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Home My WebLink AboutRES 2004-23 - Board An ,;7:,'P-' TRUCKEE DONNER COPY Public Utility District -1 Resolution No. 2004 - 23 RESOLUTION OF INTENTION TO APPROVE A CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE BOARD OF DIRECTORS TRUCKEE DONNER PUBLIC UTILITY DISTRICT WHEREAS, the Public Employees' Retirement Law permits the participation of public agencies in the Public Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished; and WHEREAS, one of the steps required in the procedure is the adoption by the governing body of the public agency of a resolution giving notice of intention to approve a contract for such participation of said agency in the Public Employees' Retirement System,which resolution shall contain a summary of the major provisions of the proposed retirement plan; and WHEREAS, attached is a summary of the major provision of the proposed plan; NOW, THEREFORE, BE IT RESOLVED, that the governing body of the above agency gives, and it does hereby give notice of intention to approve a contract between said governing body and the Board of Administration of the Public Employees' Retirement System, providing of participation of said agency in said retirement system, a copy of said contract and a copy of the summary of the major provision of the proposed plan being attached hereto, as an "Exhibit", and by this reference made a part hereof. PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held within the District on the seventh day of July, 2004. TRUCKEE DONNER PUBLIC UTILITY DISTRICT J es A. Maass, Presiding Officer CaIPERS EXHIBIT California Public Employees' Retirement System CONTRACT Between the Board of Administration California Public Employees ' Retirement System and the Board of Directors Truckee Donner Public Utility District In consideration of the covenants and agreement hereafter contained and on the part of both parties to be kept and performed, the governing body of above public agency, hereafter referred to as "Public Agency", and the Board of Administration, Public Employees' Retirement System, hereafter referred to as "Board", hereby agree as follows: 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 60 for local miscellaneous members. 2. Public Agency shall participate in the Public Employees' Retirement System from and after 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. PLEASE DO NOT SIGN "EXHIBIT ONLY" 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; - b. EMPLOYEES WHO ARE MEMBERS OF THE TRUCKEE DONNER PUBLIC UTILITY DEFINED BENEFIT PLAN WHO DID NOT WAIVE THEIR RIGHTS UNDER THAT PLAN AS OF THE EFFECTIVE DATE OF THE CONTRACT; C. EMPLOYEES WHO ARE MEMBERS OF THE TRUCKEE DONNER PUBLIC UTILITY DISTRICT MANAGEMENT-EXEMPT 401(A) PLAN WHO DID NOT WAIVE THEIR RIGHTS UNDER THAT PLAN AS OF THE EFFECTIVE DATE OF THE CONTRACT; d. EMPLOYEES WHO ARE MEMBERS OF THE TRUCKEE DONNER PUBLIC UTILITY DISTRICT BARGAINING UNIT 401(A) PLAN WHO DID NOT WAIVE THEIR RIGHTS UNDER THAT PLAN AS OF THE EFFECTIVE DATE OF THE CONTRACT; AND e. MEMBERS OF THE GOVERNING BODY FIRST ELECTED OR APPOINTED PRIOR TO JULY 1, 1994. (Elected or appointed officials who are first elected or appointed on or after July 1, 1994 or to a term of office not consecutive with a term held on June 30, 1994 are excluded pursuant to Government Code Section 20322). + LEASE DO NOT SIGN "EXHIBIT ONLY" 5. Assets heretofore accumulated with respect to members in the local retirement system upon contract date who waive their rights under that system shall be transferred to the Public Employees' Retirement System upon the effective date of this contract and applied against the liability for prior service incurred hereunder. That portion of the assets to be transferred which represent the accumulated contributions (plus interest thereupon) required of the employees under said local system shall be credited to the individual membership account of each such employee under the Public Employees' Retirement System. 6. The percentage of final compensation to be provided for each year of credited prior and current service as a local miscellaneous member shall be determined in accordance with Section 21353 of said Retirement Law (2% at age 60 supplemental to Federal Social Security). 7. Public Agency elects to be subject to the following optional provisions: a. Section 20938 (Limit Prior Service to Members Employed on Contract Date). b. Section 21024 (Military Service Credit as Public Service), Statutes of 1976. C. Section 21536 (Local System Service Credit Included in Basic Death Benefit). d. Section 21540.5 (Special Death Benefit for Local Miscellaneous Members). e. Section 20965 (Credit for Unused Sick Leave). f. Section 21548 (Pre-Retirement Optional Settlement 2 Death Benefit). g. Section 21022 (Public Service Credit for Periods of Lay-Off). h. Section 21023.5 (Public Service Credit for Peace Corps, AmeriCorps VISTA, or AmeriCorps Service). i. Section 21027 (Military Service Credit for Retired Persons). 8. 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. 9. 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. 10. 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. BOARD OF ADMINISTRATION �,� BOARD OF DIRECTORS PUBLIC EMPLOYEES' RETIRE 'QYSTEM TRUCKEE DONNER PUBLIC UTILITY DISTRICT BY �0 BY � KENNETH ZION, CHIEF PRESIDING OFFICEI�� ACTUA EMPLOYER SERVICES DIVISION �1� PU PLOYEES' RETIREMENT SYSTEM �0 4 �� 0 S� ess Date Q Attest: - Clerk NEW AGENCY Org Id 5242 PERS-CON-702N(Rev.8102)