City Council

7.\nResolution of Intention to Amend the City’s CALPERS Contract to Provide\nUp to Two (2) Years of Additional Service Credit (“Golden Handshake”)\nand to Receive and Disclose the Actuarial Cost Analysis Pursuant to\nGovernment Code Sections 20903 and 7507\nThe City Council will consider:\n1. Receiving and disclosing the actuarial cost associated with granting up to\ntwo (2) years of additional service credit for eligible local miscellaneous\nemployees who meet the age and service requirements of Government Code\nsection 20903 and the Public Employees' Retirement Law and who retire\nduring the designated period beginning February 26, 2026, and ending May\n31, 2026.\n2. Approving the Certification of Compliance with Government Code section\n7507, certifying that the City Council has received and publicly disclosed the\nactuarial cost of the proposed retirement benefit enhancement.\n3. Approving the Certification of Compliance with Government Code section\n20903, certifying that the City Council has satisfied all statutory requirements,\nincluding the intent to reduce the workforce by leaving some or all resulting\nvacancies permanently unfilled.\n4. Adopting a Resolution of Intention declaring the City's intent to amend its\ncontract with the California Public Employees' Retirement System (CalPERS)\nto provide up to two (2) years of additional service credit pursuant to\nGovernment Code section 20903 and to receive and disclose the actuarial\nvaluation as required by Government Code section 7507.\nStaff Report\nExhibit A -Resolution of Intention\nExhibit B - CalPERS Actuarial Valuation Report (Government Code 7507)\nExhibit C - Certification of Governing Body's Action\nExhibit D - Certification of Compliance with Government Code Section 7507\nExhibit E - Certification of Compliance with Government Code Section 20903\nExhibit F - 2yr Additional Service Credit - Section 20903\nResolution No. 26-