Letter_1944_October 31_SERS - Laserfiche WebLink

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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,~