LAKEPORT — The Lakeport City Council Tuesday took another step toward changing the formula used for sworn police officers” retirement benefits.
The council voted 4-0 to introduce an ordinance authorizing an amendment to the contract between itself and the Board of Administration of the California Public Employees” Retirement System (CalPERS), City Clerk Janel Chapman said.
Councilman Roy Parmentier was absent from the 11-minute special meeting at Lakeport City Hall, according to Chapman.
The council authorized staff to proceed with the amendment as a result of a tentative settlement agreement in a pending lawsuit and contract negotiations with the Lakeport Police Officers Association, according to City Manager Margaret Silveira.
Earlier this month, the council passed a resolution of intention to amend the contract.
The proposed formula change would increase the city”s annual contribution rate by 4.943 percent. It would raise retirement costs by about $29,500 for the upcoming fiscal year.
The move would also increase the city”s side fund — which represents the upfront cost associated with the upgrade — by about $383,000, which would be paid out over nine years.
A public hearing for the second reading of the proposed ordinance is set for July 17.
