RESOLUTION
AUTHORIZING A CORRECTION TO THE
AMENDMENT TO CONTRACT
BETWEEN THE
BOARD OF ADMINISTRATION
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM
AND THE
CITY COUNCIL
CITY OF RIVERSIDE
WHEREAS, the City Council of the City of Riverside, hereinafter referred to as Public Agency, and the Board of Administration of the Public Employees' Retirement System entered into a contract effective July 1, 1952 providing for the participation of Public Agency in the Public Employees' Retirement System; and
WHEREAS, said contract was amended effective January 7, 2022; and WHEREAS, due to an inadvertence, paragraph "14. m." read:
"Section 20516 (Employees Sharing Additional Cost):
From and after March 9, 2018 and until January 11, 2019, 1.5% for first tier and second tier classic local police members.
From and after January 11, 2019 and until January 10, 2020, 3% for first tier and second tier classic local police members.
From and after January 10, 2020, 4.5% for first tier and second tier classic local police members:
From January 11, 2019 and until January 10, 2020, 2.5% for first tier and second tier classic local fire members.
From and after January 10, 2020 and until the effective date of this amendment to contract, 5% for first tier and second tier classic local fire members.
From and after January 8; 2021 and until the effective date of this amendment to contract, 7% for first tier classic local fire members.
From and after January 8, 2021, 7% for second tier classic local fire members.
From and after the effective date of this amendment to contract, 8% for first tier classic local fire members.
The portion of the employer's contribution that the member agrees to contribute from his or her compensation, over and above the member's normal contribution ("Cost Sharing Percentage"), shall not exceed the Employer Normal Cost Rate, as that rate is defined in the CaPERS Actuarial Valuation for the relevant fiscal year. If the Cost Sharing Percentage will exceed the relevant Employer Normal Cost Rate, the Cost Sharing Percentage shall automatically be reduced to an amount equal to, and not to exceed, the Employer Normal Cost Rate for the relevant fiscal year." and
WHEREAS, Section 20472 of the Government Code provides that errors in a contract may be corrected through contract correction amendments executed by the adoption of suitable resolutions by the contracting parties; and NOW, THEREFORE, BE IT RESOLVED that said governing body of Public Agency authorizes, and it does hereby authorize, a correction to the amendment to contract effective January 7, 2022 as follows:
A. Paragraph "14. m." of said contract shall be changed as follows; "Section 20516 (Employees Sharing Additional Cost):
From and after March 9, 2018 and until January 11, 2019, 1.5% for first tier and second tier classic local police members.
From and after January 11, 2019 and until January 10, 2020, 3% for first tier and second tier classic local police members.
From and after January 10, 2020, 4.5% for first tier and second tier classic local police members.
From January 11, 2019 and until January 10, 2020, 2.5% for first tier and second tier classic local fire members.
From and after January 10, 2020 and until the effective date of this amendment to contract, 5% for first tier and second tier classic local fire members.
From and after January 8, 2021 and until the effective date of this amendment to contract, 7% for first tier and second tier classic local fire members.
From and after the effective date of this amendment to contract, 8% for first tier and second classic local fire members.
The portion of the employer's contribution that the member agrees to contribute from his or her compensation, over and above the member's normal contribution ("Cost Sharing Percentage"), shall not exceed the Employer Normal Cost Rate, as that rate is defined in the CaPERS Actuarial Valuation for the relevant fiscal year. If the Cost Sharing Percentage will exceed the relevant Employer Normal Cost Rate, the Cost Sharing Percentage shall automatically be reduced to an amount equal to, and not to exceed, the Employer Normal Cost Rate for the relevant fiscal year."
BE IT FURTHER RESOLVED, that the presiding officer of the governing body of Public Agency is hereby authorized, empowered, and directed to execute said amendment for and on behalf of Public Agency.
Adopted this day of
BOARD OF ADMINISTRATION CITY COUNCIL
PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF RIVERSIDE
BY BY
MELODY BENAVIDES, CHIEF PRESIDING OFFICER
PENSION CONTRACTS AND PREFUNDING
PROGRAMS DIVISION
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
Attest:
Clerk