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
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9th
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February, 1960
.
IlOUIl OF ......1ID!llA ttOII
ft.!! ~, n.'ill......' mUll
DRD at' llIbC1'CJ\1
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IAllllI'IlIut"I'O tIl!!IlIlT'l"" MlI'I',cU,"
" C. W. Hales (Signed)
........ orfte.-
A\~
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IIDnei II. ...... ~i~ttft ~
Dorothy G. West (Signed)
C1.-lr
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