HomeMy WebLinkAboutCC RESO 9216RESOLUTION NO. 9216
RESOLUTION AUTHORIZING EXECUTION OF AMENDED WNTRACT
FOR ACTUARIAL SERVICES
BE IT RESOLVED by the City Council of the City of
National City that the Mayor is hereby authorized and directed
to execute an amended contract for actuarial services for
members of the State Employees Retirement System, a copy of
which is attached.
PASSED AND ADOPTED this 27th day of September, 1966.
ATTEST:
J CONTRACT OF City of National City
BY Partner
APPROVED BY
WITH THE FIRM OF COATES, HERFURTH AND ENGLAND, CONSULTING ACTUARIES
FOR MAKING A VALUATION AS STATED fiKt{EIN
By this AGREEMENT made this day of 1
with and subject to the 9 , in accordance
provisions of the State Employees' Retirement Law, by and between
the City Council of the City of National City
hereinafter referred to
as
Agency, 1 COATES, HERFURTH, AND
ENGLAND, Consulting Actuaries, hereinafterreferredtoasActuaries,Agency, and Actuaries
agree as follows:
A. Agency herewith retains the services of Actuaries to perform, as of June 30, 1966, the
investigation and valuation required by Section 20127 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 in accordance with Section 20527 of said Law.
B. Agency's contract with the Board of Administration covers 229 present, former,
and retired employees of Agency in 2 membership categories with benefits as
specified in Contract Status Form 556-s attached hereto, and said contract provides
that liabilities on account of prior service shall be amortized as a percentage of
member payroll until June 30, 1973
C. Agency will pay $ 300 to Actuaries upon completion of the valuation,
such fee being based on the number of persons and membership categories set forth
above. Should Actuaries encounter any unusual situation which might require an
additional expenditure of time, said situation 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 is not included within the
fee stated herein.
D. Data relative to members and retired persons shall be furnished to Actuaries by the
Board of Administration, State Employees' Retirement System and the Actuary of said
System shall specify the actuarial tables, schedules of rates, and other actuarial
factors and procedures to be used. The valuation is to be conducted under the direc-
tion of the Actuary of said system and all work sheets, final results, and reports
from Actuaries are to be delivered to him at conclusion of said work. Agency shall
deal with Actuaries only through the Actuary of said system.
E. Actuaries shall render the services herein provided for in a satisfactory and expedi-
tious 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.
The compensation provided for herein shall be payable by Agency to Actuaries when
such summary is delivered to Agency by the Board of Administration.
Witness our hands the day and year first above written.
COATES, HERFURTH_, AND ENGLAND
City of National City
Name o A ency„
BY
William E. Payne, Executive Officer Title
4
f
r Board of Administration, State Employees' Retirement System.
Ret. Form 424
,,tract Status as of July i, 1962 for NATIONAL CITY, CITY OF Code 190
Status release number A
Amended: )4, 7-1-54, 4-1-56
1.0 Cov;
1.01 SEES since
1.02 OASDI since (D=Div:, A=A11)
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 Misa P/S improved to
3.04 Minimum Retirement Age. .
3.05-Minimum Guarantee
3.06 Mod 1st $ for QASDI from
3.0; until
3.08 thereafter 1st $ to.
3.09 thereafter 1st $ to.
3.10 Ordinary disability formula .
3.11 Disability limit (section). .
4.0 Compensation Average:
4.01. For P/S Benefits
4.02 For C/S Benefits
4.03 Gr.since (date) or $416 lim.
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 (21380-6) since.
6.05 Safety violent indust.(21364)
Entrie
7.0 Special Service:
7.01 C/S pre -membership (20804.5)
7.02 C/S @ non-cont. agcy. (20818)
7.03 Mil. @ agcy. cost (20894.5)
7.04 P/S with 10 yr.C/S (20834.1)
7.05 P/S wage other source (20839)
Exclusions & Remarks
20493 or 20580 effective Not ApplicableAlpha 2510
(a) (b) (c) (d) (e)
Miscellaneous
7-1-48
No
Loc
Fire
7-1-48
No
al Safety
Pot.
7-1-48
No
x_X
CXXXi.:XXXXXXXX
No
No
No
1/60 FF
36- @ 55 FF
i
55FF
l00%
l00%
100%
Age 65
XXX CMICCXXXXXXXXX X. Xiil0XX
55
60
55
$60
55
$60
No
No
No
1.5%
21297 F
1.5%
21297 F
1.5%
21297 F
3 H (1-t'S\�
3H
3H
3H
7-1-48
3H
7-1-48
3H
7-1-48
No
No
No
$400
$400
$400
XX.IOCXX3200aXXXXEMCGa
No
No
No
No
No
No
No
No
No
No
No
No
below
a ply to all groups
8.0 Allowance Increases:
4-1-56 8.01 To member formula (21251.3). .
No 8.02 $100 min. guar. (21258.2). .
No 8.03 '55 to pre-3 yr. ave. (21251.4)
4-1-56 8.04 '57 to pre-7/2/56 ret. (21251.5).
No 8.05 For 20834.1 service (20834.2). .
8.06 For 20839 service (20840). . . .
4-1s56
No
No
No
No
No
Ret, Form 556-s (Rev. 8/62)