The California Public Employees' Retirement Act, as now existing and as hereafter amended, having previously been adopted by vote of the City electorate as the retirement program for the employees of the City, shall remain the retirement system for the City's employees. Plenary authority and power is hereby vested in the City, its City Council and its several officers, agents and employees to do and perform every act and exercise every power granted, permitted or required in accordance with the provisions of the California Public Employees' Retirement Act to continue the participation by the City as a contract member of the California Public Employees' Retirement System.
The contract previously entered into with the Board of Administration of the Public Employees' Retirement System may be terminated by the City only under authority granted by ordinance adopted by a majority vote of the electors of the City.