Loading...
HomeMy WebLinkAboutAgmt_1954_November 15_Agmt and correspondence / C : may.-z...._.._.~ + Cr V.L W. CHAPMAN • E),_CU TIVE OFFICER STATE OF CALIFORNIA RALPH R. NELSON • • EDWARD K. COOMBS BOARD OF ADMINISTRATION ACTUARY - ASSISTAIVT EXECUTIVE OFFICER Tl Yt ~J~ } }1C j~(~~ 2\ Y}~[~ }}'[~ JT~ .i`+~~ ~~ a~ ~ ~ ~ ~~ ~ ~~ / ~ LAUREN C. HAIG HT ASSISTA NT ACTUARY .1V 4 ~ av,J ` `a i~. i `4~ .L J ~~4~~~ 7320 K STREET SACRAMENTO 14 PLEASE DIRECT YOUR RE PLY TO SECTION REFER TO MEMBER ACCOUNT NUMBER COPITRACT OF CITY f~' Name o Pub is Agency with the Firm of COATES~ HERF'URTH AND LNGLAND~ CONSULTING ACTUARIFS~ for making an investigation and valuation as stated herein. 1. This AGR.r/EN.~NT made this 15th day of November ~ 1954 , by and between the of ereina er re erred to as Agency and COATEb, an TGLAN , a co- ~ partnership composed of Carl E• Herfurth, Arthur W England, and G. Frank ?~iaites~ Consulting Actuaries, hereinafter referred to as Actuaries. WITNESSETH: 2. Agency herewith engages and retains the services of Actuaries for the following work; a. To make as of June 30, 1954, with reference to persons who have been and are members of the State Errployeest Retirement System with credit for service rendered as employees, the investigation and valuation provided for in Section 20127 of the State Employeest Retirement Law, the results of said investigation and valuation to be the basis of determination by the Board of Administration of any necessary adjustment in the contributions required of Agency under the contract between its legislative body and said Board. b. To make as of June 30, 1954, such valuation of assets and liabilities as may be necessary to determine the contribution which would be required of Agency if it subjected 7.tself and its employees to certain amendments to the Retirement Law. The Actuaries{ reports with respect to said amendments shall be as follows: Qr;e t'eport re: p&l~ 813} of Fora 5~9s c7~ne report re>t ~'~ nt31) axed ~3(1.~) ~-f Fora 559. ~Phs Dt12) sr>rd $f l3) ~f Fora 559. Ret. Form 1~21.~.-1 (Rev. 9~5~1) 2000 •. • 3. It is assumed that the employees of the Agency are of 'gip member cla8aifications and that there will be included in the valuation ~.'8 persons who are members or who are receiving retirement allowances because of service rendered to Agency. 1~. Should Actuaries encounter in the valuation any unusual situation or should Actuaries be requested by Agency to make further valuations of different combina- tions of benefits and contributions, which might require an additional expenditure of time., said situation and request shall be brought to the attenticn of the Board of Administration, State Employeest Retirement System for further consideration. It is understood that the time expended in connection with said unusual situation and further valuation, is not included within the fee stated herein. 5. Agency and Actuaries understand that said Board of Administration will furnish to Actuaries, the data relative to persons who are members of said Retirement System with credit for service rendered as employees of Agency, necessary for performance of the work described in paragraph 2. Both parties also understand that said Board of Admin:i.stration will make available to Actuaries, various tables and schedules of rates based on the experience under said Retirement System among mem- bers thereof, as determined in current and previous investigations and valuations. Both parties understand, further, that in accordance with said Retirement Law, the work to be performed by Actuaries shall be performed under the direction of the Actuary of the Retirement System, and that all data in connection with said work, including work sheets, final results, and reports from Actuaries, shall be the property of the Board of Administration and shall be delivered to said Board at the conclusion of said work. 6. ~'or the full performance and completion of said services, Actuaries shall receive from Agency, the following amounts: For work provided in sub-paragraph a. of paragraph 2 hereof ~p ,~5~~;~p For work provided in sub-paragraph b. of paragraph 2 hereof ~ 21~6.2~ Total '~ 5 ~""""" Subject to