CC Resolution No. 8517
RESOI1JTICN N). 8517
A RE.<qJJTICN OF 'mE CITY CXXJlCIL OF 'mE CITY œ aJPER1'IN)
ES'I2\BLISHIlG A RESERVE FUND '.OC) DCJJΠANY RI!MAIN!ER PUBLIC
EMPIDYEES RETIRI!H!Nl' ::iI:i.lJSl'l (PERS) SURPWS N:XXXJNT M:NIES
PIDS 1.5% œ SALARY œ EMPIDYEES CXJ\/ERE[) BY PERS AND
PROIlIDDC Fœ. INŒREST EARNnQI
WHEREAS, the City COUncil of the City of CUpertino neq.:>tiates with
Ellployee groups for a total .....'l""'lSation package; and
WHEREAS, as part of the total .....,I""'JSation package the City of
CUpertino revised their contract with the Public &1ployees Retireœnt
System to provide for "2% at 55" retirement; am
WHEREAS, it is desirous to establish a funding mechanism to inplerœnt
this contract :revision;
}Dl, ~01<ß, BE IT REOOLVED, that the City COUncil of the City of
CUpertino hereby authorizes the establishment of a reserve fund which is
to include any remaining PERS smplus 8IIDUIlt IIDlÚ.eS plus 1.5% of salaJ:y of
Ellployees oovered by PERS with fund to earn interest at the City's annual
yield an invesbœnts. 'Ibis fund shall have the same effective elate as the
ef,tective elate of other itans awroved through the labor neq.:>tiation
J:'L,^"""s: July 1, 1991.
PASSED AND ALOt-.11!a.l at a
City of CUpertino this 7th
vote:
regular Iœeting of the City COUncil of the
clay of October, 1991 by the following
~
MeIIi:Jers of the City COUnr.; 1
AYES:
Goldman, Rogers, Sorensen, Szabo, Koppel
tœS:
None
ABSENl':
None
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AB8'mIN:
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ATŒST:
APPRO\1ED:
/s/ Dorothy Cornelius
City Clerk
/s/ Barb Koppel
~, City of CUpertino