HomeMy WebLinkAboutCalifornia, State Of PERS; 1955-04-25; PERS-Historical Info- m*lD 0; *\DYI”I.ww.7ION
j ,’ DONALD GALLAGHER. PRMDLNT
WA.LT& CYKENNEDY, VICE PRESIDENT
!’
;/ :,“=,“,,5; cBp:ici
EMERY E. OLSON
JOHN M. PEIRCE
ROY C. PLOSS
HAROLD H. ROBINSON
EARI- W. CHAPMAN ’
EXECUTIVE OFFlCER
LAUREN C. HAIGHT
ACTUARY
EDWARD K. COOMBS
ASSISTANT EXECUT,“E OFF,CER
STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
t320 K STREET
SACRAMENTO 14
June l3, 1955 23 PLEASE DIRECT YOUR REPLY TO SECTION
REFER TO MEMBER ACCOUNT NUMBER
City of Carlsbad P. 0. Box 265 Carlsbad, California
Attention: Mr. & 0. Ekald
Gentlemen2
Enclosed for your file is a copy of the contract executed between the City of Carlsbad and Coates, Herfurth and England, Consulting Actuaries and approved by the Board of Administration on June 10, 1955. This contract is for the purpose of deter&king the approx- imate contribution which would be required of the Agency because of its participation in the State Eknployees* Retirement System.
Very tM ;yours9 _
mc encl.
EARL W. CHAPMAN
ti#ECUTIYE OFFICER
l * -
EDWARD K. COOMBS
ASSISTANT EXEc”Tl”E OFFICER .
RALPH R. NELSON
*CTUARY -
LAUREN C. HAIGHT
ASSISTANT ACTU*RY
STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
1320 K STREET
SACRAMENTO 14
PLEASE DIRECT YOUR REPLY TO SECTION
REFER TO MEMBER ACCOUNT NUMBER
CONTRACT OF
(Name of Public Agency)
With the
FIRM OF COATES, HEXFURTH ANTI ENGLAND, CONSULTING ACTUARIES.
for determining approximate contribution which would be required of Public Agency by its participation in Stat0 mloyeest Retirement System
1. TBX8'Z4- made thisd*& day of between the the
(Name of Publio Agency) 9 as party of the first part, and Coates,
Herfurth, and England, co-partnership composed of Carl E. Herfurth, Arthur we &gland, and G. Frank Waites, Consulting Actuaries, parties of the second part.
WITNESSETHt
2. The party of the first part herewith engages and retains the services of the parties of the second part to make such investigation into the employment experi- ence of the party of the first part, and such valuation of the benefits and Contri- butions provided in the State Employees' Retirement Law, as may be necessary to determine the approximate as distinguished from the definitive contribution which would be required of the p&y of the first part because of said partyls partici-
tion in the State Empl~ees~ Retia Wrticip&ion will be effec*&re Z&stem, upfw the assmptin that said
> 19-s and qon the further assumption that the number and classification hf' said partyre employees whose memberships are contemplated in satd gart;ri.ci.~a-kion are as follows:
Ret. Form W-1 -‘(I-&~ -fi/%)t200
Classification
1.
2.
3.
4.
Normsl Minimum Age for Voluntary Service Retirement
55 Yesrs
55 Years
55 Years
- Years
Local Firemen, as defined in Section 20021 of the State Employees* Retirement Law ** 1 1
Local Policemen, as defined 1 d in Section 20020 of the State 1 Employees* Retirement Law 5’
County Peaoe Officers,, as de- fined in Section 20021.5 of the State Employees* Retirement Law 0
Employees other than Looal Firemen, Local Policemen, and County Peace Officers 0
3. Should the parties of the second part encounter in the valuation any unusual situation or should said parties of the second part be requested by the party of the first part 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 the Board of Administration, State Employees* Retirement System, for further con&&ration. Lt is uxidsrstood that the time expended in connection with said unusual situation and further valua- tion, is not included within the fee stated herein,
4. The party of the first part agrees to furnish to the parties of the second part, through said Board of Administration, the data relative to its employees, past and present, necessary for the determination of said approximate contribution. Both parties understand that said Board of Adm@lstration will make available to the parties of the second part various tables and schedules of rates based on the ex- perience under said Retirement System among members thereof, as determined in previ- ous investigations and valuations. Both parties likewise understand that in accorcl- ante with said Retirement Law, the work to be performed by the parties of the second part 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 said parties of the second part, shall be the property of the Board of Administration and shall be delivered to said Board at the conclusion of said work.
5. For the full performance and completion of said services, the parties of the second part shall receive from the party of the first part, the sum of $ subject to adjustment on account of variation in the number of employees berships are contemplated, and for when data are submitted as provided in paragraph 4 hereof, from the number of such employees stated in paragraph 2, ad subject to sny adjustment made on acuount of sny unusual situation, or on account of further valuations of different combinations of benefits and contributions requested by the party of the first part, as hereinbefore provided, Thepartyof the first part agrees that the sum f&red in this paragraph as compensation for the services to be performed by the parties of the second part, shall oover only the calculations and conferences between the officers and employees of the Board of Administration and the parties of the second part, necessary in the determination of said approximate as distinguished
Ret. Form l&2 &evl S/!%‘,-23(
.
c
from the definitive contribution, excluding conferences between said party of the firstpartand parties of the second part. It is understood end agreed that the party of the first part shall deal with the parties of the second part only through said Board of Administration.
6. The parties of the second part hereby agree to render the services herein pro- vided for and to complete the same in a satisfactory and expeditious manner. The parties of the second part shall furnish to the Board of Administration, in addition to data provided herein to be furnished, a written summary in duplicate of the re- sults of the calculations made under this agreement and the compensation provided for herein shall be payable by the party of the first part when such summary is de- livered to the Board of Administration.
7. This contract is made and entered into in accordance with the provisions of Chapter 4 of the State Employees 1 Retirement Law, and is subject to the provisions of said Law.
WITNESS OUR HANDS the day and year first above written.
(Such as "City Council", "Board of - Supervisorsl#, or "Governing Board")
GITrCWl'
(Name of Fublic Agency)
(Clerk or Secretary)C'r~~ CL@'RK
COATES, HERFURTH.ANB EXGUND. -
A co-partnership composed of:
Carl E. Herfurth Arthur W, England G, Frank Waites
-1-"1"e-"
Approved by the Boar at the meeting held
Ret, Form 113-3 hlev,~/!h) 203
. . . . *
!+ RL W. CHAPMAN
~YEpVE4FFICER -
EDWARD K. COOMBS 11 AS*,STANT EXEC”Tl”E OFFlCER
RALPH R. NELSON
ACT”bXRY
LAUREN C. Ha1ct.1~
ASSlSTANT *CTU*RY
STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
1320 K STREET
SACRAMENTO 14
PLEASE DIRECT YOUR REPLY TO SECTION
REFER TO MEMBER ACCOUNT NUMBER
CONTRACT OF
(Name of Public Agexxcy)
With the
FIRM OF COATES, HERFURTH AND BIGLAND, CONSULTING ACTUARIES.
far- deterM.ning approximate contribution which would be required of Public Agency by its participation in State Employees t Retirement System
1. r made this aday of [fp&;$ 19sby and between the of the
or Governing Board)
(Name of Public Agency)
,. as party of the first part, and Coates,
Herforth, and England, co-partnership composed of Carl E. Herfurth, Arthur W, bghnd, and G, Frank Waites, Consulting Actuaries, parties of the second part.
WITNEESSETH:
2, The party of the first part herewith engages and retains the services of the parties of the second part to make such investigation into the employment experi- ence of the party of the first part, and such valuation of the benefits and contri- butions provided in the State Employees t Retirement Law, as may be necessary to
determine the approxbrate as distinguished from the definitive contribution which
would be required of the party of the first part because of said party's partici- tion in; the Srtak Er@weest Ret *stern, up$$ the assumption that said @articipa~ion will be effective ., 19-3 and Kpon tie fut&r assumption
that the nuder and cl.assificatl& of sa%td $&y% employees whose memberships are contemplated in sa5d pavki.oipat.ion are as follows 8
1 . !_T, , , t.
Ret, Form ll3-1‘(Rev,-~/!%~OC
1.
2.
3.
4.
Classification lktriber
Local Firemen, as defined in Section 20021 of the State Employees~ Retirement tiw r* i
Local Policemen, as defined in Section 20020 of the Stat8 Employees~ Retirement Law L
County Peace Officers, as de- fined in Section 20021.5 of the Stat8 Employeest Retirement Law ’
Employees other than Local Firemen, Local Policemen, and County Peace Officers 0
Normal Minimum Age for Voluntary Service Retirement
i 55 Years
) 6 1
55 Years
55 Yeam
- Years
3. Should the parties of the second part encounter in the valuation any unusual situation or should said parties of the second part be requested by the party of the first part to make further valuations of different combination8 of benefits and contributions, which might require an additional expenditure of time, said situa- tion and request shall be brought to the attention of the Board of Admfnistration, State Employeest Retirement System, for further tonsideration. It is uxiderstoad that the time expended in connection with said unusual situation and further valua- tion, is not included within the fee stated herein,
4. The party of the first part agrees to furnish to the parties of the second part, through said Board of Administration, the data relative to its employees, past and present, necessary for the determination of said approximate contribution. Both parties understand that said Board of Administration will make available to the parties of the second part various tables and schedules of rateB based on the 8x- perience under said Retirement System among members thereof, as determined in previ- ous &nvestigations and valuations. Both parties likewise understand that in accorc& ante with said Retirement Law, the work to be performed by the parties of the second part 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 said parties of the second part, shall be the property of the Board of Administration and shall be delivered to said Board at the conclusion of said work.
5. For the full performance and completion of said services, the parties of the second part shall receive from the party of the first part, the sum of $ d5choo subject to adjustment on account of variation in the number of employees whose mew bershipa are contemplated8 and for when data are submitted a~ provided in paragraph 4 hereof, from the number of ,such employees stated in paragraph 2, ad subject to any adjustment made on account of any unusual situation, or on account of further valuations of different combinations of benefits and contributions requested by the party of the first part, a8 hereinbefore provided, Thepartyof the first part agrees that the sum fixed ih this paragraph as compensation for the services to be performed by the parties of the second part, shall cover only the calculations and conferences between the officers and employees of the Board of Ad&&&ration and the parties of the BeCOnd part, necessary in the determination of Baid approximate as distinguished
Ret. Form l&2 hvr S/!%Z.Z~~
* >, - _
. ’
- *
* - -
from the definitive contribution, excluding conferences between said party of the firstpartand parties of the second part. It is understood and agreed that the party of the first part shall deal with the parties of the second part only through said Board of Administration.
6. The parties of the second part hereby agree to render the services herein pro- vided for and to complete the same in a satisfactory and expeditious manner. The parties of the second part shall furnish to the Board of Administration, in addition to data provided herein to be furnished, a written summary in duplicate of the re- sults of the calculations made under this agreement and the compensation provided for herein shall be payable by the party of the first part when such summary is de- livered to the Board of AdmSnistration.
7. This contract is made and entered into in aCCOrdanC8 with the provisions of Chapter 4 of the State Employees 1 Retirement Law, and is subject to the provisions of said Law.
WITNESS OUR HANDS the day and year first above written.
(Such as "City Council", "Board of - Supervisorstl, or llGoverning Board")
(NEU-N of Public Agency)
By -, " (Clerk or Seoreta&)CrT)/ cXKQK*
COATES,,HERFURTH.AND ENGLAND. -
A co-partnership composed of:
Carl E. Herfurth Arthur W. England G, Frank Waites
Approved by the Board of Administration, State Employees' Retirement System, at the meeting held
Ret, Form ll3-3 IRev.S/S;lr) 203
.’ . r .
. 1
.r .-
. EAF~L W. CHAPMAN
EXECUTIVE OF-FlCER STATE OF CALIFORNIA -.-
EDWARD K. Coohiss BOARD OF ADMINISTRATION ASSlSTANT EXECllTlVE DFFlCER s $hfc ptqild~~~5 pilT11tmt ($h@?11t
1320 K STREET
SACRAMENTO 14
RALPH R. NELSON
*CT”*RY
LAUREN C. HAIGHT
ASSISTANT ACTUARY
October 7, 1955 PLEASE DIRECT YOUR REPLY TO SECTION
REFER TO MEMBER ACCOUNT NUMBER
. City of Carlsbad
city Hall - Carlabad, California
Gentlemen:
Enclosed is the Consulting Actuaries' report, F119, on the investigation into the employment experience of Citv of Carlsbad (Name of Public Agency) hereinafter referred to as Agency and such valuation of the benefits and contri- butions provided in the State Employee s' Retirement Law as was necessary to determine the- approximate, as distinguished from the actllal, contribution which would be required by the participation of said Agency in the State Employees' Retirement System. The following comments are submitted:
1. The approximate contribution which would be required of the Agency by its participation in said Retirement System, under various assumptions and segregated according to employee groups, is hereby quoted by the Board of Mministration to said Agency to be the amounts and percentages as given in items 24 to 27 on pages 7 and 8 of the report. The amounts and percentages given in these items are subject to the statements in items 28 to 31, both inclusive, of the report, and to the statements in this letter.
2. -As-an illustration of the approximate contributinn shown in the report, the-following amounts are taken from column 4, applying to al_l-emplo~lses;
e,
Agencylscontributien to provide service pensions, current service, from item 24 $ 743.32
AgencyIs contribution to provide current service-,.. death and disability benefits, from item 25 $ 1.128.24
Total annual contributions to provide benefits based on current service, i.e., service rendered after the effective date of participation 8 1.871.56 ,._ -:,
AgencyJs contribtiion to provide benefits based on prior seroice, i.e., service rendered prior to said effective date -of participation, liquidated over a 25 year period, from,item 26 $ 22.19
Total approximate annual contribution as given in item 27 (s), subject to adjustment as explained, and to be reduced after 25 years b-v the amount in item (d) $ 1,893.75
F 120~1 650 19
.
