ORDINANCE NO. 461
AN ORDINANCE OF THE CITY OF RANCHO PALOS VERDES AUTHORIZING AN AMENDMENT TO THE CONTRACT BETWEEN THE CITY OF RANCHO PALOS VERDES AND THE BOARD OF ADMINISTRATION OF THE CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM FOR THE 2.5% @ 55 RETIREMENT FORMULA
WHEREAS, at a Budget Policy Issues Workshop held on April 29, 2006, the City Council directed staff and the Finance Advisory Committee (FAC) to study possible changes to the City's employee retirement benefit plan.
WHEREAS, upon completing its assignment on March 7, 2007, the FAC recommended that the City increase the pension benefit formula from 2% @ 55 to 2.5% @ 55, with a salary contribution from employees.
WHEREAS, at a Budget Policy Issues Workshop held on March 24, 2007, the City Council decided to proceed with the FAC’s recommendation to improve the City’s pension benefit formula and directed staff to initiate the contract amendment with California Public Employees’ Retirement System.
WHEREAS, staff requested and received an updated actuarial valuation and the necessary documents to amend the contract from the California Public Employee’s Retirement System.
WHEREAS, on June 19, 2007, the City Council considered the actuarial valuation and the proposed amendments at a public meeting.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES HEREBY ORDAINS AS FOLLOWS:
Section 1: The City Council hereby authorizes an amendment to the contract between the City of Rancho Palos Verdes and the Board of Administration of the California Public Employee’s Retirement System, a copy of said amendment being attached hereto, marked “Exhibit”, and by such reference made a part hereof as though herein set out in full.
Section 2: The Mayor of the City of Rancho Palos Verdes is hereby authorized, empowered and directed to execute said amendment for and on the behalf of said Agency.
Section 3: This Ordinance shall take effect 30 days after the date of its adoption.
Section 4: The City Clerk shall certify to the adoption of this ordinance and shall cause the same to be posted in the manner prescribed by law.
PASSED, APPROVED and ADOPTED this 21st day of August 2007.
/s/ Thomas D. Long
/s/ Carla Morreale
STATE OF CALIFORNIA )
I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, do hereby certify that the whole number of members of the City Council of said City is five; that the foregoing Ordinance No. 461 passed first reading on July 17, 2007, was duly and regularly adopted by the City Council of said City at a regular meeting thereof held on August 21, 2007 and that the same was passed and adopted by the following roll call vote:
AYES: Clark, Stern and Mayor Long