HomeMy WebLinkAboutContracts & Agreements_3-1959STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
"itttte �raylovjni yvefirlmmt �Ustem
1227 O STREET
SACRAMENT0 14
PLEASE DIRECT YOUR REPLY TO SECTION
CONTRACT OF RSFSR To MEMBER ACCOUNT Nu
CITY OF REDLANDS
(Name of Public Agency)
with the
Farm of COATES, HERFURTH AND ENGLAND, CONSULTING ACTUARIES, for making an
investigation and valuation as stated herein.
1. This AGREEMENT made this ' day of 14k,"r cli , 195_�_, by and between
the - - CTTY COTTKIT,o '` r0F R' D U 11D 3 ,
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 employees, 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 contributions required of Agency under the contract be-
tween its Legislative body and said Board.
b. To make as of June 301, 1958, such valuation of assets and liabilities as may
be necessary to determine the contribution 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:
Hone
Ret. Form 424-1 (Rev. 9/58) 2500
3. It is assumed that the employees of the Agency are of 3 member classifications
and that there will be included in the valuation 251 persons who are members or
who are receiving retirement allowances because of service rendered to Agency.
4. 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 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 descrived in paragraph 2. Buth parties also understand that said
Board of Administration 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. For the full performance and completion_ of said services, Actuaries shall receive
from Agency, the following amounts:
For work providers in subparagraph a. of paragraph 2 hereof $ 203.05
For work provided in subparagraph b. of paragraph 2 hereof $ ---
Total $ 263.05
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 faxed 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 summary 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 424-2 (Rev. 9/58) 2500
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 provisions
of said Law.
WITNESS OUR HANDS the day and year first above written.
Approved by the Board of Administration,
STATE EMPLOYEES, RET IFE MENT SYSTEM
By
Executive OfficezU
CITY OF I s 1,L\TDS
Name of Agency
By
Title.
COATES, HERFURTH AND ENGLAND,
By
/6w,
Partner
Ret. T+nrm 494_2 IRo.T o/rA) 13r-nn
STATE OF CALIFORNIA
BOARD' OF ADMINISTRATION
1227 O STREET
SACRAMENT0 14
December 18, 1958 PLEASE DIRECT YOUR REPLY TO SECTION
REFER TO MEMBER ACCOUNT NUMHE
City of Redlands
Our Form better 529, seat to you early in October, referred to a contract
to be executed between the legislative body and the Consulting Actuaries, with
reference to the -actuarial -investigations and valuationsexplainedin the letter.
The contract has been prepared, and is enclosed in quadruplicate. Three
copies of the contract, properly executed, should be returned as soon as possible.
T believe the contract will be self-explanatory. The items under paragraph
2 in the contract, agree with the statement of your desires on our Form 530, com-
pleted by you and returned to the Retirement Office recently. If you did not
return Forh' 530, it has been assumed the agency does not wish any supplemental
valuations.
The fee stated in item 6 of the contract is based partly on the number of
members given in item 3. No remittance is to be send, by you until you receive a
statement from the Actuaries, following completion of the work. Remittance should
then be made directly to the Actuaries and NOT to the Retirement System,
If you want further information before executing the contract and returning
three copies of it to the Retirement Office for execution by the Consulting
Actuaries, 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.
Encl.
60
AGREa C. HAIGHT
ACTUARY
]_0 C
Ret. Form 562 (Rev. 10/58) 525
t
STATE OF CALIFORNIA``
BOARD' OF ADMINISTRATION a °
1227 O STRF-E:T
SACRAMENT0 14
.February 13, 1959
City of Redlands
PLEASE DIRECT YOUR REPLY TO SECTION 73
REFER TO MEMaER ACCOUNT
Enclosed for your file is a copy of the contract between your
Agency and Coates, Herfurth and England, Consulting 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,
1958.
No remittance is to be made now. You will receive a statement
from the Actuaries upon completion of the work. Remittance should
then be made directly to the Actuaries and NOT to the Retirement
System.
r f
LAUREN C . HAIGIZ/,
ACTUARY
Encl.
me
F891
Rpt_ Form RQ1 (Rpv In/f;R) -zqn