3.
Ik the same manner, the approximate annual contribution accord- ing to groups of employees and periods for prior service liquida- tion, may be taken from Items 24 to 27, inclusive,
An election to apply Section 21251.1 providing for a guaranteed percentage of final compensation for each year of service as a member, does not affect the initial approximate or actual contri- bution. Later, however, it would result in additional cost to the Agency, currently indeterminable, if the interest rate or the death rates among retired members, now used under the System, should be reduced, or if the salaries of respective members should be higher than assumed. On the contrary, cost to the Agency would be reduced by an amount currently indeterminable, if the interest rate or the death rate among retired members, now used under the System, should be increased, or if the salaries of respective members should be lower than assumed.
4. Amounts and percentages in items referring to prior service are based on the assumption that benefits on account of prior service will be granted to local firemen and local policemen and county peace officers, and to other employees of the Agency, on the scale described in Item 5, pages 6 and 7, column 3, as to local firemen and policemen and county peace officers, and, as to local miscel- laneous employees, column C/\tMe
( , all of the Retirement Law It411 or II511 )
pamphlet. The contract finally to be entered into between the Agency and the Board of Administration, may provide prior service benefits on a lesser scale, at the option of the Agency. If the scale is reduced by one-half, the approximate contribution quoted in the Consulting Actuaries 1 report, would be reduced by approxi- mately, but not exactly, one-half of the amounts and percentages in Itern 26.
5. The contribution given in the Consulting Actuaries' report is called approximate because it is based on an assumed number of employees who will become members of the System, and upon other assumed factors. The actual contribution to be fixed by contract may differ from the ap- proximate contribution, if the facts at the consummation of participa- tion differ from the assumptions now made. Additional calculations may be necessary, depending on the extent of the differences. Reference is made to Section 20456 of the State Employees' Retirement Law.
6. The actual contribution required of the Agency, by contract between the Agency and the Board of Administration, will be subject to adjust- ment by the Board of Administration on account of experience under the Retirement System, as determined by the periodical investigation, valua- tion and determination provided for by the State Employees' Retirement Law.
F 120b-2 6-50 150
'I . Tne Br,tlrd or Acktilhtratiori is aut?lor?.zed by the State %mFloyeesf R?t:i rmnnnt La:"{ to ixlw?e each year ii7 th 9 C~Il~tKi.blltiOL raquired
of the Agency, a rea.so:la>le mc:mt to covi3r fiia coots of adr?.nis- brirrg the System as it aifxts the Agsncyts 39~loyees. The
3KilOUilt SO ~nCll.lde~ Vr0U.h~ be ii? addition to tile wn-tribution quo&d ir! the Consulting Actuaries' report.
r; .: . Sez Section 4859 oi' the Labor Code, for 3he effect of Ag?liCy'S part5 cl-:\ation in the Retireinmt System, on th-o status of Fireoen arid E'oJ&smn under tlxt Code.
Enchse? is a copy of. F121d to be v.sec? 5~ yrju if you decide to gc on witn
the sieps necessary for prarti.c:;.pation in the StaCe bployees Retireknt System. 1.T !Qr.tiler i~fomxti0n i.3 CJesi red befom you ;iaj,<~ 'the decision, you shoald ccxn- mrkste d_i.rectl.;; wit;i the ibtirx.er~t Office in baCrazlent0.
Enclosed is a bill for tkc cmpewabion
betiveen you and tiie Consulting Actuaries. stated in the contract executed
F 12Oc-3 t-49 330
.
COATES, HEXFURTH &ENGLAND CONSULTING ACTUARIES 620 MARHgT STRE,ET - SAN FIWJCISCO 4
t CALIFORNIA October 7, 1955
Board of Administration State Employees' Retirement System Sacramento, California
Gentlemen:
In accordance with the provisions of the State Employees~ Retirement Law and
the contract entered into with the city of Carlsbad {Name of Public Agency)
hereinafter referred to as Agency, under date of Anril25 3 19%,
we have calculated the approximate contribution which would be required by the
participation of Agency in the State Employees' Retirement System. Refelvnce is
made to the State Employeeat Retirement Law, for the benefits provided for members
of the Retirement System, and for contributions required of members of the system.
The following statement of .the results of our calculations, including a statement of
the approximate contribution, is based on data about employees of Agency, whose
memberships in the Retirement System are contemplated, furnished by Agency through
the E!oard of Administration: 1 2
LOCal Local Firemen Policemen
MJXXZL4NEOUS DATA
1. Minimum Normal Age of Voluntary Service Retirement 55 55
2. Number of employees (8-l-59 1 5
3. Annual Salaries (as being
3
Employees other than Local Firemen and Local Policemen
-*
-*
4
Totals of Columns L2, & 3
6
paid S -1-55) $3,900.00 $20,400.00 $24,300.00
* Cross out one. The minimum disscunt ages of voluntary service retirement, are 55 and 60, when the minimum?i%&grages, qt which the fractions of l/60 and -- -- l/70 apply, are 60 and 65, respectively.
F 11%-l 2-50 300
t
1
Local Piremen
4. Miscellaneous information 8 55 a. Average age (at -10) 28.0
b. Average monthly salary$325.00
c. Average years of Prior Service, i.e., service prior to8-l- 55 1.
5. &ployees' annual contribu- tions, based on 3% interest, to provide with Agency's 1
contributions in Item (24), future service allowance '(service retirement described in Item 5 on pages 6 and 7 of Retirement Law Phamphlet)
Percentage of Annual Salaries
6. Employees' Annual Contribu- tions based on Zti 2,5 interest, to pr&ide, with Agency's contributions in Item (241, future service allowance mce retirement described in Item 5 on pages 6 and 7 of .
2 3 4
aployees other than Local Firemen Totals of Local and Local Columns Policemen Policemen 1, 2, & 3
30.4
$340.00
2.3
kdkY3nent hW Pamphlet) $ 381.36 $ 2,200.56
Percentage of Annual Salaries (average only individuals' rates depend on age and sex) 9.778% 10.787%
7. Present Value of Future Salaries. $62,641.80 $229,248.84
$ 2,581.92
10.625%
$291,890.64
F 119-2 g/s1 300
1
Employees other than Local Firemen Local Local an? Local Firemen Policemen Policemen
Present VT&e of F!lture Contributions, based on 2$-s interest,-nrhich i;:ill bc credited toemployees at
d. Mthdrawal from Service
e. Ordinary Des-th $ 967.92 $ 8,044.08 252.48 1,515.oo
f. Industrial Rath 130.80 1,827.48
g* Ordinary Disability Retir2rnent 78.60 ’ 288.96
h. Industrial Disability Retirement 219.24 1,035.36
1. Service iietire:nent 4,476.84 12,209.16
5 Total of d. to i.inc.
$6,125.88 $24,920.04
GROSS PF,ZS",I:T Vi4L!JX:s OF SEN!WITS TO !W
PROVIDED F$.O:: AGXKY'S X'ID %xPLOY33S' COZ'RIB'UI'IOXS
Present Value Gross Ordinary Death Benefits (Includes Ordinary Death Denefi: for tiployees in Column 3, pay- able at both Ordinary and Indxstrial Deaths, which is not in lieu of weekly indem- nity under State Compensation Law. Benefits described in Item 9 on pages 10 and 11, Section 21367.5 on page 56 of the iietirement Law Pamphlet.)
k. Death Eefora hetirernent
$ 628.80 $ 3,504.90 Percentage of Present Value of Future Salaries 1.004yiJ 1,529%
1. Death After Retirement 70.16 216.28
Percentage of Present Value of Future Salaries . 112% .094aj'o
Totals of Columns
192, & 3
$ 9,012.OO
1, 767.48
1,958.28
367.56
1,254.60
16.686.09
$31,045.92
$ 4,133.70
1.416%
286.44
. 098%
F 119a-3 h-49 270
.-.
1 2 3 4
Employees other than Local Firemen ' Local Local and Local Firemen Policemen Policemen
10. Present V&e o$ Gross Ini dustrial Death &lov~~~ce (Benefit described in Item 6 on pages 8 and 9 of Retirement Law Pamphlet,which is in lieti Inclucjed in
of weekly indemnity under Preceding
State Compensation Law) $ 821.52 $ 8,500.02Item 9
11.
Percentage of Present Value of Future Salaries 1.311 % 3.708 %
Present Value of Gross Ordid nary Disability Retirement Allowarices, Current Service, (Includes Ordinary Disability Benefit for Employees in Cole umn 3, payable at both Ordinary and Industrial Disability, which is not in lieu of weekly indemnity under State Compen- sation Law. Disability Retire- ment described in Item 7 on Pages 8 and 9 of Retirement Laiv Pamphlet) $ 129.12$ 464.64
Percentage of Present Value of Future Salaries . 206 % .203 ‘$
12. Present Value of Gross Indus- trial Disability Retirement Allowances (Disability Retire- ment described in Item 6 on Pages 8 and 9 of Retirement Law Pamphlet, which is in lieu Included in of weekly indemnity under State Preceding
Compensation Law) $ 625.92$3,544.98 km 11
Percentage of Present Vallle of Puture Salaries -999% 1.546%
13. Present Value of Gross Service Retirement Allowances, Current
Service (Service Retirement described in Item 5 on Pages 6 and 7 of Retirement Law Pamphlet) $ 7,192.32*$18,662.28*
Percentage of Present Value of JWurc Salaries 11.482% 8.141%
*Calculated as providedin Section 21252.4 F 119a-4
Totals of Columns 1,2, & 3
$ 9,321.54
3.194 %
$ 593.76
. 203 %
$
$
4,170.90
1.429%
25,854.60
8.858%
4-49 270
1 3 4
Ximployees other than Local Firemen Totals of
Local Local and local Columns
Firemen Policemen Policemen 1,2, & 3
14. Present Value of Gross Service
Pension, Prior Service, (Service
Retirement described in Item 5
on pages 6 and 7 of Retirement Law Pamphlet $ 53.00 $ 355.80
Percentage of Present Value
of Future Srtlaries . 08% .155 %
15. Present Value of Additional
Guaranteed Pension, Prior
Service, (Service Retirement
described in Section 21258
on page 52 of Retirement Law Famphlot) 0 0
Percentage of Present Value cf Future Salaries
16. Present Value of Gross Ordinary Disability Eetirc- ment Allowances, Prior Ser- vice, (Includes Ordinary Disability Benefit for em- ployees in Column 3, payable at both Ordinary and Indus-
trial Disability, not in lieu of weekly indemnity under
State Compensation Law. Bene-
fit described in Item 7 on
pages 8 and 9 of Retirement
Law Pamphlet) 0 0
Percentwe of Present Value
of Fut~We Salaries
I?ET PRESEXT VALUES OF BEEQITS TO BE PROVIDIZD FROW
AGENCY'S CGPJTRIBUTIOXS AND AEWiJAL COXTRIXJTIO1E RXKTIRXD cI_--.--_
OF AGIWY TO PROVIDE SAID BEE.EZITS
17. Present Value of Net Ordi-
nary Death Benefits, i.e., Gross Benefit from Itenr 9, minus Xmployeos' Contributions
$ 408.80
. 140%
F119aF5 10-48 300
I
’ c
1 2 3 4
18.
19.
20.
Employees other than
Local Firemen Totals of
Local Local and Local Columns
Firemen Policemen Policemen 1,2, & 3
from Item 8(e). (In- cludes Ordinary Death
Benefits for Employees in Column 3, payable at both Ordinary and In- dustrial Deaths)
m. Death Before Retirement $ 376.32 $ 1,989.90
Percentage of Present Value of Future Salaries -601% -868%
n. Death After Retirement$70. 16 $ 216.28
Percentage of Present Value of Future Salaries . 112% .094%
$ 2,366.22
. 811%
$ 286.44
.098‘70
Present Value of Net Indus-
trial Dcat'n Allowances, i.e.,
Gross Benefit from Item 10, Included in
Minus Employees' Contribu- Preceding
tions from Item 8(f). $ 690.72 $ 6,672.54 Item 17 $ 7,363.26
Percentage of Present Value of Future Salaries 1.103%
Present Value of Net Or- dinary Disability Retirement
Allowances, Current Service,
i.e., Gross Benefit from
Item 11, Minus Employees'
Contributions from Item 8(g).
