Resolution - 2007-57RESOLUTION NO.2007-57
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, CALIFORNIA, NOTIFYING EMPLOYEES OF THE CITY'S
INTENT TO PROVIDE A REPLACEMENT SUPPLEMENTAL
. RETIREMENT PLAN FOR ALL EMPLOYEES
WHEREAS, the City of West Covina has historically paid on behalf of the employees the
employee contribution to the California Public Employees Retirement System (CalPERS);
WHEREAS, the City of West Covina has paid and reported this Employer Paid Member
Contribution (EPMC) as compensation to CalPERS in conformance with the "West Covina
Plan" as set forth in the various employee MOUs;
WHEREAS, the City of West Covina has reported the value of the Employer Paid
Member Contribution (EPMC) as 8.70% of PERSable compensation for miscellaneous
employees;
WHEREAS, the City of West Covina has reported the value of the Employer Paid
Member Contribution (EPMC) as 9.89% of PERSable compensation for public safety
employees;
WHEREAS, CalPERS has notified the City that this method of reporting the EPMC is
not allowed under state law and CalPERS regulations.and that EPMC can only be reported as 8%
for miscellaneous employees and 9% for public safety employees;
WHEREAS, the City of West Covina on this date will approve resolutions authorizing
the City to pay and report the value of said Employer Paid Member Contributions (EPMC) to
CalPERS 8% for miscellaneous employees and 9% for public safety employees in conformity
with state law and CalPERS regulations and;
NOW, THEREFORE, the City Council of the City of West Covina does resolve as
follows:
Section 1. The City of West Covina shall put in place a supplemental retirement plan
for miscellaneous employees that will pay a retirement stipend based on .70% of PERSable
compensation.
Section 2. The City of West Covina shall put in place a supplemental retirement plan
for public safety employees that will pay a retirement stipend based on .89% of PERSable
compensation.
APPROVED AND ADOPTED this 5`h day of July 2007.
LJWX 0-
M yor Michael Touhey
• ATTESTED
A-W-1 /lam
City Clerk aurie Carrico
Resolution No. 2007-57
Page 2
•
•
I, LAURIE CARRICO, CITY CLERK of the City of West Covina, California, do hereby certify
that the foregoing resolution was duly adopted by the City Council of the City of West Covina,
California, at an adjourned regular meeting thereof held on the 5`h day of July 2007, by the
following vote of the City Council:
AYES:
Hernandez, Lane, Touhey
NOES:
None
ABSENT:
Herfert, Sanderson
ABSTAIN:
None
APPROVED AS TO FORM:
CitNAttorncy Arnold Alvarez-Glasman
City CleWLalirlie Carrico