AgdaPkt 2011-09-12 - Laserfiche WebLink

Browse Search

January 19, 2010 -2- 7.B. - Page 24 would last until June 30, 2013. After that, under current procedures, you would receive a single employer contribution rate for all your Safety plan members which blends the different benefits of the members of this Safety plan. The reduced contributions made up through June 30, 2013 would cause that blended rate to be slightly larger than it would have been under the first option. Please be advised that the analysis above does not take into account impending employer contribution rate increases due to the investment market losses during the fiscal year ending 3une 30, 2009. Further, the analysis does not take into consideration the recent changes in the actuarial assumptions adopted by the CalPERS' Board of Administration in April 2010 and their impact on employer rates. It is recommended that you refer to the enclosed Circular Letter 200 - 056 -09 dated August 25, 2009 which addresses how these investment losses and Board approved enhancements to our actuarial smoothing methodology will impact future employer contribution rates. For information on how the assumption changes will impact future employer rates, you should refer to the enclosed Circular Letter 200 - 028 -10 dated May 12, 2010. To initiate an amendment to the contract, please complete the attached election form and mail or FAX (916) 795- 3005 the form with a letter to the Contracts Maintenance Unit, indicating your wish to contract for Section 20475 (Different Level of Benefits) and identifying the group(s) to which the benefit reduction applies. In sections 20463 (b) and (c), the California Public Employees' Retirement Law requires the governing body of a public agency within five days of receipt of the contract amendment cost analysis, to provide each employee organization with a copy of the analysis. If this cost analysis was requested by an employee organization, the employee organization is also required within five days of receipt of the analysis, to provide a copy of the analysis to the public agency. If you have questions and wish to discuss your options further, please contact your plan actuary. David Du Bois, FSA Senior Pension Actuary, CalPERS