(Includes Ordinary Disability
Benefit for Employees in Column 3,
payable at both Ordinary and
Industrial Disability)$ 50.52 $ 175.68
Percentage of Present Value of Future Salaries * 081%
Present Value of Net Indus-
trial Disability Retirement
Allowances, i.e., Gross Bene-
fit from Item 12, minus Em- ployees' Contributions from
. 077%
Included in Preceding
Item 8(h). $ 406.68 $ 2,509.62 Itern J-9
Percentage of Present Value of Future Salaries .649% 1.095%
2.911% 2.523%
$ 226.20
. 077%
$ 2,916.30
. 999%
F 119a-6 k-49 270
1 2 3 4
Employees other than Local Firemen Totals of Local Local and Local Columns Firemen Policemen Policemen 1, 2, & 3
21. Present Value of Net Ser-
vice Retirement Allowances,
Current Service, i.e., Gross Benefit from Item 13, minus Employees' Contribu- tions from Item 8(i). $ 2,715.48 $ 6,453.12
Percentage of Present Value of Future Salaries 4.335% 2.815%
22. Present Value of all Net
Benefits, Current Service,
other than Service Pension from Item 17 to 20, inc. $ 1,594.40$11,564.02
$ 9,168.60
3.141%
$ 13,158.42
Percentage of Present
Value of Future Salaries 2.545%
23. Present Value of Pension, Prior Lervice, from Items 4, 15, 16. $ 53.00 $
Percentage of Present Value of Future Salaries .085%
24. Annual Contribution required
of Agency to provide Pensions, Current Service (Percentage from Item 21 applied to Annual Salaries from Item 3). $ 169.06s
Percentage of annual salaries 4.335%
25. Annual Contributions required of Agency to provide all Net Benefits, Current Service, other thanservice Pension, Current Service. (Percentage from Item 22 applied to Annual
5.044% 4.508%
355.80 $ 408.80
. 155% . 140%
574.26
2.815%
$ 743.32
3.059%
$ 1,128.24
4.643%
Salaries from Item 3) $ 99.26$1,028.98
Percentage of annual salaries 2,545~~ 5.044%
26. Annual Contributions necessary to liquidate Present Value, Pen-
sion, Prior Service, in Item 23.
o. Over 20 year period$ 3.40s 22.82 $ 26.22
Percentage of annual salaries . 087% .112% . 108%
F 119a-7 6-50 270
1 2 3
Employees other than Local Firemen Totals of Local Local and Local Columns Firemen Policemen Policemen 1, 2, & 3
P. Over 25 year period $ 2.88 $ 19.31 $ 22.19
Percentage of annual salaries .074% .095% l O91%
9. Over 30 year period $ 2.53 $ 17.00 $ 19.53
Percentage of annual
salaries .065$ .083% .080%
27. Total Annual Contributions
reyuired of Agency (Items 24, 25, 26) prior service liquidated.
r.
S.
t.
In mitted:
Over 20 year period
Percentage of annual
salaries
Over 25 year period
Percentage of annual salaries
Over 30 year period
Percentage of annual
salaries
$ 271.72 $1,626.06 $ 1,897.78
6.967% 7.971% 7.810%
$ 271.20 $1,622.55 $ 1,893.75
6.954% 7.954% 7.793%
$ 270.85 $1,620.24 $ 1,89l.O9
6.945% 7.942% 7.78270
connections with the foregoing data, the following statements are sub-
28. Items 24 to 27 both inclusive, quote the approximate contribution which would be required of the Agency by its participation in the State Elmgloyees' Retirement System. The contributions in items 24 and 25 are based on the annual salaries now being paid. The amount of these contributions
will change, therefore, as the amount of annual salaries changes. The
percentages from Items 21 and 22, however, properly may be applied to
members' total salaries on each payroll to determine the amount of the
contribution for current service, until a periodic revaluation deter-
mines a different percentage.
27. Item 26 is based on the present value of prior service liabilities, assumed to be liquidated over various r;erlods. This contribution is a
fixed camount, dependent upon the period selected for liquidation, and does not depend upon salaries being paid current&y. The amounts quoted
in Item 26 remain unchanged, except as they are redetermined in periodic revaluations.
Flly-8 8-50 300
. . ’
* . .
. :t..
30. Item 27 gives the total annual contributions at the beginning of the
Agency's participation in the Retirement System. It will change in
accordance with the statementsmade under Items 28 and 29 immediately preceding.
31. Changes in the number of employees and annual salaries as shown in Items 2 and 3, ~511 change directly the amounts given in Items 24 to 27, both inclusive. The percentages shown in these items, however, may be applied
to tne changed annual salaries; with accuracy sufficient for the pur-
poses of the Retirement System, to determine revised annual contributions,
except that, after participation of the Agency in the Retirement System
is effective. only the contributions in Items 2.4 and 23 will be affected
by changes in annual salaries.
Yours truly,
COATES, HEP;FtJRTR AND EBGLz4ND
Fl19-9 8-50 300
l
.-
Board of Administration State Employees' Retirement System
Sacramento, California
Gentlemen:
Having r nczived from the Consultine Actuaries through the Board cf Admi!Ss-
tzntion, a statamr-nt of the approximat, 0 as distiaguished from the actual corkrib!+
tion to tie state Employees' Retirement Syste:n, which would be require<? of the
---p~~+g&y~~~-- , because of its participation in the
'a :L ~ >e,
3etireiiient Sjlsk;fi, we now d esire to proceed with tine steps necessary for such participation.
It is our prsse;it intention
1. To mice participation effective -Crd\wh-l I -, 19J6.
2. To include Let +--I /=he-- $ &cue @m&c- -.. -I-.-- (Enter all or any of' t1Loc31 Firemen", ~'Local Policerrien",
--- ---l.----. ---s--e flCounty Peace Officerall, ~~Ymployees ether than Local Firemen, Local
~-M-v..,...- ..-.-.-w --,.-..-u..-. -,1 sub-jzct to ths approval of said
Policzr!le:i, and County Peace Officers) ,.
groups.
3. To elect age 69 as the nor:cal minimu:: age for retirement for service,
of miscellaneolls mer::.%rs employed by Pu.blic Ak:,"ncy, that is, members
other than local fireme;~, local policemen and county peace cfficers, and one-sixtieth as the guara5taed fraction of final compensation, as &fined i?i said retirement lav;, to be provic'd for each year of snrvice as a ma.~bor, bv the members' and Public A~encjr's normal contributions,
upon retirzkent at age 60.
4. To allow banefits on account of prior service, that is, service credited hereunder as renderec? to Public Agency prior to the effective date of participation, to respective memSrs employed by- Pllblic Agency as local
fir3men, local policemen or county peace officers at
/OQ
( such as-qO" , "75"i,
per c?nt of the fraction of final compensation, as defined in "101)"
the State Employees' Iietirsment Law, for each year of service rendered after said elate, as is determined for said respective members under said law, for retirement for service at age '5, or upon qualification for service retirement at a higher age. If a memoer retires for ser-vice be- for>2 attaining age 55, his prior s:?rvice pension shall be reduced to that wiount which the value of the perG.on as deferred to age 5'5 will purchase at tne actluai ace of rstireincnt.
F 121 -1 (l/W 4-49 150
s.- (“T*Ng$n$t+*: I$;;,,. ) benefits to local miscellaneous members on
account of said prior service and upon retirement for service at age 60 or over, at per cent of one-aixtioth of the average (such as IfLJtl, fl75ll, 1110@1)
compensation earnable by said members during the three years Qmnediately preceding said affective date of participation, for each year of such service. If a member retires for service before'attaining age 60, his prior service pension shall be reduced to that amount which the value of the pension as deferred to age do will purchase at the actual age of retirement.
6. hi*+ -+Q a(bJ-4 benefits to local miscellaneous members on "To allo@ or "Not to all&l) account of said prior service-and upon retirement for service at age 60, at 100 per cent of one-sixt the highest average compensation earnable by said members during any ecutive years of membership, for each year of such service. If a member retires for service before attaining age 60, his prior service pension shall be reduced to that amount which the value of the pension as deferred to age 60 will purchase at the actual age of retire- ment. If a member retires after attaining age 60, his prior service pension shall be correspondingly increased, except that such increase upon retire- ment after age 65 shall be the same as such increase upon retirement at age
6.
7. To liquidate the liability for bezys to be granted on account of prior service, over a period of years. {20, 25 or 30)
8. to Local Safety Members who are employees of
Public Agency, the provisions of Section 21252.4 of said retirement law, providing for a guaranteed percentage of final compensation for each year of current service as a Local Safety Member.
to members who are employees of Public Agency,
the provisions of Section 21258b of the State Employeest Retirement Law, guaranteeing a minimum monthly retirement allowance of $60 unde,- certain conditions.
10. q Wet to apply"f to members who are employees of Public Agency,
of Section 21367,5/of said retirement law, providing a $&? benefit at death after retirement.
11. -j- hive-L ("To ap:1,!1 W ~~N$t to apply") to members who are employees of Fublic Agency,
the provisions of Section 20025 of said retirement law, providing for the portion of compensation to be included in computations unck said Law.
F 121a-2 (l/60) 2-50 l@O
. . c
4.. . .-
/ . c
You are request??, therefore, to forward the following documents:
Resolution of intent to approve contract between the Governing Eody
of Public Qency and the Eoard of Administration.
Ballots for use in election to determine employees' desire.
Contract to be executed between the Governing Body of Public Agency
and the Board of Administration.
Ordinance of Resolution approving contract.
Form for reporting results of employees' election and Governing Eody's action.
Yours truly,
Gwx C!‘l city -__I- (iu'ane of Governing Body)
of
(-,-f-L/ of~b-/dd
<IJade of Public Xgency)
Glerk- OP Seewkmy
F 121 -3 (l/60 or l/70) b-49 230
‘: 4 - ,‘, . . ,-
. - ‘) ,*: -
I, I
. 1
COATES, HERFURTH t ENGLAND CONSULTING ACTUARIES 225 CROCKER BUILDING
SAN FRANCISCO 4, CALIFORNIA
CITY OF CARLSBAD AGENCY NO.
ACTUARIAL REVALUATION
as of June 30, 1956
Under Agency contract amended to include miscellaneous members
on l/60 th fixed formula basis.
PRESENT VALUES ilF BENEFITS TO BE FUNDED BY AGENCY
1. Current service benefits except ordinary death $ 53,699.46
Less Agency contributions on hand 1,273.09
Balance to be provided by Agency future contributions $ 52,426. 37
2. Ordinary death benefits $ 4,459.99 Less Agency contributions on hand 173.13
Balance to be provided by Agency future contributions $ 4,286.86
3. Prior service benefits $ 22,881.56 Less Agency contributions on hand 11.48
Balance to be provided by Agency future contributions $ 22,870.08
FUTURE CONT&IBUTIONS REGUIRED OF AGENCY TO FUND BENEFITS
4. Per centage of members’ salaries to fund balance in Item #1 5.678%
5. Percentage of members’ salaries to fund balance in Item #2 . 464
6. Total percentage of members’ salaries (Item #4 plus #5)
effective on contributions to System after 6/30/56 6.142%
7. Annual contribution to fund balance in Item #3 for
remaining portion of prior service liquidation period
effective on contributions to System after 6/30/56 $ 1,260.01
8. Estimated total annual contribution based on 6/30/56 salaries
Current Service Benefits $ 5,446. 73
Prior Service Benefits 1.260. 01
Total $ 6,706. 74
COATES, HERFURTH 8t ENGLAND
Consulting Actuaries
i
i - 1 1
I. A ’ .-
. . . .
.
SUI4MARYOFAMENDMENTSTO
E CALIFORNIA STATE EMPLOYEES RETIREMENT LAW
(which may be elected by a Contracting Public Agency)
A. The amendments to the Retirement Law made in 1945 and 1947 reduced the ages at which members msy be retired and increased the benefits members will receive. The principal amendments were as follows:
(1) Normal service retirement age for Miscellaneous Members reduced from 65 to 60 and the factor in the service retirement benefit formula in- creased from l/70 to l/60 with a guaranteed percentage of final compen- sation for each year of service as a member;
(2) The minimum guaranteed monthly retirement allowance increased from $40 to $60 to apply at age 65, or over, with credit for 20 years of service or at age 70 with prior service credit;
(3) A death benefit of $300 provided for retired persons;
(4) The removal of the maximum of $5,000 per annum of compensation to be included in computations under the Retirement Law;
(5) Normal service retirement age for Local Safety members reduced from 60 to 55' and basis of benefits increased.
8. The amendments to the Retirement Law made in 1949, which a Public Agency may elect to apply to its contract, are:
(6) Prior service benefits of Miscellaneous Members equal to one-sixtieth of final compensation upon ser&e retirement at age 60 or its actuarial equivalent upon service retirement at ages 55 to 65, and over;
(7) A guaranteed percentage of final compensation for each year of service as a Local Safety Member0
c. The amendments to the Retirement Law made in 1953, which a Public Agency may elect to apply to its contract, are in part:
(8) Minimum service retirement age for Local Safety Members reduced from 55 to 50, the allowance to be discounted for ages at retirement under 55;
(9) Retirement Benefits based on highest average monthly compensation earn- able during three consecutive years of membership;
(10) Death Benefit for retired persons increased from $300 to $400.
Ret. Form 559-l (Rev,9/%) 1500
. .
I*- .; *
* .
Summary of Amendments (Continued)
D. Other kunendments to the Retirement Law made in 1953, which a Public Agency may elect to apply to its contract are:
(11) Normal and minimum service retirement age for Local Firemen reduced from 55 to 50 (the allowance not to be discounted);
(12) Continuation of one-half of the Service or Industrial Disability retirement allowance to certain dependents upon death of a retired Safety Member, (This benefit would automatically apply to Safety Piembers alread;y retired.)
E. Agency may elect to increase the retirement allowances payable to retired persons by applying to such persons the provisions of its contract:
(I$) As that contract existed on June 30, 1954, or;
(lk) !I;,,t~;~v~ontract would exist if amended as outlined under paragraph
> or;
(15) As that contract would exist if amended as outlined under paragraphs “Al1 and W1 above. a
Ret. Form 559-2 (Rev. 9/!%) l%O
STATE OF CALIFORNIA
BOARD OF ADMINISTRATION
1227 0 STREET
SACRAMENTO 14
PLEASS DIRECT YOUR REPLY TO SIZCTION
CONTRACT OF RCFER TO MEMBER ACCOUNT NUMBER
CMYOFCARLSBAD -- (Name of Public Agency) with the
Firm of COATES, HE!RFURTH AND ENGLAND, CONSULTING ACTUARIES, for making an investigation and valuation as stated herein.
1. This AGREEMENT made this 22nd day of December 195 8 by and between
the CITY COUNCIL of CITY Oh Cm&
hereinafter referred to as Agency, and COEES, HIBF‘URTH and -&VGLAND, Consulting Actuaries, hereinafter referred to as Actuaries.
