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budget savings would be $5,581,453. The resulting estimated net annual savings would be <br />$813,218. Two years after the resolution's adoption, the miscellaneous employee Ca1PERS rate <br />will increase an estimated .46%, if all eligible employees accept the option. As previously <br />covered, approval of the Golden Handshake option could result in some budget savings. The <br />major reason for offering the option, however, is to reduce the likelihood of layoffs by giving <br />eligible employees an incentive to retire earlier than they may have planned. <br />Current Citw Council Policv <br />Not Applicable <br />Previous City Council Action(s) <br />Not Applicable <br />City Council Committee Review and Action <br />Not Applicable <br />Applicable General Plan Policv <br />Not Applicable <br />Permits and/or Variances Granted <br />Not Applicable <br />Environmental Review <br />Not Applicable <br />Code Compliance Review <br />Not Applicable <br />Board/Commission Findings <br />Not Applicable <br />Summary of Public Outreach Efforts <br />Not Applicable <br />Fiscal Impact <br />Savings will result from action being taken. <br />Budget Authority <br />Not Applicable <br />Attachments <br />Not Applicable <br />CONCLUSION <br />It is recommended that the Council adopt the Resolution of Intent to provide two years additional <br />service credit as an incentive to specific classifications to retire pursuant to Government Code <br />Section 20903. <br />