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�ps�. T BALLOT The Public: Agency,named herein ELECTION — �® P to electhas to ofiven notice intention to provide: (a) 55 asthe For Use By lowest optional service retirement I, age,with 1/60th as the r Cmnloyees other than fraction described in item 3; (b) The minimum monthly retirement LocaI firemen and local Policemen item allowance( ) $30f $60 0 ds eathibed in benefit item 4, TO DETERMINE THEIR APPROVAL OR after retirement as described in item 8. DISAPPROVAL OF THE PROPOSAL OF • City_toimoii (Governing Body) OF THE City of Santa Ma (Name of Public Agency) - - TO ENTER INTO A CONTRACT WITH THE BOARD OF ADMIN- ISTRATION OF THE STATE EMPLOYEES' RETIREMENT SYSTEM TO INCLUDE SAID EMPLOYEES IN SAID RETIREMENT SYSTEM Shall the above designated employees of the Public Vote by making a cross (x) in the space to the right of the word indicating your desire. Agency named above, be included in the State Employees' Retirement System? YES NO SUMMARY OF MAJOR PROVISIONS OF THE PROPOSED RETIREMENT SYSTEM 1. The System is administered by a board of eight members, composed of three members of the System, an official of a bank,an official of a life insurance company, the Director of Finance, a member of the State Personnel Board,and an official of the University of California. 2. Retirement for service is optional upon attainment of age 55 by local firemen and local policemen, and age 40 or age 55 at the election of the Public Agency, by other employees, and completion of twentyi years of seivice for the public agency, and is compulsory at age 65 for local firemen and local policemen, and at age 70 for other employees. 3. The monthly retirement allowance payable upon retirement for service is dependent upon such factors as age, sex, salary and years of service. For local firemen and local policemen, retiring at age 55 in paragraph 2,or at a higher age with 20 years of service, the monthly allowance is approxi- mately one-half the average monthly salary during the five years immediately preceding retirement, unless the Public Agency elects to provide prior service benefits at less than the full amount. For other Agency employees, the monthly allowance, upon retirement at age.65 if the Agency elects 60 as the lowest optional service retirement age, is approximately 1/70th of the average monthly salary during the five years immediately preceding retirement, for each year of service after theeffective date of participation, plus approximately 1/70th,or less as may be provided in said contract by the Public Agency for its employees, of the average monthly salary during the three years immediately preceding. the effective date of participation, for each year-of service prior to that date. Upon retirement at age 60,if the Agency elects 55 as the lowest optional service retirement age, the fraction is approximately 1/60th instead of 1/70th. - [OVER]