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. City of Culver City California City Council Agenda Item Report Meeting Date: 08/09/10 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 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 (08/05/10) Culver City Management Group (08/05/10) Action Item: X Attachments: Department Approval: Serena Wright (07/30/10) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (08/04/10) City Attorney Approval: Carol Schwab (by H. Baker) (08/02/10) City Manager Approval: Martin R. Cole (08/05/10) RECOMMENDATION: Staff recommends 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: In an effort to further reduce staffing levels and costs within the City Attorney s Office staff is recommending that the City Council offer eligible employees within the specified job classification two years of additional service credit through the California Public Employees Retirement System (CalPERS). DISCUSSION: In accordance with the Public Employees Retirement Law two years of additional service credit may be offered to employees who have at least five years of CalPERS service and meet the minimum age requirement for a service retirement. Additionally an agency must be facing impending mandatory transfers demotions or layoffs that constitute at least 1 percent (1%) of the job classification department or organizational unit as designated...
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