adjustment on account of variation in the number of employees for whom data are submitted as provided in paragraph ~ hereof, from the number of such errr ployees stated in paragraph 3, and subject to any adjustment made on account of any unusual situation, or on account of further valuations of different combina- tions of benefits and contributions requested by Agency, as hereinbefore provided. Agency agrees that the sum fixed in this paragraph as compensation for the services to be performed by Actuaries, shall cover only the calculations and conferences between the officers and employees of the Board of Administration and Actuaries, necessary in the performance of the work, excluding conferences between Agency and Actuaries. It is understood and agreed that Agency shall deal only through said $oard of Administration. Ret, Form 1t21~-2 (Rev. 9/54) 2000 ,.. • 7. Actuaries hereby agree to render the services herein provided for and to complete the same in a satisfactory and expeditious manner. Actuaries shall furnish to the Board of Administration, in addition to data provided herein to be furnished, a written summary in duplicate on the Retirement Systems form, of the results of the calculations made under this agreement and the compensation provided for here- in shall be payable by Agency when such summary is delivered to the Board of Administration. 8. This contract is made and entered into in accordance with the provisions of Chapter 4 of the State Employees Retirement Law, and is subject to the prova.sior~ of said Law. WITNESS OUR HANDS the day and year first above written, CITI t~ SJM,~'PJl 11~U ame o gency Approved by the Board of Administration, By > ~r `'TATS E1~LOYEr ~ RETIRi,N!ENT SYSTEM, at she meeting held Date ,~~~' ~ By ~cecu ive icer ______,~ Ma or Title~~ COATES, HERFURTH AND ENGLATdD, a co- partnership composed of: Carl E. Herfurth Arthur VJ~ England G. Frank Waites By ~~~ Ret. Form 424-3 (Rev. 9/54) 2000 r • ,^ ~ ' lc SUMMARY OF AMENDMENTS TO THE CALI~ F~ORNTA STATE ETA RET~~11T LAW (which may be elected by a Contracting Public Agency) A. The amendments to the Retirement Law made in 1945 and 1947 reduced the ages at which members may be retired and increased the benefits members will receive. The principal amendments were as follows: (1) AIormal service retirement age for P~Iiscellaneous Members reduced from 65 to 60 and the factor in the service retirement benefit formula ins creased froth 1/70 to 1/60 with a guaranteed percentage of final compen- sation for each year of service as a member; (2) The minimum guaranteed monthly retirement allowance increased from X40 to X60 to apply at age 65, or over, with credit for 20 years of service or at age 70 with prior service credit; (3) A death benefit of X300 provided for retired persons; (4) The removal of the maximum of X5,000 per annum of compensation to be included in computations under the Retirement Law; (5) Normal service retirement age for Local Safety members reduced from 60 to 55 and basis of benefits increased. B. The amendments to the Retirement Law made in 1949, trhich a Public Agency may elect to apply to its contract, are: (6) Prior service benefits of Miscellaneous Members equal to one-.sixtieth of final compensation upon service retirement at age 60 or its actuarial equivalent upon service retirement at ages 55 to 65, and over; (?) A guaranteed percentage of final compensation for each year of service as a Local Safety Member. C. The amendments to the Retirement Law made in 1953, which a Public Agency may elect to apply to its contract, are in part: (f3) Minimum service retirement age for Local Safety Members reduced from 55 to 50~ the allowance to be discounted for ages at retirement under 55; (9) Retirement Benefits based on highest average monthly compensation earn- able during three consecutive years of membership; (10) Death Benefit for retired persons increased from X300 to ~1t00. Ret. Form 559-1 (Rev.9/>!