| Date | County | City | Meeting Type | Item Type | Item | Description |
|---|---|---|---|---|---|---|
| 20260210 | LA County | Commerce | City Council | item | 8. Adopt Resolution No. 26- 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 and the Introduction of an Ordinance Authorizing an Amendment to the Contract Between the City Council of the City of Commerce, California and the Board of Administration of the California Public Employees’ Retirement System The City Council will consider taking the following actions, in the order listed: 1. Receive and disclose 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 March 13, 2026, and ending June11, 2026. 2. Approve 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. Approve 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. Adopt a Resolution of the City Council of the City of Commerce, California, Declaring the City Council's Intention to Amend the City's 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 Making the Required Disclosures Under Government Code Section 7507. 5. Introduce an Ordinance of the City Council of the City of Commerce Authorizing an Amendment to the Contract Between the City Council of the City of Commerce, California and the Board of Administration of the California Public Employees' Retirement System. Staff Report EXHIBIT A - Resolution of Intention EXHIBIT B - CalPERS Actuarial Valuation Report (Government Code 7507) EXHIBIT C - Certification of Governing Body's Action EXHIBIT D - Certification of Compliance with Government Code Section 7507 EXHIBIT E - Certification of Compliance with Government Code Section 20903 EXHIBIT F - Two Years Additional Service Credit Information - Section 20903 EXHIBIT G – Ordinance Amending the Agreement | February 10, 2026 LA County Commerce City Council item #8 |