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HomeMy WebLinkAboutContracts & Agreements_4-1944 BOARD OF ADMINISTRATION EARL W CHAPMAN EXECUTIVE SECRETARY THOS E STANTON PRESIDZNT H H BENEDICTmti RALPH R NELSON JOHN R CORNWELL ACTUARY DONALD GALLAGHER FORD A CHATTER, .LAMES DEAN WALTER C KENNTEPHE DY JOSEPH H STEPHENS STATE OF CALIFORNIA Stat u ee ' ftzexrtent 'Isipum 102 STATE OFFICE BUILDING NO 1 TENTH AND L STREETS SACRAMENTO 14 August 16, 1944 city Council Citi' Hall Redlands, California Gentlemen- Enclosed for your file is a copy of the contract executed between CITY OF REDIANDS Name of Subdivision and Coates and Herfurth, Consulting Actuaries, and approved by the Retirement Board, for the purpose of determining the approximate contribution which would be required of the Subdivision because of its participation in the State Employees' Retirement System. Yours truly, Board of Administration STATE ER YEEV RET NT SYSTEM BY t on r F118 5-40 75 BOARD OF ADNEN ISTRATION EARL W CHAPMAN ^^^�' EXECUTIVE BECRETARY TH05 E STANTON PRESIOGNT H H BENEDICT RALPH R NELSON JOHN R CORNWELL ACTUARY DONALD GALLAGHER JOHN J HAMLYN JAMES DEAN WALTER G KENNEDY JOSEPH H S3EPHENS STATE OF CALIFORNIA 102 STATE OFFICE BUILDING NO 1 TENTH AND L STREETS SACRAMENTO tai COUTRACT OF CITY OF (ZTame of Subdivision) '5ith the FIRM OF C OATES AtTD TIERI'T311TH, C OPTS ULT ING AC TUAR IES, for determining approximate contribution which would be required of subdivision by its participation in State ;employees' retire;?gent System. 1. THIS AGRLg;IMIT made this day of by and between the C;tv ('01' ( l"1 of the (City ounci , Board of Su 4rvisors or Governing Board n� R .491 f1na , as party of the first part, and Coates and (Name of Suivasion) Herfurth, a co-partnership composed, of Barrett IT. Coates and Cara. E. Herfurth, consulting actuaries, pasties of the second part. IIITUESSETH- ?e The party of the first part herewith engages and retains the services of the parties of the second part to make such investigation into the employment ex- perience of the party of the first part, and such valuation of the benefits and contributions provided in the State Employees' Retirement Act, as may be necessary to determine the approximate as distinguished From the definitive contribution which `could be required of the party of the first part because of said party' s participation in the State employees' to. ent System, ipn the assumption that said T�articipation will be effective l , is , and upon the further assumption that the number and classificaton of said party' s employees whose 'nemberships are contemplated in said participation are as follows: F113-1 1.4(' 900 Minimum Age for Voluntary Classification =bumber Service Retirement 1. City firemen, as defined in Section 9c of the State 1 Employees, Retirement Act. 2. City Policemen, as defined in Section Rb of the State Employees' Retirement Act. r 3• Employees other t' an City Firemen and City Policemen As provided in the Retirement ?pct 3. Should the parties of the second part encounter In the va Nation any unusual situation or should said parties of the second part be requested by the warty of the first part to make further valuations of different combinations of, benefits and contributions, which might require ar additional expenditure of time, said situation and request shall be brought to the attention of the Board of Administration, State Employees' Retirement System, for further consideration. It as understood that the time expended in connection with said unusual situation and Furth-r valuation, as n-t included within the fee stated herein.. 4. The party of the first part agrees to furnish to the pprtles of tha second part, through said Board of %ministration, the data relative to its em- ployees, past and present, necessary for the determination of said approximate contribution. Both parties understand that said Board of Administration will make available to the parties of the second part various tables and schedules of rates based on the experience under said Retirement Systam among members thereof, as determined an previous investigations and valuations. Both parties likewise understand that in accordance with said Retirement Act, the work to be performed by the parties of the second past 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 retorts from said :parties of the sec- and part, shall be the property of the Roard of Administration and shall be delivered to said Board at the conclusion, of said work. 5. For the full performance and completion of said services, the parties of t. a send part shall receive from the party of the first part, the sum of :,� subject to adjuetmett on account of variation in the number of em- pAyees whose membersl ips are confempla.ted, and for -%Thom data are submitted as provided an paragraph 4, hereof, from the num}ger of such employees stated 3n para- graph 2, and subject to any adjustment :rade on aenoant of any unusual situation, or on account of further valuations of different combinations of benefits and contributions requested by the party of the first part, as hereinbefore provided. The party of the first part agrees that the sum faxed an this paragraph as com- pensation for the services to be performed by the- parties of the second part, shall cover only the calculations and conferences between Ke officers and employ- ees of the Board of Administration and the pa-ties of the second part, necessary in the determination of said approximate as distinguished from the definitive contribution, excluding conferences between said party of the first part and r parties of the second part. It as understood aro a0reed that the party of the F113-2 1-40 200 first Part Vall deal wit} the parties of the second part only through said Maid of Administration. 6* The parties of the second part hereby agree to render the services herein provided for and to complete the same in r satisfactory and expeditious man- ner The parties of the second part shall furnish to the Board of Administrations in addition to data provided herein to be furnished, a written summary in duplicate of the results of the calculations made under this agreement and the compensation provided for herein shall be payable by the party of Me first part when such summary is delivered to the Board of Administration. 7. This contract is made and entered into in accordance with the provisions of Section 58b of the State Employees' Retirement Act, and is subject to the pro- visions of said Act. 4ITNESS OUR HANDS the day and year first above written@ '��4 !Oyf of City CREM0aupervisors" or "Governing Baird" } T�'�artie of 5iidivision) BY �'! Cle I' or Secretary A co-partnership composed of- Barrett A Coates Carl B. Herfurth BY