§ 373 — Modifications of system or PERS contract

§ 373 Modifications of system or PERS contract.

The city council shall secure an actuarial report of the probable cost and effect to the system, its members and the city, of any proposed change in the contribution rates or benefits under the system before enacting an ordinance or resolution relating to changes in the contribution rates or benefits under the system or before voting to submit to the electorate any proposed Charter amendment or ordinance providing for such changes. Prior to enacting any ordinance pursuant to former (1989) Charter section 400, defining or redefining the term "compensation," the city council shall secure an actuarial report of the probable cost and effect to the system, its members and the city resulting from the enactment of any such ordinance. The city council may from time to time amend any contract with PERS. If it enters into any contract amendment, the city council is authorized to take any action on behalf of the city required or permitted under the Public Employees' Retirement Law. Prior to entering into any such amendment relating to contribution rates or benefits, the city council shall secure an actuarial report of the probable cost and effect to the city and the affected members of such amendment. (Amended June 6, 1989)