Letter_1945_April 24_SERS - Laserfiche WebLink

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., • ~„', In the saris manlier, fire approximate a:~irual contribution accordin; to gro~zps o.f aInplO?JP.?S and periods for pr~.or service liquidation, riay be taken :from items ?~~ to 27, inclusive. 3. Amounts <.nd percentages in items r©ferring to prior sczrvice are basal on the assumption that benefits on account of prior service Drill be granted to cit~l firemen and city policemen, and to other employees of ti~ze city, on the same scale as prior service benef~.ts are notiv provided under the Rotirelnent Syster;~ for members of the State Hightivay Patrol and other State employees, respectively. `J'he contract .f:i_nall.y to be entered into between the subdivision and the Board of Administration, may pro- vide prior service berzo.fi~;s on a lesser scale, at the option of the subdivision. If -the SCale is reduced by one-half, the appr©ximate contri- bution quoted in the Consulting; Actuaric~sf report, tivould be reduced by approximately, but not exactly, one-half of the amotmta and percentages in item ~6. 1~.. 'rho cc~tribution given in the Consulting Actuaries' report i.s called ar~proximate because i.t is based nn an assumed number. of employees t-vho will become members of the System, and upon other assumed factors. `1'he definitive contribution to be fixed by contract may differ from the ap- proximate contribution, if t}te facts at the consulmnation of participation diff_or from the assumi~tions meta made. 'Additi oral calculations may be necessary, depending on the extant of the differences. Reference is made to the first paragraph of Section 53 (b~ of the State Employees' Retirement Act. 5. The definitive contribution required of. the subdivision, by contract be- ttv©~n the subdivision and the 1~oard of :ldministration, ti+rill be subject to adjustment by the Board of Administration on account of experience zzndor t;he t~.etirement System, as determined by the periodical investigation, valua- tion and determination provided for by the State Employeest Retirement 1?ct. o. The Board of Administration is authorized by rho State Fmployeost Retirement Act to include each year in the contribution required of the subdivision, a reasonable amount to cover file costs of administering the System as it affects the employees of the subdiviaior.~. The amount so included would be in addition to the contribution quoted in the Consulting Actuaries' report. ,. Ii,nclosed is a copy of F121 to be used by you if you decide to go on tivith the stops necessary for participation in the State :'~~mployaes' Retirement :~ysteln. If further information is desired before ,you make the decision, you should communi- cate directly with the Retirement C)ffice ir. Sacramento. T;nclosed is a bill for the compensation stated in the contract executed be- tween you and the Consultirj; Actuaries. Ycsurs truly, BOA;D OF ADi<:INISTRATION STATh EdlI'LOYE~~S~ RETIREi'~;}sJJT S'iSTED,1 L~~ ~ '~ ~. ~ " a'~ t~°" ACTUARY _ ~ ~ ~~ Fl2C)-2 5-1.~0 150