Santa Maria Municipal Code Ch. 2-9 Pension Plan

As used in this chapter:

"Carrier"

means any insurance carrier with whom the City enters into the contract provided for in this chapter.

"Retirement contract"

means the contract between the City Council and the Board of Administration of the California State Employees' Retirement System referred to in Section 2-9.02(a).

(Prior Code §§ 2-51, 2-59)

(a) The provisions of this chapter providing for salary deductions, pension formula and other provisions having to do with the rate, amount and types of benefits for City employees pursuant to the pension plan, shall continue in full force and effect from and after the first day of January, 1968, insofar as the same are applicable and necessary to ensure the benefits of the employees and the rights of the City pursuant to the agreement between the City and Occidental Life Insurance Company of California, Contract No. 4454-N, as amended, and in effect on the 31st day of December, 1967.

(b) The provisions of this chapter with regard to salary deductions, pension formula, rates and amounts of contributions, benefits and the manner of payment upon death of employees before or after retirement and termination of employment prior to retirement from and after the first day of January, 1968, shall be suspended and are amended by the provisions of the contract between the City Council and the Board of Administration of the California State Employees' Retirement System, which contract is set forth as Exhibit A of Ordinance 671 of the City Council insofar as the provisions of the contract conflict with the provisions of this chapter, except as provided in Section 2-9.08.

(Prior Code § 2-51)

The provisions of this chapter and the pension plan provided for in this chapter shall, in order to establish the pension plan on a sound actuarial basis, apply to all full-time permanent employees of the City.

(Prior Code § 2-52)

There is established in the City a pension plan to provide retirement and death benefits for City employees in order to effect economy and efficiency in the public service. This chapter is enacted pursuant to Article 2, Chapter 2, Division 5 of the Government Code of the State.

(Prior Code § 2-51)

In the event an employee dies either before or after his retirement, there shall be payable to his beneficiaries, to be named by him, a sum equal to all deductions previously made under the terms of this plan from such employee's compensation, plus such interest as may have accumulated upon such deductions pursuant to the City's contract with the carrier defined in this chapter, less all payments which have been made to employee under the terms of this chapter and plan.

(Prior Code § 2-55)

In the event that any employee's employment by the City is terminated prior to retirement of the employee, such employee may elect:

(a) To receive in a lump sum an amount equal to an amount which his beneficiary would have received at such time under the provisions of Section 2-9.05; or

(b) To receive commencing at retirement age a monthly pension computed on the pension formula and reduced, for failure or inability to serve until retirement age, in accordance with the terms of the City's contract with the carrier.

(Prior Code § 2-56)

If an employee makes the election provided in subsection (b) of Section 2-9.06, he may at any time prior to the date his annuity payments are to commence elect and receive in lieu of all other benefits a cash refund in the amount of total contributions made by him together with credited interest by providing written notice of such election to the City's contract with the carrier.

(Prior Code § 2-57)

Retirement age, as used in this chapter, shall mean the first calendar day of the month following the employee's sixty-seventh (67th) birthday. Termination of City services at that age shall be compulsory for all employees. The provisions of this section shall not limit the right of any employee, pursuant to the retirement contract, to retire under the State Employees' Retirement Systems at any time up to the age of 70 years, at the option of the employee, but shall nevertheless require the termination of the service of the employee with the City.

(Prior Code § 2-58)

(a) The City shall, upon the adoption of the ordinance codified in this chapter and prior to the commencement of making deduction under the terms of this chapter, enter into a contract with an insurance carrier, licensed and permitted under the laws of the State to write and enter into the type of insurance contracts contemplated in this section, which contract shall provide for the payment to the employees of the City of the benefits provided for in this chapter. The contract shall further provide for the payment to the insurance carrier of all deductions made from employees' compensation under the terms of this chapter, and the City shall so pay the amount of the deductions to the carrier.

(b) The contract shall further provide for the total amount of payments required to be paid to the carrier in order to make the benefits available to employees. The City shall by the contract obligate itself to pay and shall pay to the carrier the amount of the difference between the total amount of payments to be made to the carrier and the amount of deductions from employees' compensation, from the City's funds and revenues, so long as the contract shall remain in force.

(c) As to employees who will under the terms of this chapter retire immediately upon the effective date of the provisions codified in this chapter without having made any contribution to the pension plan as provided for in this chapter, the City may exclude from its contract with the carrier all provisions for payment of a pension to the employees, in which event the City shall be obligated to pay to the employees the pension provided for in this chapter from its own funds.

(Prior Code § 2-59)

(a) A contract between the City Council and the Board of Administration, California State Employees' Retirement System, is authorized. The contract is incorporated in this section by reference and by such reference made a part of this section as though set out in full in this section.

(b) The Mayor of the City Council is authorized, empowered and directed to execute the contract for and on behalf of the City.

(c) The contract, together with any and all amendments thereto which may be adopted from time to time, shall not be printed in this Code, but shall be maintained by the City Clerk in the official records (see File A-192).

(Prior Code § 2-59.1(a), (b), (c))

(a) Amendment No. 1 to the contract between the City Council and the Board of Administration, California Public Employees' Retirement System is authorized. Amendment No. 1 is incorporated in this section by reference, and by such reference made a part of this section as though set out in this section in full.

(b) The Mayor of the City Council is authorized, empowered and directed to execute the amendment for and on behalf of the City Council.

(Prior Code § 2-59.1(d), (e))

The City Council shall have the power to adopt rules and regulations to effectuate and administer the pension plan and to further the purposes of this chapter.

(Prior Code § 2-61)