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Home My WebLink AboutAgmt_1967_November 13__ ___ _ T~ _ ~ ~-x.~~ r- ~. ~ ,mac r' \(~ CONTRACT OF CITY OF SANTA AID WITH THE STATE EMPLOYEES' RETIREMENT'. SYSTEM • FOR MAKING A VALUATION AS STATED H1~iET_N By this ..:AGR~M~'~`-' _ made ,this -. f day of` , in << accordance with and subject to the provisions of the St to Employees Retirem~u mow, by and be~reen„the ---CITY' COUNCII, _. _ of the CITY OF SANTA" ANA ~ ` hereinafter referred to as A~ency,• 'aiid the State Employees' Retirement 'Syate~u°here- --•-~ inafter referred to as System, Agency and System agree as follows: A. Agency herewith retains the .services of System to perform, as of September 1,:1967 the valuation required by Sectioh 20461.1 of the State Employees' Reti.rement~Law °~ for the purpose of determination by-the Board. of Administration of the State Employees' Retixeinent System of theeontributions to be made by Ageney.under Agency's contract with said Board if the benefits under said contxact,'descrbed in the attached Exhibit A, are changed as follows: Change: item: (s) .:. $.0~ ;,and, _$.07 from the: _ description in ib3t"A tb the description in~the attached Exhibit'B. B. Agency will pay $ .~ ....,,. ._ to System upon completion of-the valuation., such fee Being based on the number of persons and membership categories involved. C. Any and all date,~and information requested by System from Agency for use in' compilation oP this valuation: shall be furnished to System by Agency'upon~request by~Syatem. The actuarial tables and procedures to be used in the valuation"sha11, be i:n accordance with"the tables approved by said Board of Administration. system ,.sha7.]. have solecontrol of~~the valuation and its. judgment in the determination ,thereof shall be~ final and "conclusive. AlI worksheets and final results and reports, the product of the, valuation, shal]. be and remain the property of..the System. Witness our hands. the, day and'year first above written. STATE EMPLOYEES' RETIR~~fiiT SYSTEM CITY OF SANTA-ANA illiam~ E. `Payne, Exec five firer "_ I'TI'LE~ZTice , a„X.or ~ ' ~'EE not. to exceed ~l~.00 _ '- - _.. per each retired member. ~~ +~ 3t~ ~~ ~~ ~r.LVI~ ~nbt,~~V ~,,r ~ , r Amendment ~~:c;ti~ti~n"~~ ` Ret. Form X24-A SERS (3/65) S00' ,- Cox~t`ract~~-=Status as of F~brua,. 1 -~ 65 for ~~.?3TA ~.NA ~.~~~'t~ ~s~. - Code 137 Status ~ relen.se nu~r 59 Amended:l0-1-51, 2-1°54, 9-1-,6, 20493 or 20580 ,effectiveTdot Applicable Alpha 3840 7-1-5~ ~ 1 ~-1°00 9 9'°1-'63, 4-1®64, 2-'~.-65 a b c d e Miscellaneous Local Safety 1.0 Coverage: 1.01 SERS since. 7-1-47 1.02 SDI since (D=Div:, A All) OA No x.03 • retro to. - 1.04 Former Group A re-employ as m _~ 1.05 Refund retro . OASDI adj. c ontr . 2.0 Local System. No 2.01 Use age for contr. rates. 2.02 Employee contr._transferred e m 2.03 Retired lives transferred . 3.0 Retirement Formula: -3.01 Basic ,Formula ]./60 FF 3.02 Percent for P/S 100 3,03 Mist P/S improved to. A e`6 3.04 Minimum Retirement Age. 5,, 3:05- .Minimum Guarantee • 100 3.06 "from. Mod lst $ for QASDI No:- 3.07 until . . -- 3.08 to. thereafter.l.st $ - 3.09 thereafter lst $ to. -~~~• 3,10 Ordinary disability formula'.. 