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CITY OF SAN LEANDRO STAFF REPORT DATE: March 1, 2010 TO: Stephen Hollister, City Manager ~./ FROM: Justinian Caire, Human Resources Director BY: Louise Kenistoruman Resources Analyst Human Resources Department SUBJECT PROJECT/PROJECT DESCRIPTION: APPROVED AND FORWARDED TO CITY COUNCIL Stephen L. Hollister City Manager MATTER OF AMENDMENT TO THE CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM (CALPERS) CONTRACT TO PROVIDE DIFFERENT LEVELS OF BENEFITS FOR LOCAL MISCELLANEOUS MEMBERS WHEREBY THE ONE-YEAR FINAL COMPENSATION AND THE 2.5% AT 55 FULL FORMULA APPLIES TO MEMBERS ENTERING ON OR PRIOR TO THE EFFECTIVE DATE OF THE AMENDMENT AND THE THREE-YEAR FINAL COMPENSATION AND THE 2% AT 55 FULL FORMULA APPLIES TO MEMBERS ENTERING FOR THE FIRST TIME AFTER THE EFFECTIVE DATE OF THE AMENDMENT SUMMARY AND RECOMMENDATION It is recommended that the City Council approve a resolution of .intention and pass to print an ordinance to approve a contract amendment with Ca1PERS to allow local miscellaneous employees entering Ca1PERS membership for the first time in the miscellaneous classification following the effective date of the amendment to the contract to have retirement benefits based on three-year final compensation and the 2% at 55 full formula. BACKGROUND Analysis The current Ca1PERS contract allows local miscellaneous members to retire with benefits based on one-year final compensation and the 2.5% at 55 full formula. This proposed CaIPERS contract amendment applies the new retirement formula and calculation to local miscellaneous employees entering Ca1PERS membership for the first time in the miscellaneous classification following the effective date of the amendment to the contract. Current City Council Policy None. Previous City Council Action(s) • On August 21, 1944, by Ordinance No. 660 N.S., the City Council authorized a contract effective July 1, 1944, making City employees members of Ca1PERS.