Letter_1946_September 11_Resolution Intention No. 3490

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~. 8. The provisions of Sectior__i3'7.S of the State Employees' Retirement Lac,, ~iroviding a $300 death benefit after retirement _________SA~T.T._______.._____apply to employees of Public Agency who become members of said Retirement System. ("shall" or °shall noc") - 9. Public Agency shall contribute to said Retirement System as follows: a. Tla,e sum of $_--,r-1 080.69 per annum, payable in equal monthly or less frequent installments as Board shall require, fqr a period of_..____21~____ -_____years, on account of the liability for benefits based. on service rendered to Public Agency prior to the effective date hereof. b. _9•~~fi_____per cent of total salaries paid by Public Agency each month to its employees who are members of said Retirement System; provided that only salary earned as members of said System shall be included in said total salaries, and the employees who are members of said System shall include employees who become members upon the effective date hereof and employees who become members thereafter. c. A reasonable amount per annum, as fixed by Board, payable in equal monthly or less frequent installments, as Board shall require, to cover the costs of administering said System as it affects the employees of Public Agency, not including- the costs of special valuations or of the periodical investigation and valuation required by law, provided:` that said amount shall be determined on the basis of the number of employees of Public Agency who are members on July 1st of the respective fiscal .years, or with respect to the first year. of participation, on the effective date of said participation. d. A reasonable amount as fixed by the Board, payable in one installment from time to time as the occasions arise, to cover the costs of special valuations on account of employees of Public Agency, and the costs of the periodical investigation into the experience under said Retirement System, as it affects said employees, and -the valuation of the assets and liabilities of said System on account of said employees. Contributions required of Public Agency and its employees. shall be subject to adjustment by the Board of Admin- istration on account of amendments to the State Employees' Retirement Law, and on account of experience under the Retirement System, as determined by the periodical investigation, valuation and determination provided for by said Retirement Law. 10. Contributions required of Public Agency under paragraph 9 immediately preceding, and contributions required of Public Agency's employees who are members of said System, shall be paid by Public Agency to the State Employees' Retirement System within thirty days after the end of the month or longer period to which said contributions refer. If more or less than the correct amount of contribution required of Public Agency or its employees is paid for any period, proper adjustment shall be made in connection with subsequent remittances of Public Agency to the Board, to rectify the errors; or such adjustments on account of errors made in contributions required of employees, may be made by direct cash payments between the employee in connection with whom the error was made, and Board. Payments of Public Agency to Board may be made in the form of warrants, bank checks, bank drafts, certified checks, money orders, or cash. WITNESS OuR HANDS the day and year first above written. --------------- ---------------- Name of Legislative Body Name of Publie Ageacy ATTEST: -------------------------------------- ------------- Presiding Officer Clerk BOARD OF ADMINISTRATION ATTEST: STATE EMPLOYEES' RETIREMENT SYSTEM Secretary President, Board of Administration 65918 9-48 1N SPO