HomeMy WebLinkAboutMINUTES - 07071987 - 2.7 TO BOARD'OF SUPERVISORS
FROM Contra
Phil Batchelor,
County Administrator Costa
DATE: County
July 1, 1987
SUBJECT:
RETIREMENT CONTRIBUTION AGREEMENT RELATED
TO 1987-88 BORROWING PROGRAM
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION•
Approve the attached agreement between the County and the Retirement Board,
which accomplishes a payment of the County' s retirement contribution for
1987-88, and authorize the Auditor-Controller or Treasurer-Tax Collector to
fill in the final amount, not to exceed $17 .5 million.
FINANCIAL IMPACT:
The money to be paid is part of the County' s 1987-88 Borrowing Program.
Interest earnings will occur on the funds, resulting, in effect, in a
reduction on the total retirement contribution made by the County.
Since the actual amount of the payment will not be known until the interest
rates are firmly established later in the month, the Auditor or Treasurer
should be authorized to fill in the appropriate amount, not to exceed the
total expected payment of less than $17 . 5 million.
CONTINUED ON ATTACHMENT: _ YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF VOARD COMMITTEE
APPROVE OTHER .
SIGNATURE(S):
ACTION OF BOARD ON July 7, 1987 APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT THIS IS A TRUE
X UNANIMOUS (ABSENT I, IV AND CORRECT COPY OF AN ACTION TAKEN
AYES; NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: County administrator ATTESTED 7 /98
C LOR, CLERK
Auditor-Controller
Treasurer-Tax Collector PHIL BATOF THE BOARD OF
Retirement Administrator SUPERVISORS AND COUNTY ADMINISTRATOR
M382/7-83 BY .DEPUTY I
r
AGREEMENT
1. Information.
Department: County Administrator
Subject: Early retirement contributions fiscal year 187-' 88.
2. Parties. The County of Contra Costa, California (County) ,
for its Department named above, and the Retirement Board of
the Contra Costa County Employees ' Retirement Association
(Board) mutually agree as follows pursuant to Government Code
section 31582.
3. County. County shall transfer to the Employees ' Retirement
Trust Fund no later than July 20, 1987, a one time advance
payment of $ 16046,045.00 for County's 1987-1988 retirement
contribution. County's advance payment shall be calculated
by taking the 1987-1988 estimated annual retirement
contribution for all eligible employees due from County
(provided by County' s Auditor) and reducing such sum by
$ 633 ,963 .1$ which is a credit for the County' s advance
payment. County warrants and guarantees that the one time
advance payment will not put the Board in any less a
position, with respect to County' s 1987-1988 retirement
contribution for all eligible employees, than the Board would
be in if County payments were made monthly. Adjustments for
the difference between the estimated and actual required -
1987-1988 contributions will be made by both parties based upon
information provided by County' s Auditor on a monthly basis,
on the tenth of each month starting August 10, 1987 and
continuing through July 10, 1988. Upon such adjustments,
County shall pay to Board additional sums owing within three
working days or accept a credit in the amount equal to any
overpayment by County of the estimated contribution over the
actual contribution required.
4. Board. Board shall accept County's payment as payment of
County' s entire estimated retirement contribution, subject to
adjustment as set forth above. Board shall have immediate
and full control of the prepayment sum paid by County.
5. Joint Legal Representation. Both parties to this Agreement
acknowledge their joint legal representation by the Contra
Costa County Counsel ' s office and hereby waive any possible
conflicts of interest arising from such representation.
6. Signatures. These signatures attest the parties' agreement
hereto:
COUNTY OF CONTRA COSTA, CALIFORNIA
BOARD OF SUPERVISORS ATTEST: Phil Batchelor,
Clerk of the Board of
Supervisors and County
Administrator
00
By: By:
4hairzman/Desig—n-(Ire Deputy
BOARD
By:
Chairman of Retirement Board
(Designate official business capacity)
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