BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Adopt Resolution to Amend the Contract With CalPERS to Include Partial Service Retirement Benefit.
End
RECOMMENDATION:
Recommendation
Adopt Resolution TO APPROVE AN AMENDMENT TO CONTRACT BETWEEN THE BOARD OF ADMINISTRATION CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM AND THE BOARD OF DIRECTORS SANTA CLARA VALLEY WATER DISTRICT, to Include Section 21118 Partial Service Retirement.
Body
SUMMARY:
In an effort to increase its succession development efforts, Santa Clara Valley Water District (Valley Water) is proposing the addition of the Partial Service Retirement benefit to its CalPERS contract.
CalPERS offers partial service retirement as a benefit to full-time eligible employees. With partial service retirement, the eligible employee can reduce their work time, continue working and receive a "partial" service retirement allowance. In addition to CalPERS' requirements for determining what an eligible employee is, Valley Water will implement a policy outlining additional requirements and restrictions for employees. This policy will follow formal meet-and-confer with Valley Water's bargaining units and could include that the employee is in an approved Critical Work Assignment and that employee agrees to a performance plan that will include a commitment to transferring knowledge.
At the December 17, 2019 meeting, the Board approved the adoption of the Resolution of Intention to amend the contract with CalPERS. Following the required minimum twenty-day waiting period, Valley Water is now requesting the Board to consider and approve the Final Resolution to Adopt the Amendment to the contract with CalPERS.
The CalPERS resolution will be provided as a supplemental item as it is not available at the time of 10-day posting of this agenda memorandum.
FINANCIAL IMPACT:
There is no member cost associated with this benefit, and no valuation is required. Actual cost will emerge in future valuations.
CEQA:
The recommende...
Click here for full text