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Home My WebLink About11-13-67 ValuationCONTRACT OF CITY OF SANTA ANA WITH THE STATE EMPLOYEES' RETIREMENT SYSTEM FOR MAKING A VALUATION AS STATED HEREIN By this AGREEMENT made thisI day of , in accordance with and subject to the provisions of the St to Employees' Retirlef ement Law, by and between the CITY COUNCIL of the CITY OF SANTA A1\1 hereinafter referred to as Agency, and the State Employees' Retirement System 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 Section 20461.1 of the State Employees' Retirement Law for the purpose of determination by the Board of Administration of the State Employees' Retirement System of the contributions to be made by Agency under Agency's contract with said Board if the benefits under said contract,described in the attached Exhibit A. are changed as follows. Change item (s) 8.04 and 8.07 from the description in Exnibit�! to the descriF6ionin Tb_e a�:tached 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 data and information requested by System from Agency for use in compilation of this valuation shall be furnished to System by Agency upon request by System. The actuarial tables and procedures to be used in the valuation shall be in accordance with the tables approved by said Board of Administration. System shall have sole control of the valuation and its judgment in the determination thereof shall be final and. conclusive. All work sheets and final results and reports, the product of the valuation, shall be and remain the property of the System. Witness our hands the day and year first above written. STATE EMPLOYEES' RETIREMENT. %SYSTEM -CITY OF SANTA AICA BY BY �. illiam E. -Payne, n.e rec .xive 0 f'i^,er 'PITL'E _Vice Magor„ �! *FEE not to exceed $4.00 per each retired member. ,1� y Amendment Ret. Form 424«A SERS (3/65) 500 Contract Status as of 1,,°e;ri� for v xmenoed:,,, 9) ;x�r 1 l �r_tu 9_13� 1,0 Coverage: 1.01 SERS since. �-1 1.02 OASDI since (D=Div;, A=All)r ` 1,03 retro to, . 1.04 Former Group A re-employ as 1,05 Refund retro OASDI adj.contr. 2.0 Local System. x®- 2.01 7 e 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 , , , ;j,yyr 3.03 Mises P/S improved to. . . . . 3.04 Minimum Retirement Age. . . , 3.05-- Minimum Guarantee ()0 3.06 Mod lst $ for OASDI from V 3.07 until . 3.08 thereafter Ist $„ to, - 3.09 thereafter. 1st $ be. 3.10 Ordinary disability formula 3.11 Disability limit (section). �5 21,;;?:,; 4.0 Compensation Average: 4=01 P ForS Benefits. 4.02 For CIS Benefits. . 311 2 4..03 Gr. since nia e-=--'A16ri�Y�rz. 4.04 Include overtime. . . . . . lt)77 No 5.0 Post-retirement Death Benefits: 5.01. Lump Sum, . . - '10 o3 ,, 5=02 1/2 continuance (21264.) ,,.g,.„ 6.0 Pre -retirement Death Benefits - 6,01 Local System contr. credit 6.02 . Local System serv, credit r,;, 6.03 '57 Survivor (21365.5) since. 6.01E '59 Survivor (21380Tr) since. 6.05 Safety violent indust. (21361.4) x,T77h/h 7.0 Special Service: Entries below 7.01 C S pre -membership (20804..5) - 3 7.03 x Mil. @ agcy. cost (20894..5) G'7'=o 7.04 P/S with 10 yr.Cls (20834.1) T 7.05 P/S wage other source (20839) r_-a Pd,,, ons Code 20493 or 20580 effective ; '. _ ,,R_ Alpha riiscellaneous Local Safety 1'Imb Poi. - 3k, c, - n uwa,uce Lnoreases: - 8.01 To member formula (21251 3) 8.02 $100 min, guar, (21'258.2). , 8.03 '55 to pre -3 yr. ave. (21251.4) , 8.01.4 '57 be pre -7/2/56 ret.(21251.5). 8.05 For 20834..1 service (20834.2). 8.06 For 20839 service (20840). 8®07 163 to pre -1,/31_,/62 ret: (21251.6). :3 lb= A 0 -1 - Ret. Form 556-s (Rev. 8/62)` Contra6,t Status as of � for am I 1.0 Coverage: 1,01 SERS since. 1,02 OASDI since (D=Div:, A=All) . 1.03 retro to, 1.04 Former Group A re-employ as . 1.05 Refund retro OASDI adj.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 Mises PIS improved to. . , 3.04 Minimum Retirement Age. . . , 3.05 -.Minimum Guarantee . 3.06 Mod. 1st $ for OASDI from 3.07 until . 3.08 thereafter 1st $ to. 3.09 thereafter 1st $ to, 3.10 Ordinary disability formula 3.11 Disability limit (section). 4.0 Com ensation Average: 4.01 For P S Benefits. . , 4.02 For CIS Benefits. , 4.03 Gr. since 4.04 Include overtime. 5.0 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 '57 Survivor (21365.5) since. 6.04 '59 Survivor (21380-7) since. -r - - . Entrie 7.0 S ecial Service: 7.02 C/S @ non-cont.agcy. (20818) 7.03 Mil. @ agcy. cost (20894,5) 7.04 PIS with 10 yr.0/S (20834.1) 7,05 PIS wage other source (20839) ons 2%93 or 20580 effective scellaneous Code Alpha ----" n uwance Increases: 8.01 To member formula (21251,35) , 8.02 $100 min. guar. (21258.2), 8,03 155 to pre -3 yr, ave. (21251.4) , 8.04 '57 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)Q Ret. Form 556-s (Rev. 8/62) November 9, 1967 0 William E. Payne, executive Officer State of California Public Employees Retirement System P. Q. Box 1953 Sacramento, California 95309 Bear Mr. Payne: On November 6, 1967 the City Council of the City of Santa Ana authorized execution of contract with State Employees Retirement System. Enclosed are the original and copy of the contract, executed by the City, and a certified copy of the Minute action. After execution by the State Employees Retirement System, will you please return one executed copy to us. Very truly yours, Loris M. Brown Clerk of the Council L:v Enclosures 1K CIN 0f AM HN CALIFORNIA October 27, 1967 Please address repl;es ta: MEMO TO: City Council FROM: City Manager 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 actuarial 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. ST[:TE OF CALIFORNIA—BOARD OF ADMINISTRATION Ronald Reagan7o=QtV&XDREWN, Governor STATE EMPLOYEES' RETIREMENT SYSTEM NINTH STREET, P. 1953 SACRAMENTO, CALIFORNIA 958 95809 ' STANLEY B. FOWLER, President Reply to Section 23 OTTO PALOMBO, Vice President DR. LESTER BRESLOW PATRICK R. BYRNE GORDON B. CAMERON HALE CHAMPION DONALD GALLAGHER June 20, 1967 A. W. "JOE" HISLOP RICHARD A. LIEBES LUCY E. RITTER JOSEPH L. WYATT, JR. Pyr. D. E. Bott Director of Personnel City of Santa .Ana Room 307, City Hall Santa Ana, California Dear Mr. Bott: JUH 211967 PERSONN',t ""OF SANT _mss Enclosed are actuarial contracts (four copies) for the special valuation which you have requested. The contract provides,' -for a valuation with respect to those items which are indicated in Exhibit, B which is attached to each contract (Section 21251,5 and Section 212NI-6). 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 offi.cer. Yours truly, Kisu.k Yang Actuary KY:er encls.