1. 3.11 Disability limit (section). , 2129T F 4.0 Com ensation Average: 4.01 For P S Benefits. 3H(2-1-54) 4.02 For C/S Benefits. ,. 3H 2-1- 4.03 Gr. since 10-1~ 1 4.04 Include overtime. No 5.0 Post-retirement Death Benefits: 5.01 Lump Sum. ~4~0::~_ 5.02 1/2 continuance (21264) ~SCX~xXXXXX; 6.0 Pre-retirement Death Benefits:. 6.01 Local System contr. credit -~ 6.02 Local System serv. credit No 6.03 'S7 Survivor (21365.5) since.. 2®1- 6.04 'S9 Survivor (21380-7) since. 111- 0 6.05 Safety violent Indust. (21364) : X~~CXXX~CX)~XX; Entries below a 1 7.0 S ecial Service: ,. 7.01- C S pre-membership (20804.5) 9~ 7.03 Mil. Q agcy. cost (20894.5)- No 7.04 P/S with 10 yr.C/S (20834.1) gal 7.05 P/S wage other source (20839) No ons FIRE Pol:- 7=1_47 7®1m47 No Pdo X~%XY~C . Pao Pdo ' 1.00 1Q0 X~:XX:~XXX XXXXXXXX3G 0 Disc. 0 Disc. 100 100 too ; : No 1. 212 7 F 21297 F H 2-1m54 3x(2®1®54 H 2-1-.~ 3H 2-1- 0=1- 1 10-1- 1 o Pdo 4~:r~~ X400 do all rou s .0 Allowance Increases: 8.01 To member formula (21251.3). . 8.02 $100 min. guar. (21258.2). 8.03 'S5 to pre-3 yr. ave. (21251.4) . 8.04 'S7 to pre-7/2/56 ret.(21251.5). 8.05 For 20834.1 service (20834.2). . 8.06 For 20839 service (20840). . 8.07 "63 to pre-1/1/62 ret (21251.6). s~sre ~- Oml®51 0 t'. ~~ "~CorrtraL~~cStatus as of,~ Stag release bu~nber Amended for 1.0 Coverage: 1.01 SERS since. x.02 OASDI since (D=Div:,•A All). . 1.03.. retro to. 1.04 Former Group A re-employ s.s . 1.05 Refund retro OASDI ad j. contr.. 2.0 Local System. 2.01 Use age for contr. rates... . 2.02 Employee contr.•transferred . 2.03 Retired lives transferred . 3.0 Retirement Formula: 3.01 Basic Formula : . 3.02 Percent for P/S ~. ". 3.03 Misc P/S improved to. 3.04 Minimum Retirement Age. . 3:05-.Minimum Guarantee 3.06 Mod lst $ for OASDI from ..`3.07 until . / 3.08 thereafter lst•$. to. 3.09 thereafter lst $ to. 3.10 Ordinary disability formula.. 3.11 Disability limit (section). . 4.0 Com ensation Avera e: 4.01 For P S Benefits. : . 4.02 For C/S Benefits. . 4.03 (~. since 4.04. Include overtime. . 5.O Post-retirement Death Benefits:. 5.01 Lump"Sum.'. . 5.02 1/2 continuance (21264) : . 6.0 Pre-retirement Death Benefits:. 6.01 Local System contr. credit . -6.02 Local System serv. credit . 6.03 'S7 Survivor (21365.5) since:, 6.04 'S9 Survivor (21380m7) since. Entries `~~-_.-7.0 .Special Service: ,_ Code 20493 or 20580 effective Alpha 7.02 C/S ~ non-cont. agcy. .(20818). 7.03 Mil. ~ agcy. cost (20894.5). 7.04 P/s witty to yr.c/s (2o83t~.1) 7.05 P/S wage other source (20839) us scellaneous e do all rou s .0 Allowance Increases: 8'.01 To member formula (21251.35) . 8.02 $100 min. guar. (21'258.2). . 8:03 ' S5; to pre-3 yr. ave. ( 21251.4) 8.04 'S7 to pre-7/2/56 ret.(21251.5). 8.05 For 20834.1 service (20834:2). . 8.06. For 20839 service (20840). . 8.07 '63 to pre-1/1/62 ret (21251e6), ~~ ~ .,~. -~~ ~' - (' ~ _.~ ~ ~ ~'ub~..i~ ,~pl~~~~~ ~.ef~~~a~~1t ~~r'ta~ 9aexs~nt'~~ ~a~lfa~'u~9: , ~68b9 A~~ ~ ~ r « ~ayn~z, ~ . ~-n Idc~v~zanbar 9, 196`1 'the C~t~ C~une~i o~ the City o~ ~~z~~~. A~i ~~~ht~x~,~ed ~~~~ut~c~ri a~,~~nts~~t Frith Mate . ~xnpls~Y~~~ R~tiz~zn~mt 15y~t+~m, '~~n~~c~~~d.