WITNEXXXTH:
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 I Retirement System with credit for service
rendered as employefs, 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 as follows:
One Report: Column D of Form 1075 because of division amendment to contract subsequent to 6/30/58
Ret. Farm 424-l (Rev. p/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 39 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. Bvth 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 $ 146.45 For work provided in subparagraph b. of paragraph 2 hereof $ 83.40
Total $ 229.8)
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 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. g/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.
CITY OF CARLSBAD
(Name of Agency)
.A- / “/ ” --?A By A / &A’$T < ‘-
Approved by the Board of Administration, I
STATE EMPLOYEES' RETIREMENT SYSTEM -/ . #,P,, .4.-,// /g;' , .:,. $5 L ..
By m* '-6T
Title
Executive Officer COATES, HERFURTH AND ENGLAND,
Partneti t
Ret. Form 424-3 (Rev. g/58) 2500
-
-~
Item
Miscellaneous Members:
Prior Service on Final Comp. l/70 @ 65 1/60 @ 60 1
Current Service - Fixed Formula l/70 @ 65 i/60 @ 60 1
Safety Members:
Normal and Minimum Retirement Age
Final Compensation Unlimited and
Death Benefit After Retirement
Minimum Allowance
Other Provisions:
Basic Benefit Modified Be
7
Column c
55 55
3 yr. Avg. 3 yr. Avg.
$400 $400 $ 40 $100
3ESCRIPTION OF PROVISIONS TO BE INCLUDED IN AMENDMENT VALUATIONS
GO@-“’ l/70 @ 65
i
3 Yr. +Jg. 3 yl”. Avg. (No change from
Present Contract)
:fits *
Column D
1/60 @ 60
l/90 - 1/60 @ 60
(29) Member contribute for qualifying service (first 6 months)
(30) Firemen Only - Normal and Minimum Age 50
(31) Safety Members: 1 Continuance upon Death after Retirement
(32) Dependent B enefit upon Death of Active Member qualified to retire (33) School Districts Only - All amendments automatically apply
* Other Information on Modification of Benefits:
Are Modified Benefits to be on a "Divided System" basis? Yes
Rave procedures been started to "Divide System" and is valuation to be made of the
"divided" members? / &P/7 2.Y
When is the "division date?" May 27. 1958
Will decision on modification of benefits be made after receipt of the report on this
amendment valuation? June 1, 1958 4 ..4- -& /
The modified formula will apply to services-rendered after what date?
*CT
June 2, 1958 /- .,-a-k”
Is OASDI coverage to be retroactive? . If so, to what date? June;. 1958 and are employee and employer retroactive OASDI contributions to be deducted from SERS pet-' accounts? ,No
Is the portion of "final compensation" to which the modified formula applies to change automatically with the maximum OASDI covered wage? Yes y L.4.“
If not, -what is the portion? $
Ret. Form 1075 g/58 1800
SLATE OF &LIF~RNIA-B~ARD 0~ ADMINISTRATION RONALD REAGAN, Governor
STATE EMPLOYEES’ RETIREMENT SYSTEM
1416 NINTH STREET, P.O. BOX 1953
SACRAMENTO, CALIFORNIA 95809
.
Please Direct Your Reply to Section 23
Refer to Member Account Number
April 4, 1967
City of Carlsbad # 338
Enclosed is the report on the results of the quadrennial actuarial revaluation required by the Retirement Law which has been conducted under the contract between your agency and the consulting actuaries. This valuation of liabilities and con- tribution requirements has been based on the benefits included in, and other pro- visions of, the contract between your agency and this system,
The actuarial computations have utilized the actuarial tables approved by the System's Board of Administration and have followed procedures specified by the System's actuary. The consulting actuaries have rendered the services provided for in your contract in a satisfactory and expeditious manner. The results of the . computations have been reviewed in sufficient detail by our staff to verify that the report accurately summarises the actuarial status of your agency's contract with this System.
We therefore transmit this report as formal notification that the contributions required of your agency will change July 1, 1967. Agencies having both safety and miscellaneous members please note that the contribution rates for safety and miscellaneous members are reported separately on the attached report and application of these separate contribution rates to their respective payrolls will begin with the reports submitted for the first payroll period which commences after June 30, 1967.
Agencies with 1959 survivor benefit coverage should note that agency costs for this benefit are stated as a percentage contribution in Item 8. It will not be necessary for such agencies to remit $5.00 per month for each member covered by this provision after the Item 9 rate becomes effective. However, member contri- butions of $2.00 per month must be continued.
Attached is a statement from the consulting actuaries for the fee provided in the contract between that firm and your agency. Your remittance should be sent directly to the actuarial firm.
P.S. We have carefully reviewed the valuation BOARD OF ADPIINISTRATION
report as to its accuracy and find that the rate STATE EMPLOY23ES' RETIREHENI' SYSTEM
has increased due to an improvement in mortality
experience (chiefly in the safety member category) By
and salary scale assumptions. There has also been
a high increase in employee salaries. KISUK YANG,MCTUASPP
Ret. Form 849 3/67 ~OOO
OFFICES IN
SAN FRANCISCO
DENVER
PASADENA
CITY OF CPsRLStiAU A G t k c Y ;\ ‘3 * 338
1.
2.
.3.
4.
5.
;-
8:
9.
COATES,HERFURTH 8t ENGLAND
CONSULTING ACTUARIES
320 CALIFORNIA STREET
SAN FRANCISCO 94104
;4 A ;? C b-1 20, I.967
TELEPHONE
(4 15) 433-4440
F-1 I SCELLANLCUS .~~k,‘~,ti~i<S
Actuarial Valuation as of June 30, 1966
Under Present Agency Contract with State Employees Retirement System
Present Value of Benefits to be Funded by Aqency
Current service benefits except ordinary death $
Less Agency contributions on hand
Balance to be provided by Agency $
Ordinary death benefits $
Less Agency contributions on hand
Balance to be provided by Agency $
Prior service benefits $
Less Agency contributions on hand
Balance to be provided by Agency $
1959 survivors’ benefits $
Less Agency contributions on hand
Balance to be provided by Agency $
Future Contributions Required of Aqencv to Fund Benefits
(as percentages of members’ salaries)
2259931 13Y,tib4
lltj,U47
16 9YLb
4rJ.06
1ittrLii
1.3 r49ti ,I’ u4b
11,444,
d
d
ti
Current service benefits (BaIance in Item 1) 3 * 12 Y %
Ordinary death benefits (Balance in Item 2) ,346
Prior service benefits (Balance in Item 3) ,263
1959 survivor benefits (Balance in Item 4) 6LJbLJ
Total percentage of salaries, of members in above
category, required as contributions from Agency
after June 30,1967 3.756%
COATES,HERFURTH& ENGLAND
CONSULTING ACTUARIES
. -*
1 .
- 1 .-,
‘. I
-1
-
OFFICES IN
SAN FRANCISCO
DENVER
PASADENA
CITY OF CARLSBAO AGENCY NO. 338
1.
2.
,3.
4.
;-
7: 8.
9.
COATES, HERFURTH & ENGLAND
CONSULTING ACTUARIES
320 CALIFORNIA STREET
SAN FRANCISCO 94 104
MARCH 21* 1967
TELEPHONE
(4 15) 433-4440
SAFETY MEMBERS
’ Actuarial Valuation as of June 30, 1966
Under Present Agency Contract with State Employees Retirement System
Present Value of Benefits to be Funded by Aqency
Current service benefits except ordinary death $ 252~654
Less Agency contributions on hand 53r014
Balance to be provided by Agency $ 199,640
Ordinary death benefits $ 3,426
Less Agency contributions on hand 831
Balance to be provided by Agency $ 2,595
Prior service benefits $ 99370
Less Agency contributions on hand 3,571
Balance to be provided by Agency $ 5,799
1959 survivors’ benefits $ 0
Less Agency contributions on hand 0
Balance to be provided by Agency $ 0
Future Contributions Required of Aqency to Fund Benefits
(as percentages of members’ salaries)
Current service benefits (BaIance in Item 1)
Ordinary death benefits (Balance in Item 2)
Prior service benefits (Balance in Item 3)
1959 survivor benefits (Balance in Item 4)
Total percentage of salaries, of members in above category, required as contributions from Agency
after June 30, 1967
96555 %
e&24
0311
l QQO
9,990%
COATES,HERFURTH & ENGLAND
CONSULTING ACTUARIES
BY.- @.. &f,:
CALIFORNIA STATE EMPLOYEES’ RETIREMENT SYSTEM REVALUATION AS OF JUNE 30, 1966
SUMMARY OF OATA FURNISHEO BY STATE
CITY OF CARLSBAO AGENCY NO. 338
MALE FEMALE FIRE LAW ENFOR* TOTAL
NO. OF ACTIVE MEMBERS 426 180 106 120 82a
NO. OF INACTIVE MEMBERS 30 10 10 I* 6*
AVERAGE AGE ACTIVES 410 400 360 38r 40r
MONTHLY SALARIES S 22719e % 83650 S 6455. S 7899e 3 45438,
AVERAGE MONTHLY SALARY 5410 465a 6460 658 l 5540
ACCUM. MEMBER CONTRIB.
NORMAL AND PRIOR SERV S 66820r S 260760 S 448950 S 666760 S 2044670
MILITARY 00 00 00 7910 7910
AOJUSTING 00 00 o* 00 00 ------*II- 1ImL-III-I -m-----mm ---I-III -----W---N-
TOTAL CONTRIBUTIONS 3 6682Or S 26076r S 44895r S 67467e S 205258r
NO. OF PERSONS
RECEXVINC ALLOWANCES
MONTHLY ALLOWANCES
ANNUI TV
CURRENT SERVICE PENS
PRIOR SERVICE PENS
TEMPORARY ANNUITY
TOTAL BEING PA10
AGENCY ASSETS**
CURR SERV BENEFXTS
DEATH BENEFITS
PRIOR SERV BENEFITS
59 SURV BENEFITS
TOTAL AGENCY ASSETS
MALE AND FEMALE
[MISCELLANEOUS)
6.
S 82r
1120
62,
00 --“m---III
S 256.
s 1098840
41060
70460
00 -ml--II-II
S 1210360
FXRE AND LAW ENFOR+ TOTAL
(SAFETY 1
O* 6s
5 OI S 82r
00 112,
OI 620
00 00 --------L-I --w--II-II
S 00 8 2560
S 530140 S 1628980
8310 4937.
3571e 106170
O@ 00 “----uI”1I m--I-II-II
S 57456e S 1784520
+ INCLUDES - POLICE, PEACE OFFICERS, LIFECUAROS
** ASSETS DIVIDED BETWEEN MISCELLANEOUS AND SAFETY CATEGORIES
IN ACCORDANCE WITH STATE ACTUARY’S DIRECTIVE
COATES, HERFURTH C ENGLAND
CONSULTING ACTUARIES
STATE OF CALIFORNIA- BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
EDMUND G. BROWN JR., Governor
1416 NINTH STREET, P.O. BOX 1953
SACRAMENTO, CALIFORNIA 95809
Telephone (916) 445-6570 Reply to Section 021
June 9, 1.978
Mr. Jerome N. Piete Personnel Director City of Carlebad 1200 Elm Avenue Carlsbad, CA 92008
TheAcontract between your agency and the Public Employees' Retirement
System has been executed by our office. We are enclosinf- a copy of
the executed contract for your files.
THOMAS R. F'REZKH CONTRACTS DIVISION
Enclosure
PERS-CON-31 (Rev. 2/78)
- “rJpJ,JG IWJ-U~TII!; ’ ,?.?;:I i,: .I(: EL:?/? :;y:;‘r’[?J(
_ 4fj.J~v6 $Jinth Street, PC'; 1:0x "53
+\ Sackmento CA 93309 PER.?-ACT-h (Revised 7-77) n
CONT,RACT OF
CITYOF CARLSJMD
WITH THE PUBLIC ENF'LOYEES' REXIREMENT SYSTEM FOR NAKING AN ACTUARIAL VALUATION AS STATED HERBIN
By this AGREEMENT made this 27th day of April ,192,in accordance with and subject to the provisions of the Public Employees' Retirement Law by and between the Governing Body of the above Public Agency, hereinafter referred to as Agency, and the Public Employees 1 Retirement System, hereinafter referred to as System, Agency and System agree as follows:
A. Agency herewith retains the sertices of System to perform the valuation(s) requtied by Section 20461.1 of the Public Employees 1 Retirement Law for the purpose of deter- mination by the Board of Administration of the Public Employees' Retirement System of the contributions to be made by Agency under Agencg~s contract with said Board if the benefits under said contract are supplemented by a combination of benefits shown as one of the vertical columns on attached Exhibit A. The fee for each combination of new benefits is shown at the bottom of the respective column.
R. Agency will pay $ 183.00 to System upon completion of the actuarial valuation,
such fee being based on the number of employees (both active and those leaving contributions on deposit) included in the valuation and the membership categories and different combinations of new benefits involved.
C. Any and all data and information requested by System from Agenc;lr for use in compi- lation of this valuation shall be furnished to System by Agency upon request by System. The actuarial tables and procedures to be used in the valuation shall be in accordance with the tables approved by said Board of AdmJnistration. System shall have sole control of the valuation and its judgment in the determination thereof shall be final and conclusive. All work sheets and final results and reports, the
product of the valuation, shall be and remain the property of the System.
Witness our hands the day and year first above written.
PUBLIC ENPI0YEES' F?El'IREMENT SYSTEM
s
BY
Amendment Valuation
-9 . 73 CON-25 (4-78) -+-. . .
