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) and Certify Compliance with Government Code Sections 20903 and 7507. City of Culver City California Agenda Item Report Meeting Date: 8/10/09 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 (CalPERS) and Certify Compliance with Government Code Sections 20903 and 7507 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: Action Item: x Attachments: Commission Action Required: Yes No x Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (08/05/09) Department Approval: Serena Wright (07/27/09) Chief Financial Officer Approval: Jeff Muir (by M. Noller) (08/05/09) City Attorney Approval: Carol Schwab (by H. Baker) (08/03/09) City Manager Approval: Mark Scott (08/05/09) RECOMMENDATION: Staff recommends the City Council (1) receive and file 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) and (2) certify compliance with Government Code Sections 20903 and 7507. BACKGROUND: The City will be facing significant budget challenges over the next several years. During the recent budget presentations it was projected that the shortfall for FY 2009/2010 will be approximately $5 $6 million in the General Fund. As one part of a comprehensive proposal to be presented to the City Council and the community staff is recommending that payroll costs be reduced. One option to encourage the reduction in payroll costs is the CalPERS Early Retirement Incentive Program (Early Retire...
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