~) 1500 . ~ ~~~ ,. ., Summary of Amendments (Continued) D. Qther amendments to the Retirement Law made in 1953, which a Public Agency may elect to apply to its contract are: (11) Normal and minimum service retirement age for Local Firemen reduced from 55 to 50 (the allowance not to be discounted); (12) Continuation of one-half of the Service or Industrial Disability retirement allowance to certain dependents upon death of a retired Safety NTember. (This benefit would automatically apply to Safety iiembers already retired.) E. Agency may elect to increase the retirement allowances payable to retired persons by applying to such persons the provisions of is contract: (13) As that contract existed on June 30, 19>!~, or; (7.1.x) As that contract tirould exist if amended as outlined under paragraph "A" above, or; (15) As that contract would exist if amended as outlined under paragraphs "A" and "$" above. Ret, Form 559--2 (Rev. 954) 15C0 ~ ,E~ RL W. CHAPMAN `' EX~cuTIVE oFFICER STATE OF CALIFORNIA RALPH R. NELSON ACTUARY EDWARO K. COOMBS BOARD OF ADMINISTRATION - ASSISTANT EXECUTIVE OFFICER _ ] //~~ LAUREN C. HAIG HT ~~ct~C ~Alt~t C~- -{1~~' ~~~~t~~ll~~k~~ ~~C~r1~~~ ASSISTANT ACTUARY 1320 K STREET SACRAMENTO 74 N©vember 8, 195 23 PLEASE DIRECT YOUR REPLY TO SECTION ~~~ o~ ~~ Ana City Hall Santa Arras California Attention: Egelyn E. C?~Llda Gentlenmen: REFER TO MEMBER ACCOUNT NUMBER--- FIL:;ED f~i ~V 1 ~ 1954 AT.~...,.,MIN. PAST M CLERK CF THE COU IL ~~ The next to the last paragraph in Form Letter 529, sent to you early in September, referred to a contract form to be executed between the legislative body and the Consulting Actuary with reference to the investigations and valuations explained in the letter. Approximate costs of the valuations pre- viously were quoted to be used by public agencies in making the necessary budget provisions for 1°5~-55. The contract form has been prepared, and is enclosed in quadruplicate. Three copies of the contract, properly executed, should be returned as soon as possible. I believe the contract will be self-explanatory, The items under paragraph 2 in the contract, agree ~~1ith the statement of your desires in our Form 530, com- pleted by you and returned to the Retirement Office recently. If you did not return Form 530, it has been assumed the agency does not wish any supplemental valuations. The fee stated in item 6 of the contract is based on the number of members given in item 3, as explained in our letter of June 18, 195l~. Tdo remittance is to be sent by you until you receive a statement from the Actuaries, following completion of the work, If you tirant further information before executing the contract and returning three copies of it to the Retirement Office for execution by the Consulting Actuary, and approval by the Board of Administration, I shall be glad to hear from you. A copy of the contract will be returned to you after approval by the Board. Yours truly ~ ~/ ;. LAURTiJ C. HAIGHT ACTUARY Ret. Form 562 (Rev. 9/54) 750 me ~ • N November 16, ~ n,~, r C1srk of the Council stts EmnlayPea~ =~Atir3ment System, 132p R Street "acramenta, 1~~, Calit', Attent3~n: Mr. Lauren C. Haight. rentlsmen: Fnmlosing hereT~ith three aopie,~ oP eantr~,ot of the City of Santa Ana dated November 15th, 19;x, with refmrenQe to the investigations and valuetians of the State Employess1 ~'t°tirement System, +~xeautsd by Mayer Caurtriey ~~. Chandler. Kindly return ens copy of the oontraat for my regard when exscaute$ by proper officsere. Yours very truly Clerk aP the Coungll enols.3 me ___ _. ~-- ` = i'- EARL W. CHAPM AN • EX~ITIVE OFFICER STATE OF CALIFORNIA EDWARD K. COOMBS BOARD OF ADMINISTRATION ASSISTANT EXECUTIVE OFFICER #~~e ~zn~Xo~er.~' ~P~ireiiiPn~ ~~~~ent 1320 K STREET SACRAMENTO 14 December 23, 19511 Ci. ty Of Santa Ana City H~ Santa Ana California Attention: Esrelyn E. Childs Gentlemen: LAUREN C. HAIGHT ACTUARY 23 PLEASE DIRECT YOUR REPLY TO SECTION REFER TO MEMBER ACCOUNT NUM Enclosed for your file is a copy of the canti•aet between your Agency and Coates, Herfu~•th and England, Consul-~~ng Actuaries, as approved by the Board of Administration, The contract is for the work to be performed by the Consulting Actuaries in connection with the quadrennial valuation as of June 30, 195l~. Yours truly, URI, C. HAIGk ~ ACTUARY me Encl. _ _, '~~!n~ DEC Z'r ~~~~ _. _ _ .. _.._ ~,-,-I~.E I:::iTY CAF SANTA ANA Ret, Form 891 12/5! 350