’ Is
-* Date: k~ril u. 1978 Exr~IBrr 9
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P~omsm fm!WI'r FOYXLA
2% 0 55 0w.l) (Section 21252.6)
2% Q 55 (Modified)
(Section 21252.6)
2$ 2 50 (Full)
(Section 21252.01)
Ap3w - C-of-d
Fire Safety Members-:c
X
25 0 50 (Nodified) I
(Sections 21252.01 & 21252.45) f I : -0.- ...lle.-C-.--l-- -.- ----- I
EliscelIlaneous: 2Z Cl 60 (SeCtkCil 3~12~l.. 12) i i --“?.*---.-------.- --.4-.- . .--. .-- _- ---
PIIOFYXED OITIOMAL IGxwrr(S)
One year final corn ensation
(Section 20024.2 P
Unused siclc'leave credit (0.250% increase
in miscellaneous and/or safety rate)
(Section 20862.8)
Military service credit (l.OOO$ increase
in miscellaneous rate and 2.000% increase
in safety rate)
(Section 20930.3)
Industrial disability retirement for miscel- laneous (1,OOOZ increase in misc, rate)
(Section 21022.1)
Post-retirement survivor benefit (Sections 21263 & 21263.1)
Non-industrial. disability retirement allow- ances up to 50% of final. compensation
(Section 21298)
1959 Survivor benefit (LOGOS increase in miscellaneous rate and 0.500% increase in safety rate) (Sections 2X300 through 2l3SU)
25:; increase in 1959 Survivor benefit (Section 21.382.2 pursuant to 21390)
Otl:er(s j:
':Please note that the total rate developed
will appl:? to the entire safety payroll.
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$183 / 8. c' c.1 I I I '7 --
STATE OF CALIFORNIA - BOARD OF ADMINISTRATION EDMUND G. BROWN JR., bwno,
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
1416 NINTH STREET, P.O. BOX 1953
SACRAMENTO, CALIFORNIA 95809
Telephone (916) 445 -6570
August 7, 1978
Reply to Section 021
Mr. Jerome N. Piete, Personnel Director
1200 Elm Avenue
Carlsbad, CA. 92008
Dear Mr. Piete,
The contract authorizing the actuarial valuation to determine your agency's rate for your employees' proposed benefits in the Public
Employees' Retirement System has now been executed by all parties
concerned. We are returning a copy of the executed contract for
your files. \
Ellen H. Baltezore, Chief
Contracts Division
Enclosure
wcr
PRRS-CON-3 (Rev. 7/78)
';,i,>!;' :!j,r.t;: :;t.r;v*t , I‘( 'LJi. ." j . ,'icra::ento CA 95t301:, r ;;i;T;-;\CT-i, (p,evis& 7-77;
iKCTii TXS FOX ILKING
,yvr this AG:'lrFW?JI' made this 2@-) l?X, is
;~ccordance with and subject to the provisions of the J,etir&xent Law by
v.-i between the Govcmling ?ody of the above Public Apncy, hereinafter referreci to as .A. : \yr?&nc'r 1 1 and the Public lhployees f Retirement System, hereinafter referred to as Spstez, ':i-~:r~cy and System agree as *"allows:
#‘! . A.t:ency herewith retains the services of System to perform the valuation(s) requirec! by :%?ction 204hl. I of the Public Employees 1 Retirement b3J for the purpose of deter- mination by: the F:oard of Administration of the Public hployees' Retirement System of the contributions to be mde by Agency under A~ency's contract with said aoard if
t.!w benefits under said contract are supplement.4 by a combination of benefits shown
a= one of the vertical columns on attached Exhibit A. The fee for each combination bg new benefits is shown at the bottom of the respective colum.
, Agencyr will pay $276.00 to System upon completion of the actuarial valuation, such fee bein. based on the number of employees (both active and those leavinE
contributions on deposit) included in the valuation and the membership categories
and different comhinatLons of new benefits involved.
,’ > d .I Any and all data and ir.formation requested by System from Agex:- for use in compi- lation of this valuation shaJl he furnished to S ystem by Agency upn request b:v C?~st,w. The actl!arial tables and procedures to be used in the valuation shall be
in accordance with the tables approved by said Eoard of Administration. .Svstem shall have sole control of the valuation and its Judgment in the deterntiation thereof
shall be final and conclusive. All work sheets and final results and reports, the
proAl:& of the valuation, shall be and remain the property of the System.
‘. 1 *.I ;ness 011r hands the day ar.d year i'irst above written.
TTXE --
'. x~rxkent ValuaLi.on
4 I~~f:~-ACT-25 (7-77)
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* [)ate: s .!nri.l ?. l??':
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1.
2.
7,
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.
.
;J I.
F?OPOSi~ XWEEI;?T ;;‘OT:JJbI
2S 0 55 (FULL)
(Section 21252.6)
AfpIlCTsr. Ctt-7 of Carlsbad
Police Safety "mbers
2:: 0 55 (i40dified)
(Section 21252.6)
25 3 50 (auu)
(Section 21252.01)
25 Q 50 (Gdified) (Sections 21252.01 6 2l252.1;5) ..-.--
x j j --;--- i :
I i ._ -I-- -.- -..-_--- --_-- i
Eiscell.aneous: 25 d 60 (Secticn 272'; '." ! 7: -------J--- ---.-_- +--------. I Pxxxml oITIol:!\L mmT?(S~ I i
f i 0;~ year final COT;1 ensation f
P
X i I (Section 2002k.2 r
P-J --'- --.-
Unused sick leave credit (0.250$ increase
1
X 1
ir, niscelhneous and/or safety rate) t
(Section 20862.8) I. _c '-
EXlitary service credit (l.CXG increase x in nisceUaneous rate and 2.000$ increase
in safety rate)
(Section 20930.3) 1 i Xndustrial disability retirement for miscel- laneous (l.ooO~~ increase in misc. rate) I (Section 21022.1) !
i Post-retirement survivor benefit x i
(Sections 21263 t2 21263.1) ;
IIon-industrial disability retirement allow- 1 ances'up to 50% of final compensation I (Section 21290) \ -I t
1959 Surtivor benefit (1,000~ increase in i
rLscel.laneous rate and 0,500$ increase in
safety rate) (%x&ions 313M) thrdugh 21388) i j, x 1
L
257; hcrease Fn 1959 Survivor benefit (Section 2l3G2,2 pursuant to %1390)
other(sj: %&ion 21230 - Annual 5,': %-:txt,oxatic cost-0 I.'-livir,,: incwxkse i2 xti77-d allo~wvices: annlics to xt.i:d md e.r.:,i-.rrr?s r
-%x;F: not~:a-t-t~ot?&x ddveloped :ri11 aply t,o t-,:,r, f?t?.tire safek:r ru~TOl1.
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. . . : ,:~"$ef;cC~l~~~I) F-2 J ,,J76.0@ $ 170 I $ 1.00 1 :i:
L . I 1 - C”rdk~~-~plcqL STATE OF CALIFOQNIA - BOARD OF ADM.INiSTRATION EDMJND G. ~KOV,‘N JF., GOVW~~ v------v, -- U” . - -~-. ---
. PUBLiC EA’,?LOYEX’ RWREM~4T SYSTEbA ’ -
1416 NINTH STREET, P.O. 03X 1953
SACRAMENTO, CALIFORNIA 9580?
Telephone (916)
x .’ lr,
% “? 6l:E’:~; ‘i‘v. i.:,.-
,‘* yf’ > .a i
. l- Mr. Jerome N. Piete
Personnel Director
City of Carlsbad -.
I200 Elm Avenue
I Carlsbad, CA $2008
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~ ,‘: ,;I. : *,1.. I- ) ,b.,,. .%.!.,‘X _
The contract for en actuarial valcation study to determine the ay?proxi- mate ccsts for ycur aeer,cy participating in tke Public Eqloyees' Retirc-
ment System has T.CV been cczplcted by all parties concerned. We are returnir.3 2 copy of the executed contract for your files.
Your actuarial study (or studies) is no2 in process. If you wed addi- tional infomation or if you have any questions, please do not hesitate
to contact us.
ELLEN H. BALTEZORE CHIEF
CONTUCTS DIVISIO:?
Enclosura
.
BOPiRq OF ADMINISTRATION -
JUBLIC EMPLOYEES' RETIREMEN'L SYSTEM -P. 0:Box 1953 Sacramento, California 95809 PERS-CON& (Rev. 4/78)
WITH THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM FOR MAKING AN ACTUARPAL VALUATION AS STATED HEREIN
CONTRACT
CITY OF CARLSBAD
By this AGREEMENT made this &p& day of- [$@d, *-<'X9g&iny accordance with and subject to the provisions of the Publi Employees' Retiremen and between the Governing Body of the above Public Agency3 hereinafter referred to as
&FCY 9 and the Public Employees' Retirement System, hereinafter referred ta as System,
Agency and System agree as follows:
A.
B,
C.
Agency herewith retains the. services of System to perform the valuation(s) required
by Section 20461.1 of the Public Employees' Retirement Law for the purpose of deter- mination by the Board of Administration of the Public Employees* Retirement System of the contributions to be made by Agency under Agency's contract with said Board if the benefits under said contract are supplemented by a combination of benefits shown as one of the vertical columns on attached Exhibit A. The fee for each combination of new benefits is shown at the bottom of the respective column.
&F=Y will Pay $683.00 to Syst;dm upon completion of the actuarial valuation,
such fee being based on the number of employees (both active and those leaving contributions on deposit) included in the valuation and the membership categories and different combinations of new benefits involved.
Any and all data and information requested by System from Agency for use in compi-
lation of this valuation shall be furnished to System by Agency upon request by
system. The actuarial tables and procedures to be used in the valuation shall be
in accordance with the tables approved by said Board of Administration. System shall
have sole control of the valuation and its judgment in the determination thereof
shall be final and conclusive. All work sheets and final results and reports, the product of the valuation, shall be and remain the property of the System.
Witness our hands the day and year first above written.
PUBLIC EMPLOYEES' RETIREMENT SYSTEM
\
B BY
TITLE
Amendment Valuation
F.F$S-CON-25 (k-78) _
"
.' Date: March 21, 1979
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mIBIT h Safety (Fire) Members
PIzoPOSEII BENEFIT FORMULA
2% 0 55 @ull) (Section 21252.6)
217: 63 55 (kdified)
(Section 21252.6)
27!l Q 50 (Full)
(Section 21252.01)
25 8 50 (Modified) (Sections 21252.01 & 21252.45)
JJiscellaneous: 2% @ 60 (Section 21251.32)
PROPOSED OPTIONAL BENEFIT(S)
One year final corn ensation (Section 20024.2 P
JJnused sick leave credit (0.250% increase
in miscellaneous and/or safety rate)
(Section 20862.8)
Mlitary service credit (l.OOO? increase
in miscellaneous rate and Z.OOO$ increase in safety rate)
(Section 20930.3)
Industrial disability retirement for miscel- laneous (l.OCO$ increase in misc. rate) (Section 21022.1)
Post-retirement survivor benefit
(Sections 21263 6t 21263.1)
Non-industrial disability retirement allow-
ances up to 50% of final compensation
(Section 21298)
1959 Survivor benefit (l.OCO$ increase in
miscellaneous rate and 0.500$ increase in safety rate)
(Sections 23.380 through 2l.388)
25Z increase in 1959 Survi.vor benefit (Section 21382.2 pursmant to 21390)
Otl~er(s):
FEE (per column) TOTAL FEE $ 183
X
s 183
--I---- --
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v-..---
-i- -w-w-
c.: *“_v
PEBS-CON-25 (4-78) _ Agenqr: Cj&y ot Carlsbad
' Date: March 21. 1979 Police Safety Members
PROPOSED EBNWIT FORM&A
1 ,. 2:; 0 55 (Full)
(Section 21252.6)
2. 2% @ 55 (kdified)
(Section 21252.6)
3. 2% Q 50 (Full)
(Section 21252.01)
4. 25 0 50 (Modified) (Sections 21252.01 & 21252.45) .-- --
5. I'Jiscellaneous: 2% @ 60 (Section 21251.12)
PROPOSED OPTIONAL EENEFIT(S)
1. One year final corn ensation (Section 20024.2 P I 'X X .-. . -.---
2. JJnused sick leave credit (0.250% increase
in miscellaneous and/or safety rate) (Section 20862.8) X .* .-------
3. f%litary service credit (1.000% increase
in miscellaneous rate and 2.000% increase in safety rate)
(Section 20930.3) X --
4. Industrial disability retirement for miscel-
laneous (1.000s increase in misc. rate)
(Section 21022.1) --
5. Post-retirement survivor benefit (Sections 21263 & 21263.1)
6, Non-industrial disability retirement allow-
ances up to 50% of final compensation
(Section 21298)
7. 1959 Survivor benefit (l.OOOZ increase in
miscellaneous rate and 0.500% increase in
safety rate) (Sections 23.330 through 21388)
8. 25;; increase in 1959 Survi.vor benefit
(Section 21382.2 pursuant to 21390)
a . Other(s): Section 21230 - Annual 5% automatic cost-of -living increase in
retirement allowances: applies Lo
retired and acr;ives.
1
X - --.--
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I X
I I
~~Apc?g.ollm~ ) 2. 1, , :I; 300
PRRS-CON-25 (4-78)
* .
Date: March 21, lY7Y
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PROFCXXU BENEFIT FORMULA
2% Q 55 mill) (Section 21252.6)
2% Q 55 (kZodified) (Section 2l.252.6)
2$ Q 50 (Full) (Section 21252.01)
2$-O 50 (Modified) (Sections 21252.01 & 21252.45)
T~iscellaneous: 2s d 60 (Section 21251.12)
PROPOSED OPTIONAL E3EN?ZFIT(S~
One year final corn ensation P (Section 20024.2
JJnused sick leave credit (0.250% increase in miscellaneous and/or safety rate) (Section 20862.8)
EIilitary service credit (1.000~ increase in miscellaneous rate and 2.000% increase in safety rate) (Section 20930.3)
Industrial disability retirement for miscel- laneous (1.000% increase in misc. rate) (Section 21022.1)
Post-retirement survivor benefit (Sections 21263 Oc 21263.1)
Non-industrial disability retirement allow- I------
antes up to 50s of final compensation (Section 21298) I..... - -----.-.-
1959 Survivor benefit (l.OOO$ increase in miscellaneous rate and 0.500% increase in safety rate) (Sections 21380 through 213@8) X i -
25% increase in 1959 Survivor benefit (Section 21382.2 pursuant to 21390)
Other(s): Section 21230 - Annual 5% automatic cost-of-living increase in
retirement allowances: applies to retired and actives.
