Agmt_1956_April 16_Coates, Herfurth & England Actuaries

Home Browse Search

• ..A RL ~~ CHAPMAN ~ r ~~ r~ l '°_y ~ ~'E X~CUTIVE OFFICER '~ STATE OF CALIFORNIA I I e ~ ~ ~ ~~' "* ./ • •.~• ~~~; ~ EDWARD K. COOMBS BOARD OF ADMINISTRATION (~'L.?, ASSISTANT EXECUTIVE OFFICER ArJ ? 2 3 1955 .'_J ~~~~~ ~1rt~Xo~er~' ~r~trcniPn~ ~~~s~Pm ~ ~_~<:, ; ~ , ,_, , . _L _ 7- _,_ i ~l ~~_ ~~ I ~c..~ 7320 K STREET ',.,.'' ! Y {~~~~.. SANTA ANp SACRAMENTO 14 CITY QF SANTA ANA 3'R [?r AND MA t N 5T. 1 37 I SAN1`A ANAy CqL IF. 4TTN. £VEC.YW E. Cfff L;^I,k Gentlemen: PLEASE DIRECT YOUR REPLY TO SECTION /~ i L R ~MBER ACCOUNT NUMBER ~~ ~` ~ 195Ei ATrI. "_MIN, PAST ~`~" ~~ M CLERK CF THE COUNCIL Enclosed is the Consulting Actuariest abbreviated summary of the valuation re- sults under the amendments to the contract with this System, as proposed by the t~bove-named public agency. The following comments are subnu.tted: 1. Reference is made in the heading of the report to Form 559 which is attached thereto and the report shows the valuation results if the contract is amended as described on that form. 2. The summary no doubt is largely self-explanatory. It can be said, however, that the percentage in Item 6 would be applied to members earned salaries to determine the agency~s future contributions on account of current ser- vice if the contract is amended as proposed. Application of this percentage to the annual salaries as of June 30, 195., is shown in Item 8. By compar- ing this item with the similar item shown on the actuariest report under the present contract, the agency may estimate the difference in its future cost. 3. Similarly, Item 7 of the report shows the annual installment on account of prior service liabilities if the contract is amended as proposed, and a like comparison can be made with the report under the contract without amendments. !t. Item 8 shows the estimated annual cost, based on June 30, 1954, salaries, under the proposed amendments, Comparison of this item with item 8 of the report under the contract without amendments, will allow the agency to estimate the effect on its future contributions to the System should the contract be amended as proposed. 5. It should be noted that the actuariesf report enclosed will be the basis use~i~ he con ract is amended effective no later than July 1 1956. Arty amendments to contracts effective thereafter~w~I` f`irs~ require urtT~er actuarial study before adoption. 6. A complete summary of the valuation results are on file in the office of the System. Farther explanation of those results will be given by the System upon request. Ret. Form 8$1.-1 6/55 700