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• <br />City Council <br />Page 2 <br />also the moneys invested by the City in the name of its retired employees <br />on past occasions and the money deposited by these retired employees <br />during the period of time prior to their retirement. In my opinion, the <br />procedure which is being recommended does actually take into account the <br />gains made by the contributions of all three of the enumerated parties, <br />employee, employer and retired employee, and that unless we take an action <br />to increase the retired employees benefits, he is actually being deliber- <br />ately penalized and refused the increased value or earning capacity of <br />the money which is deposited. Likewise, the City of Santa Ana is foregoing <br />the advantage of making available to him the increased earning capacity of <br />the money which the City deposited to his account during the period of <br />time when he was an employee. Certainly, when the actuarial studies are <br />made of each 4-year period, all of these considerations are taken into <br />account, and the new contribution rates are computed to include these <br />prior commitments. <br />I would again urge that the City Council adopt the resolution and provide <br />for the increases permissible under the revisions to our contract. <br />a <br />Carl J Thornton <br />City Manager <br />CJT:ms <br />i <br />kF- t <br />