City of Rancho Mirage, CA EMPLOYEES' RETIREMENT CONTRACT

Amendments to the contract between the city and the Board of Administration, California Public Employees' Retirement System are authorized, the amendments being set out in full in this section.

Paragraphs 1 through 11 are stricken from said contract as executed effective July 5, 1998, and hereby replaced by the following paragraphs numbered 1 through 11 inclusive:

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 55 for local miscellaneous members.

Public Agency shall participate in the Public Employees' Retirement System from and after April 5, 1974 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.

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:

Employees other than local safety members (herein referred to as local miscellaneous members).

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:

SAFETY EMPLOYEES

Except for employees hired on or after the effective date of this contract amendment the percentage of final compensation to be provided for each year of credited prior and current service as a local miscellaneous member in employment before and not on or after the effective date of this amendment to contract shall be determined in accordance with Section 21354 of said Retirement Law (2.5% at age 55 Full). The percentage of final compensation to be provided for each year of credited prior and current service as a local miscellaneous member in employment on or after the effective date of this amendment to contract shall be determined in accordance with Section 21354.4 of said Retirement Law (2.5% at age 55 Full). For employees hired on or after the effective date of the contract amendment the percentage of final compensation shall be 2% at age 60 with such employees paying 100% of the employee contribution rate.

Public Agency elected and elects to be subject to the following optional provisions:

Section 21024 (Military Service Credit as Public Service), Statutes of 1974.

Section 20042 (One-Year Final Compensation).

Section 21574 (Fourth Level of 1959 Survivor Benefits).

Public Agency, in accordance with Government Code Section 20790, ceased to be an employer for purposes of Section 20834 effective on December 13, 1975. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20834.

Unless otherwise provided in this section, 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.

Unless otherwise provided in this section, Public Agency shall also contribute to said Retirement System as follows:

Contributions required per covered member on account of the 1959 Survivor Benefits provided under Section 21574 of said Retirement Law. (Subject to annual change.) In addition, all assets and liabilities of Public Agency and its employees shall be pooled in a single account, based on term insurance rates, for survivors of all local miscellaneous members.

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.

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.

(Ord. 40 § 1, 1974; Ord. 91 § 1, 1975; Ord. 115 § 1, 1976; Ord. 234 § 1, 1981; Ord. 546 § 1, 1992; Ord. 701 § 1, 1998; Ord. 747 § 1, 2001; Ord. 921 § 2, 2006; Ord. 1046 § 2, 2012)