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,.- ~ - ~, <br />Tfl~ CITY 0~ SflOTfl flOfl <br />CALtFORNiA <br />October 27, 1967 <br />MEMO TO: City Council <br />FROM: City Manager <br />~,, <br />C <br />Pease ac~c~ress re~~ies to: <br />SUBJECT: BENEFITS FOR EMPLOYEES ALREADY RETIRED <br />Continuing advances in the cost of living are particularly hard on <br />retired persons and those with fixed incomes. Some months ago <br />representatives of the Santa Ana City Employees. Association re- <br />quested consideration for increasing retirement benefits for those <br />City employees who have already retired to help offset the in- <br />creased living costs and inflationary trends. <br />There are approximately 123 retired City members who now receive <br />benefits from the State Employees' Retirement System (SERS). There <br />are two types of amendment provisions available which could increase <br />benefits. for some of these retired members up to a maximum of $50 <br />per month, depending on each member's date of retirement and retire- <br />ment classification (service retirement, ordinary disability, in- <br />dustrial disability, etc.). The SERS requires an ac uarial survey <br />for each amendment provision to determine the cost increase in <br />current service contributions. <br />Attached is the contract form required by SERS to initiate the <br />actuarial surveys. .The cost of these surveys is estimated to be <br />$500 (based upon ,$4 per retired member). It is recommended that <br />the City Council authorize. the execution of this valuation contract <br />to determine the costs of increasing benefits for employees who are <br />already retired... <br />Carl Thornton <br />City Manager <br />Enc. <br />~~ <br />