HomeMy WebLinkAboutAgmt_1958_November 17_Coates, Herfurth & England Actuariesi~
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STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
~#tt#e ~mpl~ees' ~Ketirem2n# ~~s#em
1227 O STREET
SACRAMENTO 14
PLEASE DIRECT YOUR REPLY TO SECTION
CONTRACT OF REFER TO MEMBER ACCOUNT NUMBER
CITY OF SANTA ANA
(Name of Public Agency)
with the
Firm of COATES, HERFURTH AND ENGLAIU'D, CONSULTING ACTUARIES, for making an
investigation and valuation as stated herein.
1. This AGREEMENT made this 17th day of Noyember_ , 195 8 , by and between
the CITY COUNCIL of CITY OF_SANTA ANA. ,
hereinafter referred to as Agency, and COATES, HERFURTH and ENGLAND, 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, 1958, with reference to persons who have been and are
members of the State Employees' Retirement System with credit for service
rendered as employes, the investigation and valuation provided for in
Section 20127 of the State Employees` Retirement Law, the results of said
investigation and valuation to be the basis of determination by the Board
of Administration, State Employees' Retirement System, of any necessary
adjustment in the contributicns required of Agency under the contract be-
tween its legislative body and said Board.
b. To make as of June 30, 1958, such valuation of assets and liabilities as may
be necessary to determine the contributicn which would be required of Agency
if it subjected itself and its employees to certain amendments to the
Retirement Law. The Actuaries` reports with respect to said amendments shall
be as follows:
One Report: Items 29 and 32 of Form 1075
Ret. Firm 424-1 (Rev. 9/58) 2500
,Y :
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3. It is assumed that the employees of the Agency are of 3 member classifications
and that there will be included in the valuation 537 persons who are members or
who are receiving retirement allowances because of service rendered to Agency.
~+. Should Actuaries encounter in the valuation any unusual situation or should they
be requested to make further valuations of different combinations of benefits and
contributions, which might require an additional expenditure of time, said situa-
tion and request shall be brought to the attention of said Board of Administration
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 than 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 descrived in paragraph 2. Berth parties also understand that said
Board of Administration will make available to Actuaries, various tables and
schedules of rates based on tree experience under said Retirement System among mem-
bers thereof, as determined in current and previous investigations and valuations.
Both parties understand, further, treat 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 yaork sheets, final results, and reports from Actuaries, shall be the
property of the Bard of Administration and shall be delivered to said Board at
the conclusion of said work.
6. For the full performance and completion of said services, Actuaries shall receive
from A~~ency, the following amounts:
For work provided in subparagraph s. of paragraph 2 hereof ~ 420.35
For work provided in subparagraph b. of paragraph 2 hereof ~ 130.55
Total $~jj b.~--
Subject to adjustment on account of variation in the number of employees for whom
data are submitted as provided in paragraph 5 hereof, from the number of such em-
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 Board of Administration.
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 summar,r in duplicate on the Retirement System's 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.
Ret. Form 42~,-2 (Rev. 958) 2500
8. This contract is made and entered into in accordance with the provisions of
Chapter 4 of the State Employees` Retir anent Law, and is subject to the provisions
of said Law.
WITNESS OUR HANDS the day and year first above written.
Approved by the Board of Admi:.?stration,
STATE EMPLOYEES' RETIREMENT SYSTEM
£y ~~'!/ L~ U _
Executive Officer
TY QF SA1~TA ,,,.;._.~. _
(Name of Agency
Vice-i~yor
Title
C GATES, I~LRFURTI3 AND ENGLATdD, .
By ~ _ ..
-.~ Partner ~~
Ret. Fo~n 424-3 (Rev., 9/58) 2ScL
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3~~ ~~
DESCRIFTION OF PROVISIONS TO BE INCLUDED IN AMENDMENT VALUATIONS
Item
Miscellaneous Members;
Prior Service on Final Comp.
Current Service - Fixed Formula
Safety Members:
Basic Benefit
Column A Column B
Modified Benefits ~
Column C Column D
1/70 ~ 65 1/60 @ 60 1/70 @ 65
1/70 ~ 65 1/6o G 60 1/140 - 1/70 @ 65
Normal and Minimum Retirement Age ~ 55 i 55 ~ --
Final Compensation Unlimited and 3 ,yr. Avg. 3 yr. Avg.
