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COUNCIL AGEND A ITEM NO. 3
A ITEM NO. 3
August 8, 2000
of Ordinance No. 638 of the City Council of the City of Brentwood Authorizing
an Amendment to the Contract between the Board of Administration California
Public Employees’ Retirement System and the City Council of the City of
Human Resources Manager
Jon Elam, City
Ordinance No. 638 to approve amendment of the contract between the City
of Brentwood and the Board of Administration of the California Public
Employees’ Retirement System (CalPERS) as agreed during the meet and confer
City of Brentwood adopted Resolution
No. 2108, providing for the notice of intention to approve a contract
amendment, and held the first reading of Ordinance No. 638 to approve
amendment of the contract between the City of Brentwood and the Board
of Administration of the California Public Employees’ Retirement System
(CalPERS) at the June 27, 2000 Council meeting.
the meet and confer process, bargaining units and employee groups that
contain employees defined by CalPERS as “safety” members requested that
the City amend the CalPERS retirement benefit from the 2% at 50 Formula
to the 3% at 50 Formula.
Also through the meet and confer process, a non-safety bargaining unit requested that the City amend its contract with CalPERS to provide the optional benefit for Military Service Credit as Public Service for all CalPERS members enrolled through the City of Brentwood. The Military Service Credit optional benefit will not result in employer costs and is fully funded by eligible employees. The City agreed to process both amendments to the contract
The 3% @ 50 Formula contract amendment will result in the following changes: The Present Value of Benefits which represents the total dollars needed today to fund future benefits for current members of the plan, results in an estimated change in the amount of $1,042,943. This amount will be paid over a twenty-year period through a 7.841% increase in the employer rate. The change in the Unfunded Accrued Liability is estimated at $428,777. The Unfunded Accrued Liability is actually not a negative to the bottom-line as Brentwood’s account assets continue to hold the account ahead of schedule by $41,224. Initial costs for fiscal year 2000/01 (July 1, 2000 through June 30, 2001), are estimated at $114,371.
ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD AUTHORIZING AN
AMENDMENT TO THE CONTRACT BETWEEN CITY OF BRENTWOOD AND THE BOARD OF ADMINISTRATION
OF THE CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM.
THE CITY COUNCIL OF THE CITY OF BRENTWOOD DOES ORDAIN AS FOLLOWS
That an amendment to the contract between the City Council of the
City of Brentwood and the Board of Administration, California Public Employees’
Retirement System is hereby authorized, 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.
The Mayor of the City Council of the City of Brentwood is hereby authorized,
empowered, and directed to execute said amendment for and on behalf of
This Ordinance shall take effect 30 days after the date of its
adoption, and prior to the expiration of 30 days from the passage thereof
shall be published at least once in the Brentwood News, a newspaper of
general circulation, published and circulated in the City of Brentwood
and thenceforth and thereafter the same shall be in full force and effect.
The foregoing Ordinance was introduced, with full reading waived,
by the City Council of the City of Brentwood.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting on the 8th day of August 2000 by the following vote:
City of Brentwood City Council
150 City Park Way
Brentwood, CA 94513
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