a Resolution of Intention to Amend the Contract Between the Board of Administration California Public Employees Retirement System (CalPERS) and the City of Manhattan Beach to Provide Provisions of Retirement Law Section 20516 - Employee Cost Sharing (Human Resources Director Jenkins).
(Estimated Time: 5 Mins.)
A) INTRODUCE ORDINANCE NO. 23-0012
B) ADOPT RESOLUTION NO. 23-0156
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Recommended Action
RECOMMENDATION:
It is recommended that the City Council introduce Ordinance No. 23-0012, amending the contract between the Board of Administration of the California Public Employees' Retirement System (CalPERS) and adopt Resolution No. 23-0156, a Resolution of Intention to approve an amendment to the contract between the Board of Administration CalPERS and the City of Manhattan Beach, to include the provisions of retirement law Government Code Section 20516 (Employees Sharing Cost of Additional Benefits) for the "Classic" sworn unrepresented employees (Police Chief, Fire Chief, and Division Chiefs)
FISCAL IMPLICATIONS:
There are no fiscal implications associated with the recommended action regarding additional employee cost sharing for CalPERS contribution.
BACKGROUND:
The California Public Employees Retirement System (CalPERS) retirement benefits are funded by contributions from the employee and employer and investment earnings. The sworn unrepresented employee contribution is fixed at 9% of each employee's pensionable income for "classic" CalPERS members (or 50% of Normal Cost for "new members"). "Classic" members are defined as those employed within a CalPERS agency prior to the Public Employees Pension Reform Act of 2013 (PEPRA) and "new members" are those who entered the retirement system after Janua...
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