City Council

8.\nAdopt Resolution No. 26- of Intention to Amend the City’s CALPERS\nContract to Provide Up to Two (2) Years of Additional Service Credit\n(“Golden Handshake”) and to Receive and Disclose the Actuarial Cost\nAnalysis Pursuant to Government Code Sections 20903 and 7507 and the\nIntroduction of an Ordinance Authorizing an Amendment to the Contract\nBetween the City Council of the City of Commerce, California and the\nBoard of Administration of the California Public Employees’ Retirement\nSystem\nThe City Council will consider taking the following actions, in the order listed:\n1. Receive and disclose the actuarial cost associated with granting up to two\n(2) years of additional service credit for eligible local miscellaneous employees\nwho meet the age and service requirements of Government Code section\n20903 and the Public Employees' Retirement Law and who retire during the\ndesignated period beginning March 13, 2026, and ending June11, 2026.\n2. Approve 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. Approve 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. Adopt a Resolution of the City Council of the City of Commerce, California,\nDeclaring the City Council's Intention to Amend the City's Contract with the\nCalifornia Public Employees' Retirement System (CALPERS) to Provide up to\nTwo (2) Years of Additional Service Credit Pursuant to Government Code\nSection 20903 and Making the Required Disclosures Under Government Code\nSection 7507.\n5. Introduce an Ordinance of the City Council of the City of Commerce\nAuthorizing an Amendment to the Contract Between the City Council of the City\nof Commerce, California and the Board of Administration of the California\nPublic Employees' Retirement System.\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 - Two Years Additional Service Credit Information - Section 20903\nEXHIBIT G – Ordinance Amending the Agreement