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CC - 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
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Meeting Date: July 8, 2019
Contact Person/Dept: Heidi Salas/Administrative Services
Phone Number: (310) 253-5643
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 (07/02/19);
Department Approval: Serena Wright-Black, Assistant City Manager (07/01/19)
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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/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 by the City. Further, the City must certify that it intends to keep all vacancies created by retirements under this program or at least one vacancy in any position in any department or organizational unit permanently unfilled resulting in an overall reduction in the work force.
In order to provide this early retirement incentive, the City must designate a window period of between 90 and 180 days during which eligible employees must retire to receive the early retirement incentive. Staff is recommending that the designated ...
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