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A. J. Wilson <br />June 12, 1981 <br />Page Two <br />legal steps to effect the change prior to June 30th when the City's authority to <br />act will expire. However, while PERS has been able to provide the valuation data <br />pertaining to the reduction in the Safety -member benefit formula to 2% at Age 55, <br />they will be unable to provide it regarding the elimination of the "Military <br />Service Credit" option. The Contracts Division of PERS informed me last week <br />that the System had to develop a new computer program to valuate the effect of <br />deleting that option (in response to requests from our agency and two others) and <br />that the program has failed to work. Their technicians have not been able to <br />determine the cause of the failure and cannot give an estimate of when the problem <br />will be solved. This development, however, will not prevent the City from adopting <br />both changes at this time. We just will not know what the estimated future savings <br />will be regarding the deletion of that particular option for another 60-90 days. <br />0 <br />D. E. <br />Bott <br />Director of <br />Personnel <br />0 <br />