F'1SiZ (per column) TOTAL ?'JXE :? 100
Agencyi City ol Carlsbad
Police SareCy Members
----t--
X --.- .-.
t
--
i-
x -
X
X --
~ _
X -.
I --?-------- 1 i
t . X I
1
i 1 $ 100 1 16. (7 - L
--
--
<i .F-
I'EZS-CON-25 (4-78) - .
'& Date: March 21. 1979
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PROPOSJD EBNEFIT FORMJLA
hgencp. City of Carlsbad
Safety Members
2s Q 55 (Full) (Section 21252.6)
27: @ 55 (kdified)
(Section 21252.6) I
2$ 0 50 (Full)
(Section 21252.01) X ___--.--
21;d 0 50 (Modified) (Sections 21252.01 G 2X252.45) -I- --
JJisceUaneous: 2% @ 60 (Section 21251.12)
PROPOSED OPTIONAL EENEFIT(S~
One year final corn ensation (Section 20024.2 P
IJnused sick leave credit (0.250$ increase
in miscellaneous and/or safety rate) (Section 20862.8)
-
X I-
Military service credit (1.000~ increase in miscellaneous rate and 2.000% increase
in safety rate)
(Section 20930.3) -__I
Industrial disability retirement for miscel- laneous (1.000~ increase in misc. rate) (Section 21022.1) :' m- -
Post-retirement survivor benefit (Sections 21263 & 21263.1)
Non-industrial disability retirement allow-
ances up to 50% of final compensation
(Section 21298)
1959 Survivor benefit (1.000~ increase in miscellaneous rate and 0.500% increase in
safety rate)
(Sections 2l.380 through 21388)
25% increase in 1959 Survivor benefit (Section 21382.2 pursuant to 21390)
Other(s):
-
i -.- -.
i -- i
3~'3SE (per column) TCYTAL TEE :f; 100
---
---
--
---
STATE 6~ CALIFORNIA - BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
EDMUND G. BROWN JR., Governor
1416 NINTH STREET, P.O. BOX 1953
SACRAMENTO, CALIFORNIA 95809
Telephone (916) y&66@ Reply to Contracts IXvision
September 3, 1980
Mr. Jerome N. Pieti,
Personnel Director
City of Carlsbad
1200 Elm Avenue
Carlsbad, CA 92008
Dear Mr. Pieti:
Enclosed are four copies of a Contract for the actuarial valuationc s) requested by your agency. This Contract authorizes the System to develop the actuarial valuation report(s) as we interpret your recent request, and to bill your
agency the total fee sh0c.m in paragraph F of the Contract. The vertical columns of Exhibit A list the optional benefit(s) included in each valuation
study requested, and below each colunn is shown the fee for developing new rates for that combination of prospective additional benefits.
If your agency agrees that it wishes the actuarial valuation report(s) listed vertically on Exhibit A and agrees to pay the total vduation fee then billed after receipt of the study, please :
1. Kave an authorized individual sign all copies of the Contracts. (An
original signature is required for each of our copies)
2. Insert the date of signature in the space provided in the first line of
each Contract; and
3. Return three copies (with original signatures! to this office.
Upon receipt of the Contracts, we will then begin the study. For most agency valuations you should expect fou. r to six weeks until receiving the completed actuarial study. Please note that the process to amend your agency's PERS contract to add any of the optional benefits may take an additional two to
three months .
Please direct questions relating to your agency’s proposed actuarial valua- tion(s) to ps. Karen DeFrank of our staff at (915) 322-6689.
Yours truly,
E!it%i&i.Z* Contracts Civision
EHB:mls
CON 1 - l/80
1200 ELM AVENUE
CARLSBAD, CALIFORNIA 92008 TELEPHONE:
0%) 4385621
August 6, 1980
Mr. THOMAS FRENCH Contract Division Public Employees Retirement System P, 0. Box 1953 Sacramento, CA 95809
In accordance' with the provisions of the California Government Code, Section 7'507, an actuarial evaluation for miscellaneous employees of the City of Carlsbad is requested for the following possible optional amendment to the present contract,
1. Post Retirement Survivor Continuance (Section 21263 and 21263.1)
2. One Year Highest Compensation (Section 20024.2)
3. Increase in Ordinary (non-job-related) Disability Retirement Allowances (Section 21298) 3
4. 1959 Survivor Benefit (Section 21380-21388) with Increased Level of 1959 Survivor Benefit (Section 21390)
5. Employee Sharing Cost of Additional Benefits (Section 20500)
The City of.Carlsbad understands there is a eos't for actuarial evaluations and requests the city be billed for this service.
c
JNl?/jnr . b
1 , BOA&B OF ADM.NISTUTIoN _ PL’BE;IC EMPLOYEES’ RETIREMENT -STEM
P. 0. Box 1953 Sacramento, California 95809 PERS-CON-6 (Rev. 4/78)
CONTRACT
CITY OF CARLSBAD
WITH THE PUBLIC EMPLOTEES’ RETIBEHBNT STSTEX FOR MAKXNG AN ACTUARIAL VALUATION AS STATED HEBEIN
By this AGRERMENT made this day of 9 19-V in accordance with and subject to the provirions of the Public Employeer’ Retirement L8w by and between the Coverning Body of the above Public Agency, hereinafter referred to aa
Agency, and the Public Employee8 ’ Betirement Syrtem, hereinafter referred to aa Syltem,
Agency and System agree a8 follows:
A.
B.
C.
Agency herewith retain8 the service8 of Sy8tem to perform the valuation(r) requirrd by Section 20461.1 of the Public hployee8’ Retirement Law for the purpore of detet- mination by the Board of Admini8tJatioa of the Public Employeer’ Retiremnt Syrtm of the COntribUtiOn8 to be made by Agency under Agency’8 contract with uid Board if
the benefit8 under 8aid contract are supplemented by a cmbination of benefit8 rhown as one of the vertical column8 on attached Exhibit A. The fee for each combination of new benefit8 is shown at the bottom of the re8pective colurpn.
Agency will pay $ 819.00 to System upon completion of the actuarial valu8tion, such fee being barred on the number of employees (both ective and there leaving
Contribution8 on depO8it) included in the valuation and the memberrhip categorier
and dlf ferent combinations of new benef it8 involved.
Any and all data and information requerted by System from Agency for u8e in compi- lation of this valuation shall be furniehed to System by Agency upon requert by
system. The actuarial tables and procedure8 to be used in the valuation shall be in accordance with the table8 approved by said Board of Administration. System 8hall
have sole control of the valuation and It8 judgment in the determination thereof
shall be final and CmClU8iVe. All work sheets 8nd final reeult8 and reportr, the
product of the valuation, ohall be and remin the property of the Syrtem.
Witness our hand8 the day and year first above written.
PUBLIC EMPLOYEES’ RRTIREMENT SYSTEM CITY OF CARLSBAD
BY BY
CARL .I. BLECHMGER, EXECUTIVE OFFICRR
TITLe C&r-l Mqn,
Amendment Valuation
-. r-l~;'!Z-CG:;-25 (4-78) \ -..
Date : September 3, 1980
P?0RmTl ETi;;lEFIT FO!l! Nuw,
7.. 21"; c! 55 (Full) (Section 21252.6)
!ximTr L
MISCELLANEOUS MEMBERS
2. 27: Q 55 (Zodified)
(kction 21252.6)
3 . l 2:': 0 50 (!ul.)
(Section ZL252.01)
4. 25 Q 50 (I-Iodified)
(Sections 21252.01 C 2li52.45)
5. ~&sce~aneous: 2% o 60 NJLL (Section 21251.
P!ToPosm 0Pr10IIAL ErRFIT
1. One year final col;l ensatior,
(section 20024,2 'i
2. flnused sick leave credit (0.2505 increase
in niscellaneous and/or safety rate)
(Section 20862.8)
w
3. Elilitar-y service credit (l.ooO? 'increase in miscellansous rate and %.OOOZ increase
in safety rete)
(Section 20930.3)
I &. Industrial disability,- retirenerk for Ir;i.scel-
laneous (0.500% increase jn r)isc. rate)
(Section 21022.1)
5. I'ost-retiremnt survivor benefit (Sections 21263 h 21263.1)
6. I,!on-industrial disability retirement allow-
ances up to 50:; of final cnm~ensation
(Section 3.1298)
7. 1959 G.u-vivor benefit (1,000~ incrcnse in
r?iscellanco~lc rate and 0,500'? increase h
safety rate)
(Section? 21.360 thron;;h 213CR)
8. 25::: hcreasc in 1959 Swvi.vor benefit
(Section 21392.2 p:rslwA to 213901
0. Otl-er(s):
Agency: CITY OF CARLSBAD - t330
I (2)
7
-I__
,121 x X
i
---
t
-N
I
--- e
I
-- 1 ---
X X
---I---
Fi'l: (ncr COll?n~ 1
IF r,- 1. T 71.:. ,I. :I 100
.
(3)
-.
x
----
X
-.-
X
X
---
:.' 100 -c_
w K;J’;‘y-;qjI; - 25 il+-78j- \ ACemy: CITY OF CARiSBAD - f338
-
-
., . .
h
Date: September 3, 1980
P?OrKm lr?amT Fm?!YLI&
1 . .
2.
3 . 4
4,
5.
1 L.
2.
3.
1 b*
5.
6.
7.
5.
cl .
KGIIEIT n
MISCELLANEOUS I
(4) (5)
2:: e 55 (Full) (Section 21252.6)
2:: Q 55 (SodiCed)
(Section 21252.6)
2::: 0 50 (?ul)
(Section U252.01)
._/.-
-I_
p--m :i- -. --
21252.01 C 21252.45)
PXsceUaneous: 25 @ 60 FULL (Section 21251.12) x *
P!xOPOSrn OPrIOfdAL BTxTFIT(S)
One year final cotx ensatior, (+Yection 20024.2 P
I 1 X -- -
IJnused sick leave credit (0.250'? increase
in niscellancous and/or safety rate)
(Section 20862.8)
w -&
Xilitarv service credit (l.ooO?S increase . in miscellaneous rate and 2,@OOS iricrease
in safety rate)
(Section 20930.3) f .."- - I
Industrial ci+z,ability retirencnt for Iriscel- laneous (0.500% increase in misc. rate)
(Section 21022.1)
I
I 4 --- t ----
Post-retirment survivor benefit (Sections 21263 2 212G3.1) I I X --- I
I!on-industrial disabil.i,tg retirement allow-
ances up to 50;; of final-compensation
(Section 212%)
1959 Survivor bcnei'it (l.OrXI'? increase in
rxkcellancol~r, rate and 0.500'? increase in
safety rate) (Sections 3.3 320 throu;;h 23.3C8)
25:: bcreaso in 1959 !Turti.vor benefit
(Section 21382.2 piirsllmt to 213%))
1 X 1 x
---I--------
X I i X
+-
i
---
X X
----!------
~~!'e~(s):Section 20500 (Employee to Pay
Current Service Costa over 6.13%)
I~‘)~:!; (mr coliim- ) Trr- ST. -1‘7 I’., mo .oo I‘100 - ::. 100
!iBERS
-(6)
---
X
X
----
r
1
i
1
I
. . -
I
X
X ._ --
X
X
-m-
X
1: 100 ..-
* .
STATE OF CALIFORNIA EDMUND 0. BROWN JR., Governor
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
1416 NINTH STREET, P.O. BOX 1953
SACRAMENTO, CALIFORNIA 95809
Telephone (916) 322-6689 Reply to Section 250 Contracts Division
September 18, 1980
Mr. Jerome N. Pieti, Personnel Director City of Carlsbad 1200 Elm Avenue
Carlsbad, CA 92008
Dear Mr. Pieti:
The pre-valuation contract for actuarial studies to determine the cost of amending your contract has now been executed by all parties concerned.
We are returning a copy of the executed contract for your files.
Sincerely,
Karen DeFrank,
Valuations Section Contracts Division
KMD:ddw
Attachment
. .
BOARD OF ADMINISTRATION - PUBLriG.EMPLOYEES' RETIREMENT L 1EM 'p'. 0:Box 1953 Sacrameuto, California 95809 PERS-CON-6 (Rev. 4/78)
CONTRACT
CITY OF CARLSBAD
WITH THE PUBLIC EMPIDYEES' RETIREKENT SYSTEM FOR MAKING AN ACTUARIAL VALLIATION AS STATED BBREIN
By this AQUZEMENT made this day of 9 19-, u accordauce with and subject to the provisions of the Public Employees Retlremnt LaW by and between the Governgg Body of tie above Public Agency, her&.nafter referred to aa - Agency, and the Public Employees ' Retirement System, hereinafter referred to as System, Agency aud System agree as follows:
A. Agency herewith retains the services of System to perform the valuation(s) required by Section 20461.1 of the Public Employees' Retirement Law for the purpose of detet- miuation by the Board of Administration of the Public Bmployeee' Betlrelreat System of the contributions to be made by Agency under Agency's contract with said Board if
the benefits under said contract are supplemented by a combinatiou of benefits shown as one of the vertical columns on attached Exhibit A. The fee for each combination
of new benefits is shown at the bottom of the respective colum.
