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 Agenda Item Report Meeting Date: 1/23/12 CITY COUNCIL 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 (01/19/12) Culver City Management Group (01/19/12) Culver City Employees Association (/19/12) Action Item: X Attachments: Department Approval: Serena Wright (01/18/12) Chief Financial Officer Approval: Jeff Muir (01/19/12) City Attorney Approval: Carol A. Schwab (by H. Baker) (01/19/12) City Manager Approval: John M. Nachbar (01/19/12) RECOMMENDATION: Staff recommends that the City Council receive and file information related to the City s intention to provide an early retirement incentive in the form of additional service credit for Local Miscellaneous Members of the California Public Employees Retirement System. BACKGROUND: As discussed over the past several months the City is facing significant budgetary challenges due to a number of economic issues including the elimination of the Redevelopment Agency. In light of this staff is undertaking a number of measures to address the projected budget shortfall. One part of this strategy is recommending that City Council offer eligible employees within certain job classifications two years of additional service credit through the California Public Employees Retirement System (CalPERS). This action will reduce staffing levels and subsequently costs. DISCUSSION: In accordance with the Public Employees Retirement Law two years of additional servi...
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