HomeMy WebLinkAboutCC RESO 7373RESOLUTION NO. 7373
RESOLUTION APPROVING CONTRACT
Be it resolved by the City Council of the City of
National City as follows:
That certain Contract between City of National City
and Coates, Herfurth and England dated the 23rd day of
December, 1958, a copy of which is hereto attached and made
a part hereof by reference, is hereby approved and accepted,
and the Mayor is authorized and directed to execute the same
for and on behalf of City of National City.
PASSED AND ADOPTED this 23Pd day o
CITY CLERK
MAYOR
195f.
STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
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1227 0 STREET
SACRAMENTO 14
CONTRACT OF
CITY OF NATIONAL CITY
(Name of Public Agency)
with the
PLEASE DIRECT YOUR REPLY TO SECTION
REFER TO MEMBER ACCOUNT NUMBER
Firm of COATES, hEHFURTH AND ENGLAND, CONSULTING ACTUARIES, for making an
investigation and valuation as stated herein.
1. This AGREEMENT made this 23rd day
the CITY COUNCIL
hereinafter referred to as Agency,
Actuaries, hereinafter referred to
WITNESSETH:
of December , 1958 , by and between
of CITY OF NATIONAL CITY
and COATES, HERFURTH and ENGLAND, Consulting
as Actuaries.
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 30, 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.ax follows:
None
Ret. Furor 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 180 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 provided in subparagraph a. of paragraph 2 hereof
For work provided in subparagraph b. of paragraph 2 hereof
224.00
Total $ 224.00
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 fixed 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 theperformance 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' RETIREMENT SYSTEM
By
Executive Officer
CITY OF NATIONAL CITY
(Name of Agency)
By
COATES, HERFURTH AND ENGLAND,
By
Partner
Ret. Form 424-3 (Rev. 9/58) 2500