HomeMy WebLinkAboutAgmt_1946_April 01_SERS..~/ a
B11~RD OF ADMINISTRATION
` EARL W. CHA PM AN
E%ECUTIVE SECRETARY
THOS. E. STAN TON, Pq ESI OEnr '-
H.H.BENEDICT ~ RALPH R. NELSON
JOHN R. CORNW ELI. ACTUARY
DONALD C-ALLAGHER
FORD A. CHATTERS + 4~
aJd
JAMES DEAN -
~
~
WALTER C. KENNEDY i :: ~ .- - ~
# ~
~'
JOSEPH H
STEPHENS STATE OF CALIFORNIA
. ~~ . w~~~
t~~~e ~ nT 1u ee~' a#Yx~nt~n# ~e~
102 STATE OFFICE BUILDING NO. 1 ~ ~ ,.
TENTH AND L STREETS
SACRAMENTO 14
COIJTRACT OF
Tjame of Public .Agency)
?~li th the
FIRAZ OF COATES ;L1:1D HER_~'URTH, COITSL'I,TI27G ACTU.A.RIES, for
determininb approl~imate contribution
which would be required of Public Agency
by its participation in State ~nployeesl Retirement
System
1. ~fIIS ~1GREE~;~I;T made this ifd~' ia.y of
'oetween the
,~
19~~'?, by and
(such as City Cotznc'i1; Board of Supervisors, or Governing I3oard3
of the as party of the first part, and
name i~~'.%Piz'bli~ Abe$
Coates and Herfurth, a cc-partnership composed of Barrett ?'T. Coates and Carl E.
Herfurt}i, consulting actuaries, parties of the seccnd part.
WI TDTESSETH:
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
el~erience of the party of the first part, and such valuation of the benefits
and contributions provided in the State Employeesl Retirement Jsaw, as 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 Employees' Retirement System, upon the
assumption that said participation ~~aill be effective 19 and
upon the further assumption that the number and classi_f at~o~°said p~,rty~s
employees whose memberships are contemplated in said participation are as
follows:
/'
F113aw1 9--~j 200
,mss M
f
" 2-
Normal ilinimum Age
for Voluntary
Classification i~uiaber Service Retiremer:t
1. Local Firemen, as defined in
Section 20021 of the State
Employees' Retirement Act. ~' 55 fears
2. Local Policemen, as clefined
in Section 20020 of the State
Ernployeest Retirement Act. ~ 55 Years
3. Employees other than Local .:
Firemen and Local Policemen. 1`.~1 ~ Years
j. Should the parties of the second_ part encounter ir: the valuation ~?ny
unustK~,l situation or should said parties of the second part be requested by
the party of the first part to ma'~e ftuther va1L~a,tions of different combinations
of benefits ~,nd contributions, which mi_~ht require an additional expenditure of
time, said situation ,and request shall be brou~'_~t to the attention of the 3oard
of Adrniristration, State Employees' Retirement System, for further considera-
tion. It i_s understood that the time eh~erded in corn~ection with said_ unust~~,l
sitt~~,tion and further valur.~,tion, is not included within the fee stated herein.
~. The party of the first part ~~~;rees to Purr:isn to the parties of
the second part, through said Board of Administration, the data relative to
its employees, x~ast and present, necessary for tree deter~ir_ation of said.appro~
imr~,te contribution. Both parties understand that said Board of Administration
will ma'.~e available to the parties of the second part various tables and
schec'_ttles of rates based or: the ex,~erience under said Retirement Sys Lem among
members thereof, as determined in previous investigations and valuations. Both
parties li'_~ewise understand that in accordance ~Jitiz said Retirement Act, the
wort: to be performed by the parties of the second part shall be performed
under the directio.z of the acttko,r;r of the Retirerent S~rstem, ~:nd that all. data
7.12 cor_nection ~~Jith Said ~JOr;i, 7_i"2cludiii~ worm sheets, fl.i7al results, a?ld reports
from said parties of the second part, shall be tl.e property of the Board of
administration z~.nd shall be delivered to said Board at the conclusion of said
wor'~.
5. For the full performance and completion of said services, the
parties of he ~ cond part sl,~,ll receive from the party of the first part, the
sum of $ ~~~•~~ subject to ad,~ustment on account of variation in the number
of erployees whose memberships are contemplated, and for zJhen data are submitted
as provided ir. paragraph %~ hereof, from the number of such employees stated in
paragraph 2, and subject to any adjustment made on account of 2~ny unusual situa-
tion, or on account of further vahtio.tions of different combinations of benefits
aild contributions requested by the party of the first part, as hereinbefore
provided. T'_ne party of the first part agrees that the sum fixed in this para-
graph as compensation for the services to be performed by the parties of tl:e
seconc' part, shall cover only the calculations and conferences between the
officers and employees of the Board of Administration and the parties of the
second part, necessar~r in the determination of said approximate as distinuuished
F 113.4-2 g-~+5 200
_~
from the definitive contribution, excluding conferences between said party
of the first part and parties of the second part. It is understood and agreed
that the party of the first part shall deal with the parties of the second
part anly through said Board of Administration.
6. The parties of the second part hereby agree to render the services
herein provided for and to complete the same in a satisfactory and expeditious
maru~.er. The parties of the second part shall furnish to the Board of Administra-
tion, ir_ addition to data provided herein to be f'arnished, a t•rritten summary
in duplicate of the results of the calculations made under this agreement and
the compensation provided for herein shall be payable by the party of the first
part when such summary is delivered to t'_~e Board of Administration.
7. This contract is rude and entered into in accordance with the pro-
visions of Chapter 1F of the State employees' Retirement I+aw, and is subject
to the provisions of said Act.
~'lITNeSS OUR HAi~;DS the c?.ay* and year first above mitten.
~i~y ~~uncil
(suc_~ as "city council," Board of Supervisors,"
or "Governir_g Boardn)
C~t~T ~iJ J<``~ZtS1 ~rl^.
name of Public Agency
n / ,~
BY ~/`~2-t~dL~
i Clerk ^~-~°=~+,.ry
COATES AND NERFURTH
A co-partnership coriposed of:
Barrett T. Coates
Carr y. Herfurth
-a
BY --
Approved by the Board of Administration, State Empl ees'
Retirement System, at the meeting he'
JUL 2 6~~946 _ ~ -
Executive Secretary
F113~-3 9-x+5 200