Laserfiche WebLink
3. It is assumed that the employees of the Agency are of TWO member clasaifications <br />and that there will be included in the valuation 233 persons who are members or <br />who are receiving retirement allowances because of service rendered to Agency. <br />4. Should Actuaries encounter in the valuation any unusual situation or should <br />Actuaries be requested by Agency to make further valuations of different combina- <br />tions of benefits and contributions, which might require an additional expenditure <br />of time" said situation and request shall be brought to the attention of the Board <br />of Administration, State Employees= Retirement System for further consideration. <br />It is understood that the time expended in connection with said unusual situation <br />and further valuation, is not included within the fee stated herein. <br />5. Agency and Actuaries understand that said Board of Administration will furnish to <br />Actuaries, the data relative to persons who are members of said Retirement System <br />with credit for service rendered as employees of Agency, necessary for performance <br />of the work described in paragraph 2. Both parties also understand that said <br />Board of Administration will make available to Actuaries' various tables and <br />schedules of rates based on the experience under said Retirement System among merr, <br />bers thereof' as determined in current and previous investigations and valuations. <br />Both parties understand, further, that in accordance with said Retirement Law, the <br />work to be performed by Actuaries shall be performed under the direction of the <br />Actuary of the Retirement System, and that all data in connection with said work, <br />including work sheets, final results, and reports from Actuaries, shall be the <br />property of the Board of Administration and shall be delivered to said Board at <br />the conclusion of said work. <br />b. For the full performance and completion of said services, Actuaries shall receive <br />from Agency, the following amounts: <br />For work provided in sub --paragraph a. of paragraph 2 hereof 226*45 <br />For work provided in sub -paragraph b. of paragraph 2 hereof <br />Total 0 226,m45 <br />Subject to adjustment on account of variation in the number of employees for whom <br />data are submitted as provided in paragraph 5 hereof" from the number of such err, <br />ployeas stated in paragraph 3, and subject to any adjustment made on account of <br />any unusual situation,, or on account of further valuations of different combina- <br />tions of benefits and contributions requested by Agency, as hereinbefore provided. <br />Agency agrees that the sum fixed in this paragraph as compensation for the services <br />to be performed by Actuaries, shall cover only the calculations and conferences <br />between the officers and employees of the Board of Administration and Actuaries, <br />necessary in the performance of the work, excluding conferences between Agency <br />and Actuaries. It is understood and agreed that Agency shall deal only through <br />said Board of Administration. <br />Ret. Form 424-2 (Rev. 9/54) 2000 <br />