Death Benefit After Retirement 400 400
Minimum Allowance~~ 40 X100
Other Provisions:
1/60 @ 60
1/go - 1/60 @ 60
3 yr• Avg. ~ 3 yr. Avg.
(No change from
Present Contract)
(29) Member contribute for qualifying service (first 6 months)
(30) Firemen Only - Normal and Minimum Age 50
(31) Safety Nlerribers: 2 Continuance upon Death after Retirement
(32) Dependent Benefit upon Death of Active Member qualified to retix•e
(33) School Districts Only - A11 amendments automatically apply
~ Other Information on Modification of Benefits:
Are Modified Benefits to be on a "Divided System" basis?
Have procedures been started to "Divide System" and is valuation to be made of the
"divided" members?
When is the "division date?"
Will decision on modification of benefits be made after receipt of the report on this
amendment valuation?
The modified formula will apply to services rendered after what date?
Is OASDI coverage to be retroactive? If so, to what date?
and are employee and employer retroactive OASDI contributions to be deducted from SERS ~
accounts?
Is the portion of "final compensation" to which the modified formula applies to change
automatically with the maximum OASDI covered wage?
If not, what is the portion?
Ret. Form 1075 x/58 1800
_. _ _ _ _.
w , ~ • ,
r 1 STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
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1227 O STREET ..
SACRAMENTO 14
PLEA9E DIRECT YOUR REPLY TO SECTION_.-
REFER TO MEMBER ACCOUNT
CONTRACT BETWEEN THE
~-1~`Y C
Name of Governing Body -
of
Name of Public Agency
and the
FIRM OF GOATES, HERFURTH AND ENGLAND, CONSULTING ACTUARIES
for determining the aroproxima±e contrib~stion wh.i~:h. would
be required because of Public Agency's participation in
the State Employees' Retirement System,
THIS AGREEMENT made this
tween the
such. as ~
(hereinafter referred to
(hereinafter referred to
Consulting Actuaries.
ZaITNESSi;TH
day of ~___ 19, by and be-
r COIL
amity Council, 3o~'ru cf Si_pervisors ~or Governin oard
as "~.overning Bod;~" ; o:° the '~~ 4 '~
Na~.o cf Public ~ency
as "Public ASency" ~ aY.d Coate.:, ~~erfurth. and England,
1. The Governing Body herewith. e:.gages and retains the Consulting Actuaries to make
such investigation and valuation as required by Chapter 4, Article 1, of the
State Employees' Retirement Taw, in order to determine th~~ approximate contribu-
tion which. would be required of the Fublic 1!gancy because of said P.gency's
participation in the State Employees' Retiremen~c Systerz on the basis described
in the attached "Statement of Specifications" which is hereby inr_orporated into
and made apart of this contract ~,s though ~~e-^ei r.. set forth. it full.
2. Should the Consulting Actuaries encounter any unusual s:~tuation or should they be
requested to make valuations in addition to those described on the attached
"Statement of Specifications," which might require an additional expenditure of
time, such. situation and additional valuations ti?~~^,l.l 'ae i;rough.t to the attention
of the Eoard of Administration, Stake r:~ployees' iaetireu~~nt "ystem, for further
consideration. It is understood that the tine expanded i..n connection with such
unusual situation and additional valuations is not included t~ithin~the fee stated
herein.
r
Ret. F~.~m 11.3-1 (Re z, 3/57) 500
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3. The Governing Body agrees to furnish to the Consulting Actuaries through said
_ Board of Administration, the data relative to its employees, past and present,
necessary for determination of the approximate contribution. Botb parties under-
stand that the Eoard of Administration will provide to Consulting Actuaries
various tables and schedules of rates based on experience of members of the
Retirement System, as determined in previous investigations and valuations. Both
parties liketaise understand that the work of the Consulting 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 the Consulting Actuaries shall be th.e property of the Board of
Administration and shall be delivered to said Board at the conclusion of the
valuation.