~~e 'tha ~r~gf~ d ~~~-Y of the:. ci4n#rhat, e~e~it~d b~ the Gib, ~-nd a c~~,sd copy at the ~atnute ~Gtian. A~t~x' e~~~uti~n by the Mate ~mpio~ea~ ~etix~e~rxa~~ ~g~#exr~r mill ~(au plea~~i return One ex~~ut~d ~~AY to u~, Very t~~iy yours ~or~e ~. Hx~dwz~ ~X~x~ UY the ~t~unCii: ~ne~la~~ree ,.- ~ - ~, Tfl~ CITY 0~ SflOTfl flOfl CALtFORNiA October 27, 1967 MEMO TO: City Council FROM: City Manager ~,, C Pease ac~c~ress re~~ies to: SUBJECT: BENEFITS FOR EMPLOYEES ALREADY RETIRED Continuing advances in the cost of living are particularly hard on retired persons and those with fixed incomes. Some months ago representatives of the Santa Ana City Employees. Association re- quested consideration for increasing retirement benefits for those City employees who have already retired to help offset the in- creased living costs and inflationary trends. There are approximately 123 retired City members who now receive benefits from the State Employees' Retirement System (SERS). There are two types of amendment provisions available which could increase benefits. for some of these retired members up to a maximum of $50 per month, depending on each member's date of retirement and retire- ment classification (service retirement, ordinary disability, in- dustrial disability, etc.). The SERS requires an ac uarial survey for each amendment provision to determine the cost increase in current service contributions. Attached is the contract form required by SERS to initiate the actuarial surveys. .The cost of these surveys is estimated to be $500 (based upon ,$4 per retired member). It is recommended that the City Council authorize. the execution of this valuation contract to determine the costs of increasing benefits for employees who are already retired... Carl Thornton City Manager Enc. ~~ y.. ~ ~ .c. ~. ~ ~. `- ~ ~ Ronald Reagan 5Tf.TE OF CALIFORNIA-BOARD OF ADMINISTRATION ,Governor STATE EMPLOYEES' RETIREMENT SYSTEM 1416 NINTH STREET, P. O. BOX 1953 SACRAMENTO, CALIFORNIA 95809 STANLEY B. FOWLER, President OTTO PALOMBO, Vice President DR. L~ER BRESLOW PATRICK R. BYRNE GORDON B. CAMERON HALE CHAMPION DONALD GALLAGHER A. W. "JOE" HISLOP RICHARD A. LIEBES LUCY E. RITTER JOSEPH L. WYAT7 JR. Mr. D. E. Bott Director of Personnel City of Santa Ana Room 307, City Hall Santa Ana, California Dear Mr. Bott: . ~"~`, Yip' Z„r :.~. ,g ~._ ~~ r JUN 211967 ~.. QERSONNEL ~.. _ `~ OF SANT r _,/ Enclosed are actuarial contracts (four copies) for the special valuation which you have requested. The contract provides`~or a valuation with respect to those items which are indicated in ~t~ B which is attached to each contract (Section 21251.5 and Section 212, ). Please let us know if you feel the enclosed contracts providing for an actuarial valua- tion do not coincide with your request and we will redraft the contracts. When your governing body has approved this contract please have three executed copies returned to this office. A copy of the contract will be returned for your records after it-has been signed by our executive officer. Yours truly, Kisuk Yang Actuary Reply to Section 23 June 20, 1967 KY:er encls.