HomeMy WebLinkAboutResolution 4615 N.C.S. 09/19/1966 i 1
-`m; EER: skw 9/19/66
.resolution No 4 1:5 N. C. S.
RESOLUTION AUTHORIZ INC EXECUTION
OF CONTRACT. WITH THE STATE EM-
PLOYEES ' RETIREMENT 'SYSTEM TO PER-
FORM ACTUARIAL SERVICES.
7,/ (i r >'
,, INTRODUCED BY COUNCILMAN. S�'�'�'/C /I ' 4vfv%``"G'"""f At A Regular Meeting of
the City Council of the City of Petaluma on the 19th day of September 19 66
SZAVISMAN/WPVVr
WHEREAS; Section 20127 of the State Employees '
Retirement Law requ-?res' a OuadrennialActuarial Valuation
for the City of Petaluma as of June 30 , 1966 ; and
WHEREAS, the cost 'of such acturial services to
be `performed by the .State Employees.' Retirement System
amounts to $255 ; ,. :
NOW, THEREFORE, BE IT RESOLVED the Mayor be , and
she is hereby authorized to execute an agreement with Coates,
Herfur_th and England, Consulting, Actuaries for the State Em-
ployees.;' Retirement 'System, to: preoarethe' required Quadrennial
Acturial Valuation.
under the power and authority conferred upon this Council by the Charter of said City.
' " Y •f Seconded by, itF & 4 ! T COUNCILMEN i VOTE
11 / Ayes Noes Absent
I herebyii eertify that the foregoing resolution was duly and _ Councilman Albert L. Battaglia
regularly introduced and adopted by the Council of the City of David W. Brainerd t.-
Petaluma, on the 19th day, of Septembei 19 66 by John W. Cavanagh, Jr. iy
the following vote: / / -
r /i, f ,L / ) Kenneth J. Cohn V
(SEAL) .c > i ib-e'� A t,. < (!.-2)-;:/
Mayor of the City of Petaluma Philip L. Jocrger ,/!
I
" ✓ ,.
r ..
Robert S. Lipman
Attest• iC.—.0--,-z. 'L`'"`—'"— `�� Mayor Helen Putnam ���
City Clerk - -
, k. / -J
CONTRACT OF Oity Q Peta uma
WITH THE FIRM OF COATES, HERFURTH AND-ENGLAND, CONSULTING ACTUARIES '
FOR AWAKING A VALUATION AS. STATED HEREIN
By this AGREEMENT made this day of , 19 , in accordance
with and subject to the provisions of the State Employees ' Retirement Law, by and between
the C.j s until o.l. of the. . Oitg of rotate.;
hereinafter referred to as Agency, and COATES, HERFURTH, AND
ENGLAND, Consulting Actuaries, hereinafter referred to as Actuaries, 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 147 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 JUZIO 30, 1989
C. Agency will pay $ ?..55 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 tithe, 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 he 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.
F. Actuaries shall render the services herein provided for in a satisfactory and expedi-
tious manner. Actuaries shall ftu nish 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 Beard of Administration.
Witness our hands the day and year first above :written.
COATES, HERFURTH, AND ENGLAND of Petmz.`u
Name of Agency
BY , Partner / �/�
BY \ ! l/k'.(�l� f�U-V,-C-I.r'YLG{. YfY
APPROVED BY
William E. .Payne, Executive Officer Title 2c rC
for Board of Administration, State Employees' Retirement System.
Ret. Form 424
Contract Status as of June 1,9 191:5 for .PiTA4UMA CITY OF Code_ 293
'Status atue reltase number 70
P.`merided,: 6-1-592 11=1-590 3-1- 659 20493 or 20580 ef'fectiveNoi: Applicable Alpha 2920
6-1-65
i - (a). . (b). _ (c) (d) (e'.)
Miscellaneous Local Safety
FIRE Pot.-
_ 1.0 Coverage:
1.01 SERS . . . . . . . . . . 1-1-5 0 1- 50 _ 1-1-50 1-1-50
1.02 OASDI since (D=Diva , A=A11) , No No No
1..03 retro to m --- -
1,OLi Former Group A re-employ as II XXXXXXXXXXXXXXXXXXX
1.05 Refund retro OASDI adj. contrII -- --- ---
2.0 Local System I Pio No No
2.01 Use age for contr. rates. . !L---- --
2.02 Employee contr. transferred -=
, a -v
2.03 Retired lives transferred . I!
3.0 Retirement Formula:
3.01 Basic Formula . . . , . , L1I60 FE y @ 55 FF @ 55 FF
3.02 Percent for P/S 12% i00% 100: _
3.03. Misc. PAS improved to Ave 65 XXXXXXXXXflXXXXXXXX
3.04 Minimum Retirement Age. . , ,g 50 disco 50 disc
3.05-- Minimum Guarantee , , , , , MO $60 x¢6o _
3.06 Mod 1st $ for OASDI from No No No
3.07 until . , . , , , . . --- --- ---
3.08 thereafter 1st $ to, I --- -e ---- _
3.09 thereafter 1st $ to,
3.10 Ordinary disability formula . A.5% 105% 105%
3.11 Disability limit (section) . . 21297 F 21297 F 21297 F _
(-4.0 Compensation Average: I
-4,01 For P/S Behefi.ts. . . . . , . 31( (11=1=59) 3H(11=-1=54')3H(11-1-59)
4.02 For C/S Benefits 3H_ (11=1=59) 3H(11=l.5 )3H(11_1.-59)
4.03 O since ( tc.
r, a : ; . 71-1=50 1-1-50 1=1-50
4.04 Include overtime No No No
5.0 Post-retirement Death Benefits:
5.01 Lump Sum. . . . . . $3000 ' $300s $300
5.02 1/2 continuance (21264) . , , XXXXXXXXX0(X . No No
6.0 Fre-retirement Death Benefits) �mm�
6,01 Local System contra credit -- ---
6.02 Local System serv. credit . . ' Nd No No
6,03 '57 Survivor (21365.5) since 3-1-65 8-1-65- 3 1=65
6.04 ,59 Survivor (21380.6 ) since 1:. 65 3=1 6c 3-1-65
6.05 Safety violent induct. (21364) I XI,XI,,;Xxxxxxx No No
Entries below ap ilv to• all groups
7,0 Special Service:
,0 Allowance -Increase's:
7.01 C/S pre-membership (20804:5) No 8.01. To member formula (21251,3) No _
i 0.xx *: :v kxg xi ibbobta 8,02 $100 min, guar. (21258,2) , . , , No
7.03 Mil. @ agcy. cost' , (20894.5) No 8.03 ' 55 to pre-3 yr, eve. (21251,4) No
7.04 P/S 'with 10 yr: C/S (20834.1) No 8;04 ' 57 to pre-7/2/56 ret (21251 . 5) . No
7.05 P/S wage other source (20839) N6 8.05 For 20834.1 service (20834.2) , . 77____
8.06 For 20839 service (20840) . . , , No
1 8007 °63 to pre-1/1/62 ret (2125106). No
Exclusions & Remarks
(--_
Het. Form 556-s (Rev, 8/62)