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HomeMy WebLinkAboutLetter_1947_Jan 1_SERS • Board of ddffd. nistration State Employe es~ Retirement System Sacramento 14, California Gentlemen: ~e Gity C©uncil (such as "City Council," "Board of Supervisors"or "Governing Board") of City ©P Sr~rit~a Anil desires to consider the participation (name of Public Agency) of said Public Agency in the State Employees' Retirement System. Xou, therefore, are requested to furnish a quotation of the approximate, as distinguished from the actual contribution to the Retirement System, which would be required of said Public Agency because of such participation. Before final arrangements are made for the determination of the approximate contribution, we want to know the ap- proximate cost of the investigation and valuation, required in the determination. For the purpose of determining the approximate contribution, it shall be assumed that said participation shall become effective Jan. lst 194, ~, and that the number and classification of the employees whose memberships are contem- plated in said participation, and other pertinent factors, are as follows: 1 2 3 Frrc tion of Final Cornperr- sati on or 3 Year Ave,^~.ge Normal Minimum Age Sa]a. ry, Per Year of C~.:~r- for Voluntary rent Service and Prior Classification Number Service Retirement S a vice Respectively 1. Local Firemen, as defined in Section 20021 of the State Employeest Retirement Law. 4~ 55 Years 2. Local Policemen as defined in Section 20020 of the State Employees' Retirement Law. 5© 55 Years 3. Employees other than local Firemen and Local Policemen. 1 91 `~~ Years* *' "60" or "65, " or both, solely for valuation purpos es ** "160" or "170" for age 60 or 65, respectively, in Co1.2 As provided in Retirement Law As provided in Retirement Law 1/64th ** F109 a-1 10-45 100 . • _._ • For the purpose of determining the approximate contribution, benefits to be granted on account of Prior Service of local Firemen and local Policemen and other employees, shall be assumed to be on the scales, respectively, stated in column j of foregoing items 1 to 3. It is understood, however, that said Prior Service benefits finally may be provided at a fraction of such scales, respectively, in accordance ~oit'n Section 21?60 of the Retirement La~•~. ^'his request is made in accordonce frith Section 20+51 of the State Employees' Retirement Law, and is subject to the provisions of that Law. It is understood particularly that the actual contribution ~.~rhich trill be required of the Public Agency, may differ frorl the approximate contribution now requested to be quoted, and that the cost of determining t'ze approximate contribution will not include the cost of determining the actual contribution, if adc~3.tioral calculations be necessary, although many of the calculations made in the forrler determination, may be incorporated in the latter. Yours truly, Cit Council such as "City Council," "Board of Super- visors," or Governing Board") City oP Santa Ana. (name of Public Agency) ~Ts~~`n'LGt/ / BY Clerk or Secretary rloga-2 l0-~+5 loo i r ~~rcr R, 1~4~ S3oard of Aumi:istrati~n Mate Fwmplayees' RF/tirement System, 10? 8t~.te ~Yflce Bldg. Ivo. 1, Sacramento 14, Calif . Gentlemen: Herewith irclc+sed Form ~'105a-1 duly signed, rer~uesting a ruotation aP the approximate contribution to the Retire- ment System required of the City of 9s.nta Ana far pa.rtici~oation in the StPte Emplayee5° Retirement System. I am ret}:fining the secand copy far my files, Yours very truly, inc . 1. City Clem. I • 1 EARL W. CHAPMAN BOARD OF ADMINISTRATION THOS. E. STANTON, PRESIDE YT ~ '~ ELSON H. H. BENEDICT ACTUARY JOHN R. CORNW ELL ~~ DONALD C-ALLAG HER ...~+:~w•-.•^. FORD A. CHATTERS JAMES DEAN ~~~ WALTER C. KENNEDY STATE OF CALIFORNIA JOSEPH H. STEPHENS #~#e ~~n~Xu~ee~' ~ettxement ~~~~eri~ •~.~..~-~ s:: 102 STATE OFFICE BUILDING NO. 1 TENTH AND L STREETS SACRAMENTO 14 -~?' :.t'Pl?",` ~3.t'•~ :~er''; '-'~ti~ ,I..r~r ?s 14t~~, _ S Gentlemen: closed is F10~ko, to be used in requesting, as prot.~ided in Section 20iF~1 of the State Employees' Retirement L~,w, a quote,.tion of the ap,~roYimate contribution to be required of ~rou if you participate in t'.e State ~r,~ployees' Retirement S-,~stem. A second copy is enclosed for your file. Enclosed also is a pamphlet containir_r; a columnar statement of tiie Retire::ler.t Lai;. A copy of the Law r:1a~T be secured by sendir_~; I}l cents, tYxe price estrzblis~led by the Departr..ent of rinance, to t1e Bureau of Documents, 21~- State Capitol, Sacramento l~•, California. The Retirement Law fixes a~;e 55 as the normal minimum age at which volunt~~.ry service retirement is permitted for local Firemen and Policemen. The normal voluntar~;r service retirement age for other employees, hcwever, mar be either 60, with 160 as the fraction per gear of service, of the proper average salary, or 6~j years, with 170 asLthe fraction per year. Designation in F10~a of a rninimuri age, or ages, if a valuation under more than one a,.ge is desired, is for valuation purposes only. The contribution ~,rhich will be required of the Public Agency depends directly on the normal min.ir~urn age at which voluntary service retirement is permitted. The normal minimum age finally selected in the light of the valu.a.tion results, assuming that a quotation at both ages is req'aested, will be fixed in the contract bet~:~een the Public Agency and the Board of Administra>r tion. Retirement at an a,;e lower than the normal minimum age, does not affect the contribution, because the retirement allowance is discounted according to the lower age. Upon tine receipt of this form properly completed, a statement of the cost of the investigation and valuationz required in the determination of the approximate contribution gill bo forwarded. Yours truly, BOARD OF ADI~iI i~1IST'~TIOiT STATy ~R'LOY~S i EE2'IF,~rPIdT SYSTE:•I BY _._... _ .__ F110a 10-~j 100