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,~ ~ IVIEMO,~tAl~DUM ~ <br />To: __ BrucE;_ Spra~~, Assist. City Manag ~ ~ Date _Februa 2 1 68 <br />From: D. E. Bott, Director of Personnel ~~ <br />Subject: PUBLIC EMPLOYEES' RETIREMENT SYSTEM AMENDMIIJTS AFFECTING RETIRED MEMBERS <br />Continuing advances in the cost of living pose particular difficulties for persons who <br />must live within the bounds of a fixed income and it is requested that consideration be <br />given for increasing retirement benefits for those City employees who have already <br />retired to help offset the increased living costs and inflationary trends. Considerable <br />interest has been expressed by elected representatives of the Santa Ana City Employees' <br />Association relative to adding certain amendment provisions which are available to <br />retired members under our Public Employees' Retirement System contract. These amendments <br />are described below: <br />8.04 This applies to all employees who retired prior to July 1, 1956 <br />a~zd adds an automatic 3~ to their annuity. If they retired prior <br />to July 1, 1955, they would receive 4~ and those retiring prior to <br />July 1, 1954 would receive 5~, <br />8.07 Tkiis applies to all employees who retired prior to December 31, 1961, <br />ar~d adds an automatic 2~ to their annuity and is scaled upward for <br />earlier retirements as follows: <br />Prior to July 1, 1960 4~ <br />Prior to July 1, 1959 6~ <br />Prior to July 1, 1958 8~ <br />Prior to July 1, 1957 10~ <br />No increase can exceed $50.00 per month. <br />These provisions may be elected by contracting agencies and affect retired members <br />exclusively. :Earlier amendments affecting retired members were elected in 1951 and 1956. <br />Each amendment has undergone a separate actuarial valuation in order to determine the <br />cost increase ~to an agency's current service contributions. The number of retired persons <br />who would be affected by the increases and the annual dollar increase is summarized as <br />follows: <br />Section 21251 5 <br />Number of Annual <br />Employees Increase <br />Affected <br />Service retirerrients <br />Ordinary disabilities <br />Industrial disabilities <br />Industrial deaths <br />1957 Survivors <br />~7 $4905.24 <br />4 590.28 <br />3 540.00 <br />2 185.52 <br />$6,221.04 <br />Section 21251 6 <br />Number of Annual <br />Employees Increase <br />Affected <br />~ $ 9,432.24 <br />4 459.24 <br />7 1,184.64 <br />3 736.32 <br />$11,812.44 <br />Attached is a last of the persons on the retirement rolls and the amount of increase under <br />each provision. <br />Attachment ~~ <br />` J <br />