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HomeMy WebLinkAboutLetter_1944_October 31_SERSBOARD OF ADMINISTRATION THOS. E. STANTO N, Pft E51DENT H. H. BENEDICT JOHN R. CORNWELL. DONALD C-A LLAGHER FORD A. CHATTERS JAMES DEAN WALTER C. KENNEDY JOSEPH H. STEPHENS EARL W. CHAPMAN E%ECUTIVE SECRETAitY RALPH R. NELSON ACTUARY STATE OF CALIFORNIA ~t~#.e ~zn~Io~e.e~' ~P#tzextt~n# ~~s#e~t f02 STATE OFFICE BUILDING NO. 1 TENTH AND L BTREETf SACRAMENTO 14 Ccton~r. 1, l~;i~; Cit ~ Co ..ICiI ~1t' =if:il ~_nt~~ A~,a, ~slif:,rnia Att^_i;,'~on: Erma x~eler CTentlemen Enclosed for your file is a copy of the contract executed between Cit~; of Santa Ana A1ame of Uubdvis on and Coates and Herfurth, Consulting Actuaries, and approved by the Retirement Board, for the purpose of determining the approximate contribution tirhich would be req;xired cf the Subdivision bACause of its participation in the State Employees' Retirement System. Yours truly, Board of Administration STATE EP?PUJYEES' RETIREP~;;"T S~'STEPtI BY ~ . ~-- x 118 5-1.~0 75 r z BOARD OF ADNIN ISTRATION ~ EARL W. CHAPMAN EXECUTIVE 6ECRBTARV THOS. E. STANTON. PRESIDENT - H. H. BENEDICT RALPH R. NELSON JOHN R. CDRNW ELL ACTUARY DONALD GALLAGHER JOHN J. HAMLYN JAME6 DEAN WALTER C. KENNEDY JOSEPH H. STEPHENS STATE OF CALIFORNIA `~~y[)1T 1T ~'}'~ (~' (~ /'J~~IyR/~D }'~' N{~jT [~ VVV VVV 7 JJ 1 02 STATE OFFICE BUILDING NO. i TENTH AND L STREETS SACRAMENTO 14 COIF?^1FtdCT ,)F CITY OF SANTA ~1iT Name of Subdivisior~j~~~~ °~i~;ith the FIRT~1 OF COATES ArdD FTERFTTFt.TH, COTiSULT:[ATG A.CTi7ARIES, for determining approximate contribution which would be required of subdivision by ita participation in State 'employees' Retirement System 1. THIS AGREEi~idT made thi s day of , 19~, by and between the ~~TY COUNCIL of the City Council, Board of Supervisors or Governing Board CIS 0 , as party of the first part, and Coates and Name of Subdivision ~ierfurth, a co-partnership composed of Barrett t1. Coates and Carl F.:. Herfurth, consulting actuaries, parties of the second part. '~t~ITNESSETH: 2. The party of the first part herewith engages and retains the services of the parties of the second part to make such investigation into the employment ex- perience of the party of the first part, and such valuation o.f the benefits and contributions provided in the State Employees' Retirement Act, s.s may be necessary to determine the approximate as distinguished from the definitive contribution which would be required of the party of the first part because of said party's participation in the State ~nployees' Retirement System, upon ...e assumption that said participation will be effective s1~,nt~Ar~ ~ , 19 , and upon the further assumption that the number and classificatior. of said pay's employees whose memberships are contemplated in said participation are as folloTrrs: F113-1 z-lac 200 h '~r ,,"~inimum Age for Vo1T_intary Classification "~u*nber Service Retirement 1. City Firomen', as defined in Section tic of the State F~mployees' Retirement Act. ~9 6p ?. City Policemen; as defined in Section '~b o.f tho State Employees' Retirement Act. 50 60 3. Employees other t'-an City Firemon and City Policemen 133 As provided in the ~'' :tirei7ont Act 3. Should the parties of the second part encounter is tli.e valuation any unusual situation or would said parties of the second part be requested by the party of the first part to make further valuations of different combinations of, benefits and contributions, which mi<rht r®quire ar. additional e:.~penditure of tires, saki situation and request shall be brought to the attention of the ..-hoard of Administration, State Employees' Retirement System, for furt}?er consideration. It is understood that the time exp©nded in connection. with said unusual sit~.zation and flarth~~r valuation, is n^t included within the fe<3 stated herein. `„ ne party of the first part agrees to furnish to the p<~rties of the seconn part, througi~ said Hoard of .~;dministraticn, the data relative to its em- ployees, past and prosent, necessar}T for the doter!:~ination of said apt;roximate contribution. Both parties understand that said Board of Administration will make available to the parties of the second part various tables and schedules of rates based on the experience under said Retiremont System among members thereof, as determined in previous investigations and valuations. "3oth parties likewise understa:~~d that in accordance with. said Retirement Act, the vrork to bo performed by the parties of the second part shall be performed under the direction of the actuary of the retirement System, and that all data in connection with said work, including; work sheets, final results, and reports from said parties of the sec- ond part, shall be the property of t',e F?oard of Administration and shall b© delivered to said Board at t}1e conclusion of said work. 5. For the full performance acid completion of said services, the parties of the second part shall receivs fro~~ the party of the first part, the sum of 2~ p subject to ad juatmer_t on account of variation in t?:e number of er.!- ployees whose members}ips are contemplated, a.rad for whom data. are submitted as provided in paragraph ~~, hereof, from the num'.~or of such employees stated in para- ~1•,raph ?, and subject to any adjustment :nada on account of ar~;~ unusual situation, or on account os' f`.~rther valuations of different combinations of benefits and contributions requested by the party of the first part, as hereinbefore provided.. Tn.e party of the first part agrees that the-sum fixed in this paragraph as com- pensation for the services to be performed by the parties o-f thu second Hart, shall cover only the calc~zlations and conferences between the officers and ©mploy- eas o.f. the Roard of Administration and th.e parties of the second part, necessary in the determination of said approximat© as distinguished fro;n the definitive contribution, excluding conferences betvreen said party of the .first part and :-* parties of t'rie second part. Tt is understood a:.d a`reed that the party of the Fll3-?_ 1-~.~0 2C,~ M ti first part s~,all deal Jvit~: the na~ti~s of th.e seconc? r_ art only througti; said Board of Administration. b. The parties of the second part herPb;,r agree to render the services herein provided for and to complete the sam~s in , satisfactory arzd expeditious man- ner. The parties of the second part shall filrnisPi to the I3oard of Administration, in ad~-!ition to data provided herein to.be furnished, a written sum;nary in duplicate of the rosults of the calculations made under this agreement end the compensation provided for herein shall be payable by the party of the first part when such summary is d®livered to the t3oard of Administration. 7. This contract is made and entered into in accordance with the provisions of Section 58b of the State ~zployees' Retirement Act, and is subject to the pro visions of said Act. ~~~fITNI:;SS OUR HAt~1DS the datir ar.d year first above ti;mitten. of Cit,r o 1, 'oa d~~r ors tr " Go~rerning Board") (~~ i ~~ ~. ~y~.i`TA,T18 of Subdivision BY_L~ ~ Cle :e`o~r Se - et ~ y R.~n- i ..______~9~TES AND HERFU~°:">. .4'co-partnership composed of: Barrett N. Coates Carl F;. Iierfurth B~. >';.::kic:k*:k=k~k:k~k~k'k*-k-!<~k~k k~ '~k*>k~k Approved ty the Board of Administration, State Ernployee~' Retirement System, at the rzeetin•-~ held r 1° Faxecutive Secre cry F113,3 1-l~0 200