B. Agency will pay $ 819.00 to System upon completion of the actuarial valuation, such fee being based on the number of employees (both active and those leaving contributions on deposit) included in the valuation and the membership categories and different combinations of new benefits involved.
c. Any and all data and information requested by System from Agency for use in compld lation of this valuation shall be furnished to System by Agency upon request by
System. The actuarial tables and procedures to be used in the valuation shall be in accordance with the tables approved by said Board of Administration. System ehala have sole control of the valuation and its judgment in the determiuation thereof shall be final and conclusive. All work sheets and final results and reports, the product of the valuation, shall be and remain the property of the System.
Witness our hands the day and year first above written.
PUBLIC EMPLOYEES' RETIRBMENT SYSTEM CITY OF CARLSBAD
3 BY
TIT,& c/t-/ &de
i! i :; i I a..,
Amendment Valuation
r-,~:‘!:;;-:;C):j -25 (4-78) \ - . . Agency: -.ITY OF CARLBBAD - #338 -.
Date: September 3, 1980 ?x;IIp.rT I\
1..
2.
3.
4.
5.
Jl A.
2.
3.
4.
J5.
d6.
3i.
‘ 4.
0 .*
Pmmn?m II?mTi;;FIT FO!?J7JL~,
2"; e 55 (hll)
(Section 21252.6)
2:: (3 55 (iiodified)
(kction 21252.6)
2;: 0 50 (!'ull)
(Section 2l252,Ol >
25-O 50 (1.lodified)
(Sections 21252.01 6- 2li52,45)
Jq:T; (ncr col~im~7 Toy AL ??..~ :‘; 519.00
MISCELLANEOUS MEMBERS
(1)
--
-- --
,
!Jiscelhneous: 25 @ 60 FULL (Section 21251.12) X
Pnoposm OPTIONAL DXfJTFIT(S~
One year final corn ensation
(*Section 20024.2 P
TJnused sick leave credit (0.25OF.y increase in miscellaneous and/or safety rate)
(Section 20862.8)
w >!ilitary service credit (l.OCCC increase in miscellaneous rate and 2.000$ increase in safety rate)
(Section 20930.3)
Industrial disability retirement for mjscel- laneous (0.500% increase in misc. rate)
(Section 21022.1)
Post-retirement survivor benefit (Sections 21263 5. 21263.1)
F?on-industritil disability retirement allow-
ances up to 50:: of final compensation
(Section 212?8)
1959 Survivor benefit (l.OOO? increase in miscellanco?is rate and 0.500': increase in
safety rate)
(Sections 21.3QO throq:h 213C8)
25::; increase in 1959 Survi.vor benefit (Section 21362.2 pu.rsuant to 21390)
--
--
--
X
em
X --.
tiller(s): , ,"' ,ii. -I c
(2)
.-
I-
X
X
--
X
::;_loo
(3)
X
X
* t'-rGk:,%:C;I:-25 (4-78) \ _ . t.
.
. * I
Date: September 3, 1980 miIIPrr n
AC:enc:r:-- CITY OF CARiSBAD - #338 --
MISCELLANEOUS MEMBERS
I..
2.
3 I l
4.
5.
7 6.
2.
3.
Ic.
r 3.
6.
7.
8.
0 .
P?OlYmTl lI!nEFIT FOT XJLfL (4)
(5
)
(6)
2:"; (3 55 (Full)
(Section 21252.6) / 1 _
2': Q 55 (i{odified)
(Section 21252.6)
2;; 3 50 (!uJJ
(Section 31252.01) ----- --.- -
27: 0 50 (Kodified) f
(Sections 21252.01 F; 2k252.45) -7
XiscelI-aneous: 25 @ 60 FULL (Section 21251.12) X X
P!?OpoSm OFTIOllAL ImmTT(s) 1
One year final compensation (Section 20024.2)
1Jnused sick leave credit (0.250;; increase
in miscellaneous and/or safety rate) (Section 20862.8)
. ~!ilitarv service credit (1.000% increase
in miscellaneous rate and 2,OOOZ increase in safety rate)
(Section 20930.3)
Industrial disability retiremeEt for miscel- laneous (0.500% increase in nisc. rate;?)
(Section 21022.1)
Post-retirenent survivor benefit (Sections 21263 5. 21263.1)
I!on-industrial disability retirement allow- ances up to 507; of final compensation
(Section 212?8)
1959 Survivor benefit (l.OOO? increase in rCscella.neo~Jr, rate and 0.500': increase in safet;: rate) (Sections 23.380 through 2EbR)
25::: increase in 1959 Survivor benefit
(Section 21382.2 pursuant to 213yO)
m!'er(S):Sectidn 20500 (Employee to Pay
Current Se&c& Cogts over 6.13%)
d
XX (nor colii~~) TTcY?AL -7:z ::; 300.00 .~
X X --.-
1 i
> x X I
-t
X --- - ---_- _.-.
-.
1200 ELM AVENUE CARLSBAD, CALIFORNIA 92009
ditg of Garl$ba’b
October 15, 1980
PUBLIC EMPLOYEES' RETIREMENT SYSTE14 Contracts Division P. 0. Box 1953 Sacramento, CA 95809
Attention ELLEN BALTEZORE
We are transmitting the completed form CON-8. Please note our selection of dates on the schedule on the back of the form. If there are any questions regarding the schedule, please call.
c-3 ersonnel Director
JNP/vs
,i’
TELEPHONE:
014)B3E5Bxu( 438-5583
-.. - ._ . .._ . . . . . ._s-. ..I_ ” . I....il^sI _.,.. w-. * ,,..m... -., 1... a.. .L.. I ..^,. -. -...
,
STATE OF CALIFORNIA EDMUND G. BROWN JR., Governor
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM *~’ ’ ‘::“‘).;,
1416 NINTH STREET, P.O. BOX 1953 ‘ -2 < SACRAMENTO, CALIFORNIA 95809
I ;.
L
TeWme (9’6)~2&33 if f _ ,_ ,: *,_,
1;.
‘, ” ___ : 1 Reply to Contracts Division . .
October 6, 1980 : ,.-, i- .I *; !U' Section 21251.12 (22@ 60 Full) ..I' $.-, .:. ' .;~ ..j 5.;‘ RE: .I, :';; / ..I -')I "y : ,?$f Section 20024.2 (One Year Final ‘..., *- . . ‘*,.?* Compensation); sections 21263 6
Mr. Jerome N. Pieti, b- 7 ',‘ k'
Personnel Director -.'I ;." ." ,> :,. '.A * 21263.1 (Poet-Retirement Surviv I- --,a -:,? Benefit); Sections 21380-21388
City of Carlebad (1959 Survivor Benefit); Sec-
1200 Elm Avenue tion 21390 (25% Increase in
Carlsbad, CA 92008 1959 Survivor Benefit); Section 21298 (Non-Industrial Disabflit
for miscellaneous members only.
.
Dear Mr. Pieti:
We are transmitting with this letter our actuarial repart on the valuations
requlested by your agency to determine the contributions required if the con-
tract is amended in accordance with the attach& report. .
Tne enclosed form CON-3 must be returned to this office if you want to initi- ate the further steps resed in anending you. r contract with the Retirement System. You must indicate clearly on the CON-3, under art rlBV* (Anticipated , Schedule (dates) of Agency Actions), exactly what change{ s> you want. to mske to
your contract. When you have ccmpleted this form, allow at least three weeks frcm the date it reaches this office to the date set for your governing
body’s first step, the Aoption of their Resolution of Intention. Inasmuch
as this resolution must meet certain specific requirements under t:‘le Retirement Law and must include, as an attachment, a copy of the proposed amendment(s), it
is necesszy that this document be prepared by this office. After an executed
copy of the Resolu?ion of Intention is received here, we will foreward the
Ordinance and other final docunetits to be completed by your governing body.
You will be billed at a later date for the w-vices invc?lveA in the conduct of this valuation.
If you have any questions regarding the enclosed material, please contact Karen DeFrank at (915) 322-5539.
Yours truly,
i$!ik&W /!l!it8*‘h’
Contracts Division ’
EHB: K?!D:ms Et:closures cc: San Diego Area Office
PS: The fifth valuation report for all of the abovelisted optional benefits and
Section 20500 (employee to pay current service costs over 6.13%) is not included because the current service cost does not exceed 6,13%, making this . additional report unnecessary.
)T 1: 2. '3 w'Lt!i, ~-'L!L \ -{zT.J. I+-'; c )
*
' ,p~jcy )J&flZ CITY OF CARLSBAD 3I+3PLomR. hio. 338
ME&ELLANEOUS MEMBERS
A. VALUATIOI: SEXIFICATKX~S
1. Actuari2.l data qs of 6l3p179
2. Formula
$ 3. Final Compensation Average
1 ! 4. 1959 Survivor Benefits
.5. Post-retirement Survivor Benefits
6. Unused Sick Leave Credit
PRESEhT Bz2!EFrxS PXOI?OSED BEhZFX
197&~~EL~;~TLexS 1978 A~;jXZ?TIG::
Divided 27. @ 60 Full 27, @ 60
* 3 Years 3 Years
No Yes (w/25X increase)
No No
Ye8 Ye8
3. AGEiJCY COXiXIBUTIO~J RATE FOX CUZ?.FHI'
SERVICZ (as 5 of member payro-?iT 1: I a. Retirement benefits- 9.794% 9.965%
b. Death benefits 0.1332 0,142X
c. 1959 Survivor Eenefits --e--w 1.000%
d. Unused Sick Leave Credit 0,250X 0.250% '.
C. AGENCY COXTRTFNTION FOR P?.IOR SEWICE
a. Contribution rate as $ of member
payroll until 6/30/2000 0,009% 0,009%
D. TOTAL AGE?,JCY CON'lXIBUTIO!TS
3
a. Total Agency Contribution Flate: 10.186% ' 11.366%
E. ACTUAPQL VALUATIOI\J FEE . $319,00.
October 6, 1980
'i!,i'fE
. . i a- KISUK YAIG CHEF ACTUARY
KJELIC EX'PLOYZZS~ PXXXXE,FIT~SYSTE~ ACTUARIAL VALUATIOH IEPCZ' PERS-COX-1L (T?eyr. 4-78) -
.’
AGENCY NAl4E CITY OF CARLSBAD EE?ImmI?. NO. 338
. MISCELLANEOUS MEMBERS
A.
Proposed Benefits
1978 Assumptions (2)
Proposed Benefits 1978 Assumptions
(3) VALUATIOK SPiXIFICATIOXS
1. Actuarial data is of 6/30/79
2. Formula Full.21 @ 60 Full 2X @ 60
3. Final Compensation Average . 1 Year 3 Years .
4. 1959 Survivor Benefits Yes (W/25% increase) Yes (w/25X increas
5. Post-retirement Survivor Benefits No Yea
6, Unused Sick Leave Credit Yes Yes
B. AGEXCY COHT~IBUTXO!! RATE FOB CURRENT
i SEEVICE (as 3 of member payr0-r
a. Retirement benefits
b. Death benefits .
C. 1959 Survivor Zenefits
d. Unused Sick Leave Credit
C. AGEXJCY CO!ITEzIBUTIOU FOR PRIOR SERVICE
a. Contriblkion rate as 7s of member payroll until 6y-o
D. TOTAL AGFXY COE!T~IBU'I!IOUS
a. Total Agency Contribution Rata:
E. ACTUA?~ VALU?,TIOlI FElE
::
10.860% 11.9709, -i
0.1427. 0.142%
1.000x 1.0009.
0.2509, . 0.250%
0.012% 0.022%
12.264% 13.384%
.$200,00
October 6, 1980
DA'FE
KISUK YANG CIJEF ACTIJARY
__, ___._“__I._ ,_ ..~.“.. _,II.. ..,. _ ..“. -._-.. I”.-tlT.ilr*... __ I--.---
,... -
PUBLIC EtIpLx)~' RETI?B~Xl'-SYSTH: ACTUAiZIJ\L V&UATlOii Itl?PO2T
PE$.S-COX-14 (I?ev. 4-78) -
C’ AGENCY NAIQZ CITY OF CARLSBAD R.IPLOYEIZ NO. 338
a
A. VALUATIOK S~CXFICAT 103s
1. Actuarial data /as of
2. Formula 1
6/3Ol79
3. Final Compensation Average
4. 195? Survivor Benefits
5. Post-retirement Survivor Benefits
6. Unused Sick Leave Credit
7. Increased Non-Industrial Disability
B. AGENCY COPJTRIBUTIO~J RATE FOX CURZWT
SERVICE (as 3 of member payror
a. Retirement benefits
b, Death benefits
c. 1959 Survivor Benefits
d. Unused Sick Leave Credit
MISCELLANEOUS MEMBERS
Proposed Benefits 1978 Assumptions
(4)
Proposed Benefits
1978 Assuclpticm
(51
Full '27. @ 60
. 3 Years
yes (~125% increase)
NO
Yes
Yes
Ful1.27. @ 60
LYear - -
Yes (425% increase)
Yef3
Yes
Yes
10,605% 13.759%
.i
0.142% 0.142%
1.000% 1.000%
0.250% 0.250%
c. AGENCY COhlTBIENTIOI~I FOR PnIOR SENICT:
a. Contriblhion rate as Y< of member payroll until hl30!2QQO 0 -009% 0.026%
D. TOTAL ACE!ICY COwxcBUTIOITS
a. Total Agency Contribution Z-ate: 12.006% 14.l779.
E. ACTUAXAL ~VALUATIO~J FE22 $200,00
October 6, 1980
DATE
K ISUK Y ANC CHEF ACTUARY
5 b PIIi3LIC FI PLGYk F I;’ ~~xi?~jI~l\jT y>‘isTF.;j - c* ~ (916) 322-4522 I ,’ * Post. Ofl’ice Fiox 195; ,I Sacramento, CA $5;jOg .
