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<br />A'YIt..llM^H Ql08hl fiRM <br /> <br />. <br /> <br />Milliman <br /> <br />1921 Gallows Road,Suite900 <br />Vienna, VA 22182-3995 <br />Tel +1703.917-0143 <br />Fax + I 703-&27-9266 <br />www.milliman.com <br /> <br />Consu".."t8 and ,ACluuios <br /> <br />January 4, 2006 <br /> <br />Mr. Kevin Murphy <br />Senior Vice President <br />Public Agency Retirement Services <br />5141 California Avenue, Suite 150 <br />Irvine, CA 92617-3069 <br /> <br />Re: January 1, 2006 Actuarial Valuation for the City of Santa Ana <br />Retirement Enhancement Plan <br /> <br />Dear Kevin: <br /> <br />We are prepared to do the January 1, 2006 actuarial valuation for the City of Santa <br />Ana Retirement Enhancement Plan for a fixed fee of $7,250. The work product will be <br />our standard letter report. Our fee quote is based on your original November 1, 2005 <br />email and attachment, and successive email clarifications through December 29, <br />2005, subject to the following modifications and interpretations. <br /> <br />1. Non-safety executive management employees ot the City on or after <br />January 1, 2006 are eligible for the supplemental retirement plan. <br /> <br />2. Two scenarios will be considered in regards to benefit service: <br /> <br />(a) Benefit service will include all service with the City and CalPERS <br />credited service with other CalPERS covered agencies according to the <br />following schedule based on years of service in a covered classification <br />for the City after January 1, 2006: <br /> <br />Years of <br />Service <br />3 <br />4 <br />5 or more <br /> <br />Percent of Other <br />CalPERS Service <br />60% <br />80% <br />100% <br /> <br />(b) Benefit service will include all service with the City and, upon completion <br />of 3 years of service in a covered classification for the City after January <br />1, 2006, all CaiPERS credited service with other CalPERS covered <br />agencies. <br /> <br />3. Employees who are age 55, have three years of City service in a <br />classification covered by the plan after January 1, 2006, and concurrently <br />retire from CalPERS are eligible to retire under the plan. <br /> <br />OFFICES IN PRINCIPAL CITlES WORLDWIOE <br /> <br />A TTACH1-'!ENT I . <br />