HomeMy WebLinkAboutContracts & Agreements_13-1960STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
1227 o STREET
SACRAMENT0 14
June 29' 1960 PLEASE DIRECT YOUR REPLY TO SECTION 23
REFER TO MemaKR AccouNT N
City of Redlands
The contract between your Agency and Coates, Herfurth and
England, Consulting Actuari s ra �a�;�EARtdetermine
the approximate cost for rnn.°
has now been executed by all
parties concerned. We are returning a copy of the executed
contract for your files.
Encl.
�
EUUENEE E. cxs
ASSISTANT ACTUARY
Ret. Form 917 (Rev. 8/58) 200
STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
�imytavtn' JRefirmeuf "iV'Mma
1227 O STREET
SACRAMENT0 14
COITTRACT BET6�7 3-3111 THE
CITY COUNCIL
Name of Governing Body
of
CITY Off' REDLANDS
Name of Public Agency
and the
PLEASE 01RECT YOUR REPLY TO 5EC7iON�
REFER TO MEMBER ACCOUNT NUMBER -
FIRM OF COATES, 12RFURTH AND ENGLAND, CONSULTING ACTUARIES
for determining the approximate contribution which would
be required because of Public Agency's participation in
the State Employees' Retirement System.
THIS AGR,-1,ZENT made this a&ofC 19 by and between
the
such as City Council, Board of SupervisorseIff 8yv oard
(hereinafter referred to as "Governing Body") of the
Name of Public Agency
(hereinafter referred to as "Public Agency") and Coates, Herfurth and England,
Consulting Actuaries.
WITNESSETH:
1. The Governing Body herewith engages and retains the Consulting Actuaries to make
such investigation and valuation as required by Chapter 4, Article 1, of the
State :;employees' Retirement Lana, in order to determine the approximate contribu-
tion which would be required of the Public Agency because of said Agency's par-
ticipation in the State Employees' Retirement System on the basis described in
the attached "Statement of Specifications" which is hereby incorporated into and
made a part of this contract as though herein set forth in full.
2. Should. the Consulting Actuaries encounter any unusual situation 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 shall be brought to the attention
of the Board of Administration, State Employees' Retirement System, for further
consideration. It is understood that the time expended in connection with such
unusual situation and additional valuations is not included within the fee stated
herein.
Ret. Form 11;-1 (Rev. 3/57) 500
3. The Governing Body agrees to furnish to the Consulting Actuaries through said
y Board of Administration, the data relative to its employees, past and present,
necessary for determination of the approximate contribution. Both parties under-
stand that the Board 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 likewise 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 the property of the Board of
Administration and shall be delivered to said Board at the conclusion of the
valuation.
4. For the full performance of the investigation and valuation, the Consulting
Actuaries shall receive from the Governing Body the sum of $ 50,00 subject
to adjustment on account of variation in the number of employees from the number
stated in the attached "Statement of Specifications," and subject to further ad-
justment on account of any unusual situation, or on account of additional valua-
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 Board 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 duplicate of the rem lts of the calculations made
under this agreement and the compensation provided for herein shall be payable
by the Governing Body when such summary is delivered to the Board of
Administration.
b. This contract is made and entered into in accordance with 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.
COATES, HERFURTH AND ENGLAND,
CONSULTING ACTUARIES
BY
Partner
YO
Approved by the Board of Administration,
State Employees' R7.tlrement System, at
the meeting held
Executiv Of r
aTr CCIL
Such as "City Council," "Board of
Supervisors," or "Governing Board")
GM OF RMMM
Name of Public Agency
Clerk or
Re t'.- Fnrm l l'3-'a (P '� /G'7 1
inn
STIIT:1213T OF ,SPECIFICATIONS
CONTRACT D-LTZD BZn=, N TH
CITY COUNCIL
Name of Governing Body
of
CITY OF RMLAHM
Name of Public Agency
and the Firm of
COATES, HERFURTH AND ENGLAND, CONSULTING ACTUARIES
1. Proposed effective date 3IV6o
2. Normal service retirement age . . . . . . . .
3. Minimum service retiremont age . . . . . . .
4. Years in "Final Compensation" averaging
period for benefits on account of:
a. Prior Service . . . . . . . . . . . . .
b. Current Service . . . . . . . . . . . .
5. Limit on monthly compensation . . . . . . . .
6. Fraction. of "Final Compensation"
payable for:
a. Safety member retirement at
normal. retirement . . . . . . . . . .
b. :each year of miscellaneous service qt
normal retirement . , . . . . . . . .
7. (Modification a/c OASDI) Percent of above
fraction applicable to first $350 of
monthly compensation after . . . . . . . .
8. Minimum monthly benefit at compulsory
retirement with prior service credit . . .
9. Additional considerations:
Section 2 64(one-half continunwe of retire-
ment a3lowance of retired safety mwber to
certain dependents),
Number of employees
Policemen or
Firemen County Peace Officers!Misc.
;y
i
Red,. Form QSP (Rnv. l /,-,R ) inn