The City of Carlsbad --------..- mc’nd Its contract with
kreby rciqsest,:: e!:- ::nc~brlents wcessat-y ts
tiX Pbbl iC Fl?i.llC~~C?e& !‘:?tj ,rC:? -I;‘, r.Lsxt.“a aS ;klnwn in “3”
be 1 c ;.I. Circle the report thak inclvles t?:ose bcn-:‘L-t<s) h-.?;2- ra,ency wishes tci
add :
A. C3tegory: , MISCELLANEOUS MEMBERS
!3. hnendments desii-ed : .
Reprt
!!umber
1
2
3
4
Section of
Retirement. LRV --
21251.12 21380-21388 - 21390
21251.12 20024.2 21380-21388 21390 .
21251.12
21263/21263-l 21380-21388 21390
21251.12
21298 * 21380-21388
21390
2% @ 60 Full
1959 Survivor Benefit 25% Increase fn 1959 Survivor Benefit
2% @ 60 Full
One Year Final Compensation 1959 Survivor Benefit 25% Increase in 1959 Survivor Benefft
2% @ 60 Full
Post-Retirement Survivor Benefit.
1959 Survivor Benefit 25% Increase fn 1959 Survivor Benefit
.I 2% @ 60 Full Non-Industrial Disability Retirement -
1959 Survivor Benefit
25% Increase in 1959 Survivor Benefit
f '
,,
'I -1 '.
5 21251.12
20024.2
21263/21263-l
21298 21380-21388 21390
2% @ 60 Full
tie Year Final Compensation Post-Retirement Survfvor Benefit
Non-Industrial Disability Retirement
1959 Survivor Benefit
25% Increase in 1959 Survivor Benefit
[j;+y’fI {.JF c j; ; 2s;,c‘,~~~ ;,S,(J57 ;.r ~,;?~~r;:l’,;‘;I,-,,~,,“:‘.:. ’ ..; ‘.!j,- ,.;<s :;;y>j::
DATE Tf. $5 f-,y- =;I:-;;..:-$ ;% wc~iri\‘i:fJ . , -,.*mj,r - -; ., ‘.-.? a “f 1 4 “.‘ . t , _ I . 3 5 - ., “. i i...j?%, i. .
t ,* CrFItx. . C. Anticir,c!fcd srhc:.J*L,:_c c.y ,;)[~?~[>hy r;r,Si,n;*,Z, _ i*:,.!i;‘:tm:t y,lts? <i:?i.?r; .,.;i;;?[i jfOi;t- -,
Cfgf.?tJCy plz:r,s tc Cs:npl y r;it!7 t!lc r’cjllc:.:itir; j:Y:f;~:‘-i,-~e:,i.. s,: c~~(f;;~e~~~:
1. , /+p3 Date FA2 s 2 1. 'j t i. 0 n c\ !' Tn+.cct j. i, : ! I -; ,T! p 6.: :! ‘3 5 __-- for A~.vii? ‘1 prcsen-
taticm to Govcr:;ir!g f!z:?y. ‘*i t: :: i!~L~~J:~4-:.~~ irJeti !)y PERS)
2. hdoption sf Rc::9L:,tion 3f I~~:i~r!t.i.c)t-i to z!~~end contract uith
PE!S.
EtJplGyCC PlC?ClLiCYl- (?ic?t ~~<~~S~~~;l~~’ f’S1- Z’il ;I;fl;TndCiCnLS) .
First rc;:d in3 of Ordir,,lnzc to i:i:c;pt a:.:end::~cn+ tc PEW con-
tract (:Tzy 52 rend .with !ksc:l~i:I:::~ cf Ictention).
Final r.?ading ;;f Orciin:lncc. (!‘I!::‘:?’ bc at ler-:sL 27 days 3fLe.f
signir.;r. tkc 3csa:;tion oC Ifi?ention).
Effi?cti*lc d,7t? of Crdj.,:ancrt.
Ef fcctivc date of PERS ..Xz1C!i;ri?i?rit.. i .?:gcncy sets the effective
date r-!t!iCf: cannot. se c?,lrl icr :.i-!3ti the 1st day cf a p2yro?l
periorl s:kw?q&?nt, ta the eff’F:cL;ve ci2t.e of c?e P!rdir?;rnce in
s i; !-: p 6. Ibwc~ver , if zn ;!c?j u:;l.~~~-2nt to n rctirmc:n’i allo~~nnce
i s i nv 0 1 1~ xi , the Contrri2t.s !?il: isicn. c.f FERS will set t.h3
effective date).
.
1416 NINTH STREET, P.O. BOX 1953
SACRAMENTO, CALIFORNIA 95809
Telephone (9’6522-6689
January 11, 1982
Mr. Jerome N. Pieti Personnel Director
City of Carlsbad
1200 Elm Avenue
Carlsbad, CA 92008
“STATE OF CALIFORNIA-BOARD OF ADMINISTRATION
PUBLIC EMPLOYEES’ RETIREMENT SYSTEM
-.. -,y ‘;. _
Reply to Se@$& 25bQ3
Contracts~%vision ;-. ; ,: a 'p
,,<. ']- qp ',
Agency $778
,?, ./
'. 't ;: :* i '.< L. I "y ," : 6, -.:,.:<, a.('
Dear Mr. Pieti:
The pre-valuation contract for actuarial studies to determine the cost of amend- ing your contract has now been executed by all parties concerned.
We are returning a copy of the executed contract for your files.
Sincerely,
Contracts Division
KMD:ddw
Attachment
BOARD:OF ADMINISTRATION
P!%LIC EMPLOYEES' RETIREMENT SYSTEM
P-0. BOX 1953
SACRAMENTO, CALIFORNIA 95809
PERS-CON-6 (Rev. 8181)
CONTRACT
CITY OF CARLSBAD
WITH THE PUBLIC EMPLOYEES' RETIREMENT SYSTEM
FOR MAKING AN ACTUARIAL VALUATION AS STATED HEREIN
By this AGREEMENT made this 2 g w day of U , 199, in
accordance with and subject to the provisions of the Public Employees' Retirement Law by
and between the Governing Body of the above Public Agency, hereinafter referred to as Agency,
and the Public Employees' Retirement System, hereinafter referred to as System, Agency and
System agree as follows:
A. Agency herewith retains the services of System to perform the valuation(s) required by
Section 20461.1 of the Public Employees I Retirement Law for the purpose of determination
by the Board of Administration of the Public Employees ' Retirement System of the contri-
butions to be made by Agency under Agency's contract with said Board if the benefits
under said contract are supplemented by a combination of benefits shown as one of the
vertical columns on attached Exhibit A. The fee for each combination of new benefits
is shows at the bottom of the respective column. I
B. Agency will pay $ 195.00 to System upon completion of the actuarial valuation, such
fee being based on the number of employees (both active and those leaving contributions
on deposit) included in the valuation and the membership categories and different
combinations of new benefits involved.
C. Any and all data and information requested by System from Agency for use in compilation
of this valuation shall be furnished to System by Agency upon request by System. The
actuarial tables and procedures to be used in the valuation shall be in accordance with
the tables approved by said Board of Administration. System shall have sole control of
the valuation and its judgment in the determination thereof shall be final and conclu-
sive. All work sheets and final results and reports, the product of the valuation,
shall be and remain the property of the System.
Witness our hands the day and year first above written.
PUBLIC EMPLOYEES' RETIREMENT SYSTEM CITY OF CARLSBAD
TITLE
Amendment Valuation
PERS - ~0~025 (4/78) . 4
DATE:,,-* :' n&-r 71 1951
PROPOSED BENEFIT FORMULA
1,
2,
3.
4.
5.
2% @ 55 (Full) (Section 21252.6)
2% @ 55 (Modified) (Section 21252.6)
2% @ 50 (Full) (Section 21252.01)
2% @ 50 (Modified) (Sections 21252.01 & 21252.45) .
Miscellaneous: 2% @ 60
PROPOSED OPTIONAL BENEFIT(S)
(Section 21251.12)
One Year Final Compensation (Section 20024.2)
Unused Sick Leave Credit (0.250% increase in miscellaneous and/or safety rate) (Section 20862.8)
3,
-.
Military Service Credit (1.000% increase in
miscellaneous rate and 2.000% increase in
safety rate) (Section 20930.3)
4. Industrial Disability Retirement for Miscellaneous
(0.500% increase in miscellaneous rate) (Section 21022.1)
5. Post-retirement Survivor Benefit (Sections 21263/21263.1)
6. Non-industrial Disability Retirement Allowances up to 50% of Final Compensation (Section 21298)
7. 1959 Survivor Benefit (1.000% increase in mlscel- laneous rate and 0.500% increase in safety rate) (Sections 21380 through 21388)
8. 25% Increase in 1959 Survivor Benefit .* (Section 21382.2 pursuant to 21390)
9. Other.(s):
FEE (PER COLUMN)
EXBlBIT A
SAFETYMEMBERS
TOTAL FEE: $ 195-00
PLEASE NOTE: change to an individual safety group will be applied to total safety payroll.
AGENCY: CITY OF CARLSBAD f338
$ 195 $
STAiE OF CAiIFORNIA-BOARD OF ADMINISTRATION
i’Uf3UC EMPLOYEES RETIREMENT SYSTEM
EDMUND G. BROWN JR., Govwnor
1416 NINTH STREET, P.O. BOX 1953
SACRAMENTO, CALlFORNlA 95809
Talsphono (916) 322-6689 Reply to Contracts Division
January 20, 1982 RE: Section 21252.01 (2% @ 50 Full)
Mr. Jerome N. Pieti
Personnel Director City of Carlsbad 1200 Elm Avenue
Carlsbad, CA 920‘08
:.
1
for
I
Dear Mr. Pieti: We are transmitting with this letter our actuarial report on.the valuations re- quested by your agency to determine the contributions required if the contract is amended in accordance with the attached report.
The enclosed form CON-8 must be returned to this office if you want to initiate
the further steps required in amending your contract with the Retirement System.
You must indicate clearly on the CON-8, under part "C“ (Anticipated Schedule (dates) of Agency Actions), exactly what change(s) you want to make to your con-
tract. When you have completed this form, allow at least three weeks from the
date it reaches this office to the date set for your governing body's first step, the adoption of their Resolution of Intention. Inasmuch as this resolu-
tion must meet certain specific requirements under the Retirement Law and must include, as an attachment, a copy of the proposed amendment(s), it is necessary that this document be prepared by this office. After an'executed copy of the
Resolution of Intention is received here, we will foreward the Ordinance and
other final documents to be completed by your governing body.
You will be billed at a later date for the services involved in the conduct of this valuation.
If you have any questions regarding the enclosed material, please contact
Karen DePrank at (916) 322-6689.
Your3 truly,
.
Ellen H. Ealtezore,
Contracts Division
EHB:KMD:ddw
Enclosures
cc: San Diego Area Office
PERS - CON-14 (Rev. 41811
AiENCY'NAMF CITY OF - .LSBAD 1 EMPLOYER NUMBER 338
SAFETY MEMBERS
PRESENT BENEFITS PROPOSED BENEFITS
1978 ASSUMPTIONS 1978 ASSUMPTIONS
A, VALUATION SPECIFICATIONS
._ 1. Actuarial data as of 6/30/80
2. Formula Full k @ 55 Full 2% @ 50
3. 2. Final Compensation Average y 3 Years 3 Years
4. 1959 Survivor Benefits Ye9 Yes
5. Post-retirement Survivor Benefits Yes Yes
.
B.
c.
D,
E.
AGENCY CONTRIBUTION RATE FOR CURRENT
SERVICE (as % of member payror
a. Retirement Benefits 17.751% 27.018%
b. Death Benefits 0.038% 0.040%
C. 1959 Survivor Benefits 0.500% 0.500%
AGENCY CONTRIBUTION FOR PRIOR SERVICE
a. Contribution rate as % of member
payroll until 6/30/2000 0.020% 0.045%
TOTAL AGENCY CONTRIBUTIONS
a: Total Agency Contribution Rate: 18.309% 27.603%
(when change is for an individual safety group, rate will apply to total safety- payroll)
ACTUARIAL VALUATION FEE $ 1.95.00
DATE: January 20, 1982 KISUK YANG, CHIEF ACTUARY
.> I PUbLIC EMPLOYEES' RETIREMET-SYSTEM (916) 322-4523 POST OFFICE BOX 1953
SACRAMENTO, CA 95809
The City of Carlsbad hereby requests the documents necessary to amend its contract with the Public Employees ' Retirement System as shown in "B" below.
Circle the report that includes the benefit(s) your agency wishes to add:
A. Category: SAFETY MEMBERS
B. Amendments Desired: -
REPORT SECTION OF :.
NUMBER RETIREMENT LAW DESCRIPTION OF BENEFIT(S) ,
1 21252.01' 2% @ 50 Full for local safety members..
c. Anticipated schedule of agency actions - indicate the dates when your agency plans to comply with the following amendment procedures:
1. 2/1.6/82 Date Resolution of Intention is needed for Agency presentation to Governing Body. (Date must be approximately 3 weeks from date this form CON-8 is received Gthe PERS Contracts Office,) (Resolution
to be provided by PERS.)
2. 3/2/82 Adoption of Resolution of Intention.to amend contract with PERS.
3, 3/1/f= Employee election (not necessary for all amendments).
4. 3/2/82 First reading of Ordinance to adopt'amendment to PERS contract (may
be read with Resolution of Intention).
5. 3/16/82 Final reading of Ordinance. (MUST be at least 21 days after signing the Resolution of Intention.) -
6. 4/16/82 Effective date of Ordinance.
7. G/30/82' Effective date of PERS amendment. (Agency sets the effective date which cannot be earlier than the 1st day of a payroll period subsequent to the effective date of the Ordinance in Step #6, However, if an adjustment to a retirement allowance is involved, the Contracts Divisio f PERS will
set.the effective date.) .
I
.DATE January .25, 1982 TITLE Asst. City Manager