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~ <br />, <br /> <br />f30ARD OF ADMINISTRATION <br />kY~ <br />~ .y'(I'y~ EARL W. CHAPMA~~ <br />..h ILL1l[[~-JJ~J %ECUTIVE SECRETA-Y <br />' <br /> <br />THOS. E. STA NTO N. PRESIDENT <br /> <br />H. H. BENEDICT Jrt w.. . <br />~r:+iJk <br />k, _.__ <br />~ <br /> <br />JOHN R <br />C ~ <br />~ RALPH R. NELSON <br />~~ <br />. <br />ORNWELL <br />JAMES DEAN a ~ --~ -~ <br />ACTUARY <br />DONALD GALLAGHER <br />WALTER C. KENNEDY ~ ~ ~® < r ~ <br />EMERY OLSON <br />HAROLD H. RoelNSON STATE OF CALIFORNIA <br /> ~~~S~E ~xlt~,CLt~PE~' ~E~txExttEYi~ ~~JB~E~i <br /> 702 STATE OFFICE BUILDING NO. 1 <br /> TEN TN AND L STREETS <br /> SACRAMENTO 14 <br />City Council <br /> <br />City o~ Santa Ana Ana sl 21, 1946 <br />Santa Ana, Ca.~ifornia <br />Gentlemen: <br />Enclosed is the Consulting Actuaries repart on the investigation into the <br />employment Experience of Cites of Santa Ana ., hereinafter <br />(Name of Public Agency) <br />referred to as Agency and such valuation of the benefits and contributions <br />provided in the Stag Employeest Retirement Law as was necessar~T to determine the <br />approximate, as distinguished from the actual, contribution which would be re- <br />quired by the participation of said Agency in the State Employees Retirement <br />System. The follo~,~ing commFnts are submitted: <br />1. The approximate contribution which ~.,ould be required of the Agency by <br />its participation in said Retirement System, under various assumptions <br />and segregated according to employee groups, is hereby quoted by the <br />Board of Administration to said Agency to be-. the amounts and percentages <br />as given in items 24 to 27 on pa.gPS 7 and 8 of the report. The amounts <br />and percentages given in these items arF subject to the statements in <br />items 28 to 31, both inclusive, of the. report, a.nd to the statements <br />in this latter. <br />2. As a.n illustration of the approximate contribution shown in thF~ report, <br />the follo~~Ting amounts are taken from column 4, applying to all employees: <br />a. Agencyts contribution to provide service pensions, <br />currant servicF, from itFm 24 $ 44,447.00 <br />b. Agancy~s contribution to provide currant service <br />death and disability bFnefits, from item 25 $ 19,640.02 <br />c. Total annual contributions to provide benefits based <br />on current service, i.e., service rendered after the <br />effective date of participation ~ 64,08?.02 <br />d. AgFncy~s contribution to providF bFnefits based <br />on prior service, i.e., service rendered prior to <br />said effFCtivF datF or Aarticipa.tion, liquidated over <br />a 25 year period, from itFm 26 $ 51,080.69 <br />e . Total appraxim~.tF a.nnua.l contribution as given in item <br />27 (a) , subject to 2.djustmert as eh-plainecl, and to be <br />rFducF~d after 25 years by thy: amount in item (d) $ 115.16?.?1 <br />F120a-1 11-45 150 <br />