From tonight’s city council agenda –
E. City Contribution. City agrees to pay the benefit employer contribution as established
by that certain “Contract Between the Board of Administration, Public Employees’ Retirement System
and the City Council of the City of Chico” which was in effect as of June 30, 2002, and to abide by all
tenns and conditions as established by such Contract so long as the contract exists between City and
PERS.
The referenced document was only added to the agenda on Sunday, less than 72 hours before the meeting.
Click to access ORD2248-RetirementPlan-MiscellaneousMembers.pdf
Can anybody put this in layman’s terms for me?
Chico Taxpayers Association 
No they aren’t. Just kicking the can down the road. They figure they will be retired by the time the whole house of cards collapses.
I agree – I asked a council member to explain that document to me – what is “3 percent at 50” and he didn’t even know it was referenced in the agenda item.