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September 17, 2003 <br /> <br />John P. Reekstin <br />Executive Director <br />City of Santa Aaa <br />20 Civic Center Plaza <br />P. O. Box 1988 <br />Santa Ana, CA 92702 <br /> <br />Re: Oty of Santa Ana= Actuarial Information <br /> <br />Dear Mr. Name: <br /> <br />Bartel Associates would be happy to provide the City of Santa Aha actuarial consulting services. <br />The City participates in CalPERS retirement program, providing Miscellaneous employees the <br />2% ~ 55 benefit and Safety officers the 3% ~ 50 benefit. Additionally, the City expects <br />Miscellaneous CalPERS con~ibutlon rates (employer only) to approach 10% ofpersable wages <br />and Safety rotes (employer only) to approach 30% within the next couple of years. Consequently, <br />the City is concerned about CalPERS issues and is considering issuing a pension obligation bend. <br />I believe it's important the City first become familiar with CalPERS information. To accomplish <br />this, we suggest a 2 phase approach: <br /> <br />Phase 1 - Review CalPERS actuarial information, meeting with CalPERS actuaries, if necessary. <br /> We will then explain what has happened to City contribution rotes, including what options the <br /> City has and where future rotes will likely go, in easily understood terms. <br /> <br />Phase 2 - Work with the City to review the pension obligation bond alternative. <br /> <br />Time for Phase 1 is quite easy to predict: <br /> <br /> Hours <br />· Review historical information, including prior actuarial reports 10.0 <br />· City meeting preparation time 4.0 <br />· Meet with the City to discuss strategy, issues, etc. 2:0 <br />· Total 16.0 <br /> <br />BartelAssodates, LLC <br /> <br />EXHtB !' A <br /> <br /> <br />