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<br />~ <br /> <br />....., <br /> <br />3. The summary no doubt will be largely self-explanatory. It might be stated, <br />however, that the percentage in Item 33, is to be applied to members' <br />earned salaries appearing on each payroll, to determine the contribution <br />required of Agency on account of current service liabilities. The amount <br />stated in Item 33, for example, results from such application to annual <br />salaries in Item 3. The amount given in Item 34, is the contribution <br />required annually for the period stated, on account of prior service liabil- <br />ities. <br /> <br />4. Assets derived from Agency's contributions and standing to Agency's credit, <br />together with accumulated interest at June 30, 1950, were credited on the <br />liabilities, as shown in Items 28, 29, and 30, before the determination of <br />the contributions. <br /> <br />5. Further explanation of the summary will be given only upon request. <br />Otherwise, Agency should substitute the current service percentage and <br />prior service installment in Items 33 and 34, respectively, of the <br />summary under (I) the contract without amendment, for the percentage and <br />amount now in use and contribute accordingly to the Retirement System, <br />beginning with your payroll covering service for the month of July, 1951, <br />without further communication from here. <br /> <br />6. The Board of Administration is authorized by the state Employees' Retirement <br />Law, to include each year in the contributions required of Agency, a <br />reasonable amount to cover the costs of administering the Retirement System, <br />as it affects persons who are members because of employment by Agency. This <br />amount will be $4.75 per member for 1951-52, in addition to the contribution <br />quoted in the Consulting Actuaries' report. An invoice for this will be <br />sent later. <br /> <br />If you decide to amend your contract to adopt any of the proposed amendments <br />valued, if indeed any were proposed by your Agency, you 'should send a letter to <br />the Retirement System to that effect including the contemplated effective date. <br />We then would furnish the required forms with instructions. <br /> <br />Enclosed is a bill for the compensation stated in the contract executed <br />between you and the consulting actuaries. <br /> <br />Yours truly, <br /> <br />BCARD OF ADMINISTRATION <br />STATE EMPLOYEES' RETIREMENT SYSTEM <br /> <br />BY (~!eJ;(~. <br />RALPH R. NELSON <br />ACTUARY <br /> <br />F 326a-2 5-51 llCO <br />