Letter_1951_July 17_SERS - Laserfiche WebLink

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r ~. , BOARI) OF ADMINISTRATION EARL W, CHAPMAN '-' ~ " ......I EXECUTIVE OFFICER H. H. BENEDICT, PRESIDENT DONAL.D GAL.LAGHER, VICE PRESIDENT JOHN R. CORNWELL. RALPH H. COWING JAMES DEAN THEODORE H. JENNER WALTER C. KENNEDY HAROLD H. ROBINSON RALPH R. NELSON ACTUARY EDWARD K. COOMBS ASSIST"'HT EXECUTIVE OFFICER STATE OF CAL.IFORNIA BOARD OF ADMINISTRATION LAUREN C. HAIGHT ASSISTANT ACTUARY ~t&tc ~mplot!ccs' ~tir~mmt ~t!stcm f320 K STREET SACRAMENTO 14 July 17, 19U1 PLEASE DIRECT YOUR REPl.Y TO 6ECTION__ REFER TO MEMBER ACCOUNT NUMBER (~i 'ty of. S-anta {UlE., San'ta ~~j ~~lif~~lrl~ Gentlemen: Atten: Erma Keeler, City Clerk '~"I,j:'lj1 ~1,='~_';. , hereinafter referred to as of the valuation, CITY OF (N a m e 0 f Agency, all as Enclosed is the Consulting Actuaries 1 abbreviated summary in connection with the status under the Retirement System of Pub 1 i c Age n c y) required as of June 30, 1950, by the Retirement Law. As indicated in the upper right area, page 1, of the form, separate s~~aries of valuation results, are given according to whether the valuation is (I) under your contract as at June 30, 1950, ~dthout amendment, or (II) under the contract modified by the proposed amendments described, if any. Comparison of the results in the summaries, will show the cost of respective amendments or groups of amendments, where more than one are valued together. No valuation summary is included, however, for the military amendment de- scribed in Item (10) of enclosed form 591. The irregular effects of the amendment could not readily be shown on summary form 322c, but separate information about it will be sent soon. The following comments are submitted: 1. The State Employees' Retirement Law and the contract under which Agency participates in the Retirement System, provide that contributions required of Agency as stated in the contract, are subject to adjustment b,y the Board of Administration on account of experience under the Retirement System, as determined by the periodical investigation, valuation, and determination provided for by t~e Retirement Law. 2. The investigation and valuation as of June 30, 1950, having been completed, the Board of Administration hereb,y quotes the percentage and amount stated in Items 33 and 34, respectively, of the summary under (I) the contract as it was at June 30, 1950, without amendment, as the adjusted contribu- tions to be made by Agency beginning ~11y 1, 1951. Adjustment will be made automatically by the next investigation and valuation, for the fact that 1950-51 contributions have been at the original percentage and amount. F 326a-l 5-51 llOO