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<br />Proof of FobruarJ 16, 1878
<br />
<br />SANTA ANA-7923
<br />
<br />Bowne of San Francisco, Inc" 981-7882
<br />
<br />GALLEY 45-
<br />
<br />1976, there were 543,436 members of which approx-
<br />imately 9% were classified as "safety" members
<br />(principally fire and police employees) and the bal-
<br />ance were classified as "miscellaneous" members
<br />(management, administrative, staff, operational and
<br />clerical employees),
<br />Approximately 33% of Ihe members are state
<br />personnel and the balance (67%) are public agency
<br />personnel. As of June 30, 1976, the System provided
<br />retirement, death and survivor benefits under 944
<br />contracts for about 1,950 public agency employers
<br />(cities, counties, and other public agencies) with
<br />364,116 members, The System's funding is by em-
<br />ployer and employee contributions together with
<br />investment income, Contributions fluctuate yearly
<br />depending on the number of members and their re-
<br />spective salary schedules, The annual contribution
<br />by the State of California for the 1974 and 1975
<br />fiscal years, as reported by the State Controller, was
<br />$162,649,578 and $231,057,854, respectively, The
<br />System's financial statements are prepared on an
<br />accrual basis of accounting and the System's auditor
<br />is Coopers & Lybrand, Sacramento, California, Citi-
<br />corp Investment Management, Inc" San Francisco,
<br />provides investment advisory services, The System's
<br />actuarial activities are conducted internally on a
<br />continuous basis, with an experience analysis being
<br />conducted no less than every four years,
<br />Total assets of the System at June 30, 1976 were
<br />$7,896,318,894, according to the Annual Report of
<br />the State Controller, Of this amount, reserves of
<br />$7,862,480,565 were available for benefits, Compar-
<br />able figures for June 30, 1975 were $7,010,807,246
<br />and $6,966,356,482, respectively, The unfunded
<br />obligation of the System was delermined to be
<br />$6,131,556,655 at June 30, 1975 by the independent
<br />auditors. The total unfunded obligation does not
<br />take into account the provisions of Chapter 187,
<br />Statutes of 1975, which prescribed a new increased
<br />contribution rate by the state with respect to state
<br />miscellaneous members, Additional information is
<br />available from State of California Public Employees'
<br />Retirement System, 1416 Ninth Street, Sacramento,
<br />California 95814,
<br />The amount of the respective unfunded liabillies
<br />will vary from time to time depending upon the
<br />actuarial assumptions utilized, rates of return and
<br />salary scales, The present System policy is designed
<br />to satisfy the unfunded obligation by the year 2000,
<br />According to the City of Santa Ana audited finan-
<br />cial report for fiscal 1976/77, the total pension
<br />expense for that year was $3,857,159, of which
<br />approximately $282,000 was for past service costs
<br />which are being amortized through July I, 1979.
<br />Pension costs are funded by monthly contributions
<br />to PERS, The excess, if any, of the actuarially com-
<br />puted value of vested benefits over the amounts
<br />available in the pension fund was not detennined
<br />as of June 30, 1977,
<br />
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