Letter_1946_August 21_SERS - Laserfiche WebLink

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. ~ In the same manner, the approximate anr_ual contribution according to groups of employees and periods for prior service liquidation, may be t~.ken from items 24 to 27, inclusive. 3. Ar.,ounts and percE,nta,ges ire items referring to prior service are based on the assumption that benefits on account of prior service will be granted to local firemen and loca,.l policemen, and to other employees of the .Agency, on the scale described in item 5, pages 6 a.nd 7, column 3, as to l~,ca.l firemen and policemen, and, a.s to local miscellaneous em- ployees, colurin 5 all of the Retirement Law pamphlet. The ~ r!4Pr or n5rt~ contract finally to be entered into between the Agency ar_d the Board of Administration, may provide prior service benefits on a lesser scale, at the ontia~ of the Agency. If the scale is reduced by one-half, the approximate contribution quoted in the Consulting Actuaries report, would be reduced bar approximately, but not exactl;T, one-ha.lf of the amounts and percentages in item 26. 4. The contribution given in the Consulting Actuaries' report is called approximate beca~,usr it is based on an assumed number of employees who brill become members of the StiTstem, a.nd upon other assumed factors. The actu<1 contribution to be fixed by contract ma~T differ from the ap- proximate contribution, if the facts a.t the consummation of participa- tion differ from thE- assumptions now made. Additional calculations may be. necessary, depFnding on the extent of the differences. Reference is made to Section 20456 of the State Employees' Retirement I~ati~. 5. The actual contribution rFauired of the Agency, by contract betweor_ the Agenc;a arr'~ the Board of Administration, v~~ill bF- subject to adjust- mF~nt b;~ the Board of Adriinistra,tion on account of experif~nce under the Retirer.ient System, ~~.s determir_ed by the periodical investiga.tian, valua- tion and determination provided for by the State Er^ployees~ Retirement I,aw. 6. mhe Board of Administration is authorized by the State Emplc~yees~ Retire- ment Zaw to inch.~de each year in the contribution reouired of the Agency. a reasonable amount to cover the costs of administering the System as it affects the Agencyts employees. The amount so included would be in addition to the contribution quoted in the Consulting Actuaries report. Enclosed is a copy of F121b to be used by you if you decide to go ~,n with the steps necessary for participation in the State Employees Retirement System. If further infcrma.tion is desired before you make the decision, you should com- municate directly U~ith the RetirF=ment Office in Sacramento. Enclosed is a bill fen the compensation stated in the contract executed be- tt~~een you and the Consultir;.g Actuaries. Yours truly, BOARD OF ADP~IDTIS'~'RATION S"'ATE EPnPLOYEES' RE`^ REP-~PTT SYSTEP~1 By '~~ AC TUAR Fl 20a-2 11-45 150