Title
Resolution of Intention to Amend the City’s CALPERS Contract to Provide Up to Two (2) Years of Additional Service Credit (“Golden Handshake”) and to Receive and Disclose the Actuarial Cost Analysis Pursuant to Government Code Sections 20903 and 7507
Recommendation
The City Council will consider:
1. Receiving and disclosing the actuarial cost associated with granting up to two (2) years of additional service credit for eligible local miscellaneous employees who meet the age and service requirements of Government Code section 20903 and the Public Employees’ Retirement Law and who retire during the designated period beginning February 26, 2026, and ending May 31, 2026.
2. Approving the Certification of Compliance with Government Code section 7507, certifying that the City Council has received and publicly disclosed the actuarial cost of the proposed retirement benefit enhancement.
3. Approving the Certification of Compliance with Government Code section 20903, certifying that the City Council has satisfied all statutory requirements, including the intent to reduce the workforce by leaving some or all resulting vacancies permanently unfilled.
4. Adopting a Resolution of Intention declaring the City’s intent to amend its contract with the California Public Employees’ Retirement System (CalPERS) to provide up to two (2) years of additional service credit pursuant to Government Code section 20903 and to receive and disclose the actuarial valuation as required by Government Code section 7507.