Letter_1947_Jan 1_SERS - Laserfiche WebLink

Home Browse Search

I • 1 EARL W. CHAPMAN BOARD OF ADMINISTRATION THOS. E. STANTON, PRESIDE YT ~ '~ ELSON H. H. BENEDICT ACTUARY JOHN R. CORNW ELL ~~ DONALD C-ALLAG HER ...~+:~w•-.•^. FORD A. CHATTERS JAMES DEAN ~~~ WALTER C. KENNEDY STATE OF CALIFORNIA JOSEPH H. STEPHENS #~#e ~~n~Xu~ee~' ~ettxement ~~~~eri~ •~.~..~-~ s:: 102 STATE OFFICE BUILDING NO. 1 TENTH AND L STREETS SACRAMENTO 14 -~?' :.t'Pl?",` ~3.t'•~ :~er''; '-'~ti~ ,I..r~r ?s 14t~~, _ S Gentlemen: closed is F10~ko, to be used in requesting, as prot.~ided in Section 20iF~1 of the State Employees' Retirement L~,w, a quote,.tion of the ap,~roYimate contribution to be required of ~rou if you participate in t'.e State ~r,~ployees' Retirement S-,~stem. A second copy is enclosed for your file. Enclosed also is a pamphlet containir_r; a columnar statement of tiie Retire::ler.t Lai;. A copy of the Law r:1a~T be secured by sendir_~; I}l cents, tYxe price estrzblis~led by the Departr..ent of rinance, to t1e Bureau of Documents, 21~- State Capitol, Sacramento l~•, California. The Retirement Law fixes a~;e 55 as the normal minimum age at which volunt~~.ry service retirement is permitted for local Firemen and Policemen. The normal voluntar~;r service retirement age for other employees, hcwever, mar be either 60, with 160 as the fraction per gear of service, of the proper average salary, or 6~j years, with 170 asLthe fraction per year. Designation in F10~a of a rninimuri age, or ages, if a valuation under more than one a,.ge is desired, is for valuation purposes only. The contribution ~,rhich will be required of the Public Agency depends directly on the normal min.ir~urn age at which voluntary service retirement is permitted. The normal minimum age finally selected in the light of the valu.a.tion results, assuming that a quotation at both ages is req'aested, will be fixed in the contract bet~:~een the Public Agency and the Board of Administra>r tion. Retirement at an a,;e lower than the normal minimum age, does not affect the contribution, because the retirement allowance is discounted according to the lower age. Upon tine receipt of this form properly completed, a statement of the cost of the investigation and valuationz required in the determination of the approximate contribution gill bo forwarded. Yours truly, BOARD OF ADI~iI i~1IST'~TIOiT STATy ~R'LOY~S i EE2'IF,~rPIdT SYSTE:•I BY _._... _ .__ F110a 10-~j 100