~+. For the full performance of the investigation and valuation, t~nsulting
Actuaries shall receive from the Governing Body the sum of $ subject
to adjustment on account of variation in the number of employees from the number
stated in th.e attached"Statement of Specifications," and subject to further ad-
justment on account of any unusual situation, or on account of additional valu~e-
tions requested by the Governing Body. The Governing Body agrees that the sum
fixed in this paragraph. as compensation for the services to be performed by the
Consulting Actuaries shall cover only the calculations and necessary conferences
between the officers and employees of the Board of Administration and the
Consulting Actuaries. It is understood and agreed that the Governing Body shall
deal with the Consulting Actuaries only through the Beard of Administration.
5. The Consulting Actuaries agree to render the services herein contracted in a
satisfactory and expeditious manner. The Consulting Actuaries shall furnish
to the Board. of Administration, in addition to data provided herein to be fur-
nished, a written summary in dup7_icate of the results of the calculations made
under this agreement a.nd ~~he compensation provided for herein shall be payable
by the Governing Body taaen such summary is delivered to the Board of
Administration.
6. This contract is made and entered into in accordance with. Chapter ~+ of the State
Employees' Retirement Lasa, and is subject to the provisions of said Law.
WITNESS OUR HANDS the day and year first abo~~e written.
COATES, HERFURTH Al~TD ENGLAND,
COAISULTING ACTUARIES
~~ ~ %~
ner
Approved by the
State Employees'
the meeting held
/"~7
Fxecvt
~. '~~ t:.>::~~Z.
Such. a,s ~Cit;r Council, Boar of
Supervisors," or "Governing Board")
1V~me of Public Agency
BY
~ e~ ;~~YOR
of Administration,
ement System, at
Ret, Torm.113-2 (Rev.3/57) 500
j M ~
.... ~ . --
~~.
STATEMENT OF SPECIFICATIONS
CONTRACT DATED March 3, 1958 BETWEEN THE
CTR7[ C~T~4.
Name of Governing Body
of
CITY ,~A~~`A
Name of
~~
and the Firm of
COATES, HERFURTH AND ENGLAND, CONSULTING ACTUARIES
1. Proposed effective date ~
2. Normal service retirement age .
3. Minimum service retirement age .
~+. Years in "Final Compensation" averaging
period for benefits on account of:
a. Prior Service .
b. Current Service
5. Limit on montb.ly compensation .
6. Fraction of "Final Compensation"
payable for;
a. Safety member retirement at
normal retirement
b. Each year of miscellaneous service
at normal retirement
7. (Modification a/c OASI) Percent of
above fraction applicable to first $350
of monthly compensation after .
8. Minimum monthly benefit at compulsory
retirement with prior service credit
g. Additional considerations:
&~cr~i+a~ 2L2G~ art tAh+~ st3rr~t La~wr
(calf ce~t~ce of ter z*s~,~
allaranc~s of a xr~.sed si-fety ~tber t~
e~~ ~~)•
t~.~t 2337 ~~~ ~ +~llcaaret~a
~a c~r~n d~r~a of ~"!, aa3d pa1~.~s•
test ~~ gn-a~li~i~ad fc~ x+~~.~~}
Number of employees
Policemen or
Firemen County Peace Officers Misc.
I
Ret. Form 952 3/57 700
. A -
` ~ ~OARD OF ADMINISTRATION
STATE EMPLOYEES' RETIREMENT SYST
1227 O STREET
SACRAMENTO 14, CALIFORNIA
INTER-DEPARTMENT CORRESPONDENCE
To; Date: September 1]-~ 195
City of Santa Ana
Attention: Mrs. Erma Hunter please Reply to Section________________23_____
Membership Number-------------------------------------
SUBJECT: Consulting Actuaries'contract
~:~e have had a photostat made of our copy cf the Consulting
Actuaries' contract providirg for a valuation on the one-calf
continuance ar~d survivors benefit for the City of Santa Ana.
V~e have retained the photostat for our records and are forwarding
our copy to you.
~•
~~,TGETv ~;. J S
ASSISTANT AC VARY
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RET. FORM 229 (REV. 4-53) stsos a-s~ zsti sPo