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CITY COUNCIL AGENDA ITEM NO. 5
Meeting Date: May 27, 200June 24, 20033
Subject/Title: Adopt and waive second reading of Ordinance 745 authorizing an amendment to the contract between the Board of Administration California Public Employees’ Retirement System and the City Council of the City of Brentwood; and a Resolution authorizing the Finance Director to facilitate internal loans necessary to pay the unfunded liability
Submitted by: John Stevenson, City Manager
Approved by: John Stevenson, City Manager
The 2.7% @ 55 formula and 5% Annual Cost-of-Living Allowance cap contract
amendments for miscellaneous members will result in the following changes:
The Present Value of Benefits (PVB) which represents the total dollars
needed today to fund future benefits for current members of the plan,
results in a PVB of $6,582,365. The change in the Unfunded Accrued Liability
for the last CalPERS actuarial is estimated at $2,931,569. A lump sum
payment of $4,217,150 will be made by the Finance Director to cover the
Unfunded Accrued Liability, which is the $2,931,569 plus contributions
and interest that will have been reported to CalPERS from July 1, 2001
through June 30, 2003.
AN 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:
Section 1. 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.
Section 2. 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 said Agency.
Section 3. 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 Press, a newspaper
of general circulation, published and circulated in Contra Costa County
and thenceforth and thereafter the same shall be in full force and effect.
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF BRENTWOOD AUTHORIZING THE DIRECTOR OF FINANCE TO FACILITATE
WHEREAS, the City Council on June 24, 2003, adopted Ordinance #745 amending the contract between the City Council of the City of Brentwood and the Board of Administration, California Public Employees’ Retirement System, and,
WHEREAS, contract amendments include 2.7% @ 55 formula and 5% Annual Cost-of-Living Allowance cap for miscellaneous members, and,
WHEREAS, payment due for the unfunded liability equals $5,492,492, and,
NOW, THEREFORE BE IT RESOLVED the City Council of the City of Brentwood authorizes the Finance Director to facilitate internal loans necessary to pay the unfunded liability of the CalPERS contract amendments.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood
at a regular meeting held on June 24, 2003, by the following vote:
City of Brentwood City Council
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Brentwood, CA 94513
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