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_. ... CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
DATE: JULY 22,1997
Subject: --Adopt Resolution requesting PERS
to extend the funding period for the
O,71GlivAlafety group to June 30, 2011
FROM: BARBARAPACHON
DEPT: FINANCE
Synopsis of Council Action:
At the July 21, 1997 meeting of the Mayor and Common Council, approval was given to the
Mayor to execute the Certification of Compliance in accordance with Government Code Section
7507. The costs associated with the funding extension were publicly presented on July 21,
1997.
Recommended Motion:
Adopt the Resolution
Contact Person: Barbara Pachon
Phone: 384-5342
Supporting data attached: Yes
Ward:
FUNDING REQUIREMENTS:
Amount:
$536.200 Over 10 vear period
Source: (Acct. No.)
(Acct. Description) :2
Finance: /L ~,a l
Council Notes:
Res 97- ';'81
1/1/17
Agenda Item No. a
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CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
STAFF REPORT
Backl!round
At the July 21, 1997 meeting of the Mayor and Common Council, approval to authorize the Mayor
to execute the Certification of Compliance with Government Code Section 7507 was granted.
PERS requires that the cost associated with "Extending the Funding Period" for safety employees
be publicly presented prior to the adoption of the final Resolution.
Analvsis
The City of San Bernardino is in compliance with the PERS regulations regarding the Certification
of Compliance with Government Code Section 7507. To proceed, the Mayor and Common Council
must approve the Resolution requesting PERS to extend the funding period for current and prior
service actuarial liabilities for the safety group for the City of San Bernardino to June 30, 2011.
(Resolution attaclunent A)
According to PERS, the employer contribution rate resulting from the funding period extension may
be effective as early as the first day of a payroll period following the date the request is approved.
Costin!!:
Presented at the July 21, 1997 Council Meeting, estimated cost would be $536,200 over a ten (10)
year period. Cost may vary depending on PERS assumptions and interest rates.
Recommendation
Based on the foregoing, it is recommended that the Mayor and Common Council adopt the
Resolution requesting the California Public Employees' Retirement System to Extend the Funding
Period for current and prior service actuarial liabilities, for the safety group, to June 30, 2011. .
Attaclunent A: Resolution