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1960-04 Resolution of Intention to Approve Contract Providing for Participation in State Employees' Retirement System RESOLUTION R60-4 RESOLUTION OF INTEIITION TO APPROVE CONTRACT PROVIDING FOR PARTICIPATION IN STATE EMPLOYEES' RETIREMENT SYSTEE. I WHEREAS, the State Employees' Retirement Law permits the participation of Public Agencies in the State Employees' Retirement System, making their employees members of said System, and sets forth the procedure by which participation may be accomplished, and WHEREAS, one step in said procedure is the adoption by the Governing Body of the Public Agency of a resolution giving notice of intention to approve a contract for such participation between said Governing Body and the Retire- ment System Board of Administration, which resolution shall contain a summary of the major provisions of the proposed retirement plan, and WHEREAS, attached is a summary of the major provisions of the proposed plan, NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the San Dieguito Irrigation District gives, and it does hereby give notice of intention to approve a contract between said Board of Directors and the Board of Administration of the State Employees' Retirement System, providing for partiCipation of said San Dieguito Irrigation District in said Retirement System, a s~mary of the major provisions of the proposed plan and a copy of said contract being attached hereto, marked Exhibits nAil and "BIl respect- ively, and by this reference made a part hereof. l Passed, adopted and approved by the following roll call vote: AYES: Directors Perry, Petzold, Hales, Cook and Blecha rWES: None ABSEIIT: Hone EIlIImTA SUIIWlY OF TlIE KAJOR PROVISIOm OF THE PROFalED PLAN MmmERSBIP _er.hip is compuleory with fow exceptions for all smpl.oy.... coverod bT the contract a1"ter six IIOnths of employ1lent on at least a half-time basis. All members participate as Miscellaneous Members. ELIGIBILITY FOR SERVICJC Rl!'1'IllEHElIl Optional. at 8ge 60 for sl.l other .....ber. provided there ie credit for twenty years or service and compulsory at age 70. Under special provisions of the Retirement Law, lleIIlbers who leave more than .500 of contributuions on deposit upon separation from service :may retire after the m:i.n1DnnD. age forCl'tional retirement even though their credited service is le88 than twenty years. SERVICE RE.TIR~ ALLCMANCI!: Miscellaneous Members 1/140 or "finaJ. compensation" up to and including the monthJ.y equivalent of the 1Il:r:rri 1Imm armual amount included in wages under Section 209, Social Security Act, and 1/70 of such ..f'i.nal compensation" as is in excess of that amount for each year of credited service whether bef'ore or after contract date, upon retirement at age 65, or an aetuarially reduced fraction for each year of such service if retirement is be1"ore age 6.5. Such a member retiring for .ervice before 8ge 65 who i. fuJ.:b' ins1l1'ed under Old-Age, Survivors. and Disability Insurance may elect to have the actuarial equivalent of his unmodified service retirement allowance paid in two parts as follows. a. A temporary ennui ty to age 65 which shall not exceed the Primar7 Social. Security benefit which it is anticipated the member will be entitled to recei va at age 65; plus b. A life income such as may be provided by the rerns:.;ning actuarial value of his service retirement aJ.lowance. MINIMUIl SERVICE RE'!'IllI!MENT ALLCMANCES $40.00 per month 1s guaranteed upon compulsor,y retirement with credit .for service prior to contract date, or upon retirement at age 65 or over wi. th twenty years of service. amINARY DISABILITY REl'IREMENT All members are eligible for retirement f"or ordinary disability upon proof of incapacity for the performance or duty if' the member is credited with ten years or service or with more than .500 of accumul.ated contributions. The Retirement allowance is 90% of 1/70 of "final compensation- for each year of serriee with a guarantee of 25% of such compensation under certain Dondi tions. DEATH BENEFITS JltF(lRJ;; REl'IREMENT The benefit pa;yable upon death before retirement consists of the contributions of the member plus interest and an amount equal. to 1/12 of tile salary dnri.ng the year preceding death for each year, to a ma.rlmm of six, of membership in the System. DEATH _ITS AFTl!Il REl'IREMENT A benefit of $400 w:Ul he paid upon death after retirement. BENEFITS UPON SEPARATION All members, whose accumulated contributions exceed .500, upon separation from service have a right to elect, subject to certain conditiona, to either withdrlDl their accumulated contributions or permit their contributions to remain in the Fund with a right to receive a service retirement allowance based on such service upon attainment of minilm.1m. age for service retirement. FINAL COMPENSATION The average lIlOnthly' salary during the three consecutive years of highest earnings. CONTRIBUTION RATI!S Contributions for miscellaneous employees depend upon salar;r, sex, and sge at ent>.y into the System, such contributions current~ ranging from a maxiIIum of 7.30% of sal.ar,y at age 59, to 4.30% of salary at age 20 for men; and a _..... of 8.25% of salary at age 59, to 4.68% of salary at age 20 for WOIIeIl. Such miscellaneoW!l rates are reduced by' one-half as a;>pli.ed to compensation subject to contributions under Section 218, Social. Security Act. The agency is required to contribute the balance of the costs of hensfi te provided under the plan and is required to pq a proportionate shere of administra- tive costs. All contribution rates are subject to revision by the Board of AdllLT1istrat.ion in the light of experieuce under the plan, EDlIBITB co_cr .1...... !lIP. 1ft!! ~. ."I.l.~r .i.:.l~ 1.'I'lIII JOAJID " 1I1Il1'l:'l'01llI or Ill' DIPII!O I1I!l1lIl'rfOllllU~ Ia ~"I'&'" et tile .....-V""w ... ...__ I-~ ~ ..w.. ... - .. """ ot 1Io..,..u. _ lie ..... ... ,.4",...1. ...-u. ,--... ......-- . _ .. M' .11 1. AU.I.... __ ... ..._ 1IIdft _ ~ is -. fta_ 1IIJI1..-' ~ 1.- tIllal1 ... -. ... -... .. detSM4 -..s.n ..... othl1'" "11f~"',....s.w. -- 11 ~ , ... .-u _ _ 6J ,.. "If.v~. ... Al~. t. PalIUe AI' 111' llIulU ~ in .. 8\de .."..... ~ I\l..'r tw. ... ~? . 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II' T.' 1WIltUrl.u, .. ~.., 1. .. ...,_ et _ la __...._ ....,s:..d "" .., - "'__.., be....1Ir dIftn....- .. .'''In ..~.. ... ..... "'" n. 1Ir r Uta "If 111' "" ..... _ be .... t. \be ,.... "" I 1....... ...-... ,.. dPatte. ~tl.. 111.1& , Ill-If' ~. .. ...... 111_ _ bIIIlIe \Ide 9th ..,It February, 1960 . IlOUIl OF ......1ID!llA ttOII ft.!! ~, n.'ill......' mUll DRD at' llIbC1'CJ\1 .'!IIIl IAllllI'IlIut"I'O tIl!!IlIlT'l"" MlI'I',cU," " C. W. Hales (Signed) ........ orfte.- A\~ . IIDnei II. ...... ~i~ttft ~ Dorothy G. West (Signed) C1.-lr ,.. 116-)