Agmt_1950_December 7_SERS - Laserfiche WebLink

Home Browse Search

~ i_ . " j. -, .. - ~ c. Actuaries are to prepare additional reports, or information supple- mentary to the reports mentioned above, with respect to the contribu- tions which would be required of Agency, on the basis of the fore- going valuations and information which will be furni.shed by the Retirement System, if it elects to be subject to alnendments as outlined in sub-paragraphs ()) of paragraph D of Form 559. 3. It. is assumed that the employees of the Ilgency are of tWQ; member classifications and that there will be included in the valuation 394 persons who are members or w~o are receiving retirement allowances because of service rendered to Agency. 4. Should Actuaries encounter in the valuation any unusual situation or should Actuaries be requested by Agency to make further valuations of different com- binations of benefits and contributions, which might require an additional ex- penditure of time, said situation and request shall be brought to the attention of the Board of Administration, state Employees' Retirement System for further consideration. It is understood that the time expended in connection with said unusual situation and further valuation, is not included within the fee stated herein. 5. Agency and Ilctuaries understand that said Board of l\.dministration will furnish to Actuaries, the data relative to persons who are members of said Retir~nent System tvith credit for service rendered as employees of Agency, necessary for performance of the work described in paragraph 2. Both parties also understand that said Board of Administration will make available to Actuaries, variotls tables and schedules of rates based on the experience under said Retirement System 5.':long members thereof, as determined in current and previous investigations and valuations. Both parties understand, further, that in accordance with said Retirement Law, the work to be performed by Actuaries 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 Actuaries, shall be the property of the Board of Administration and shall be delivered to said Board at the conclusion of said work. 6. For the full performance and completion of said services, Actuaries shall receive from "gency, the following amounts: For work provided in sub-paragraph a. of paragraph 2 hereof $ 281.40 II " " " " " b. " " II " $ 89,l.Oi " " " " " " c. " " II " $ W.OO Total $ 4oo.5l!! subject to adjustment on account of variation in the number of employees for whom data are submitted as provided in paragraph 5 hereof, from the nl>>nber of such employees stated in paragraph 3, and subject to any adjustment made on account of any unusual situation, or on account of further valuations of differ- ent combinations of benefits and contributions requested by Agency, as hereinbe- fore provided. Agency agrees that the sum fixed in this para~raph as compensa- tion for the services to be pe:c';'ormed by Actuaries, shall cover only the calcula- tions and conferences between tte officers and employees of the Board of Administration and Actuaries, necessary in the performance of the work, excluding conferences between Agency and Actuaries. It is understood arld agree that Agency shall deal only through said Board of Administration. F 424 - 2 10-50 2000