Receipt and Filing of the Information Related to the City s Intention to Provide Additional Service Credit for Local Miscellaneous Members of the California Public Employees Retirement System (CalPERS). City of Culver City California City Council Agenda Item Report Meeting Date: 05/24/10 AGENDA ITEM: Receipt and Filing of the Information Related to the City s Intention to Provide Additional Service Credit for Local Miscellaneous Members of the California Public Employees Retirement System (CalPERS). Contact Person/Dept.: Serena Wright Phone Number: (310) 253 5640 Item Number: A 1 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Public Notification: (E Mail) Meetings and Agendas City Council (05/19/10) Culver City Employees Association (05/20/10) Action Item: X Attachments: Department Approval: Serena Wright (05/18/10) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (05/19/10) City Attorney Approval: Carol Schwab (by H. Baker) (05/19/10) City Manager Approval: P. Lamont Ewell (05/19/10) RECOMMENDATION: Staff recommends that the City Council receive and file information related to the City s intention to provide additional service credit for Local Miscellaneous Members of the California Public Employees Retirement System. BACKGROUND: On Monday May 17 2010 the City Council received the City Manager s Proposed Budget for Fiscal Year 2010 2011 (Proposed Budget) which includes a Two Year Action Plan (Action Plan). The Proposed Budget and Action Plan outlined a number of measures intended to address the projected budget shortfall. One of the presented options includes staff reductions. In order to mitigate the severity of layoffs staff is proposing that City Council offer eligible employees within affected job classifications an Early Retirement Incentive equal to two years of additional service credit the California Public Employees Retirement System (CalPERS). This action will reduce staffing levels and subsequently costs. DISCUSSION: In accordan...
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