HomeMy WebLinkAboutMINUTES - 07261988 - 1.59 TO: BOARD OF SUPERVISORS
FROM: Phil Batchelor, County Administrator Contra
iy Costa
DATE: July 26 , 1988 County
SUBJECT: Retirement Contribution Agreement Related to
1988-89 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
1988-89 , and authorize the Auditor-Controller or Treasurer-Tax Collector to
fill in the final amount, not to exceed $22 . 0 million.
FINANCIAL IMPACT:
The money to be paid is part of the County's yearly Borrowing Program.
Interest earnings will occur on the funds, resulting, in effect , in a re-
duction in 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 $22 . 0 million.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATIOV OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
UNANIMOUS (ABSENT ) 1 HEREBY CERTIFY THAT THIS IS A TRUE
AYES: NOES: AND CORRECT COPY OF AN ACTION TAKEN
ABSENT: ABSTAIN: AND ENTERED ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE SHOWN.
County Administrator ,JUL 2 6 1988
CC: Auditor-Controller ATTESTED
Treasurer-Tax CollectorPiil-BatchetrDr, CTr of-Th2 Bid t
Retirement AdministratorSuperdisOrsand County Adnir«;a*afor
M382/7-83 BY DEPUTY
i
AGREEMENT
l
i
1 . Information.
Department: County Administrator
Subject: Early retirement contributions fiscal year ' 88-89.
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 ;iAssociation
(Board) mutually agree as follows pursuant to 'Governme.nt
Code Section 31582 .
3. County. County shall transfer to the EmployeesRetirement
Trust Fund no later than July 20, 1988, a onetime advance
payment of $21,763 ,010 .00 for County's 1988-89 retirement
contribution. County's advance payment shallj,be calculated
by taking the 1988-89 estimated annual retirement contribu-
tion for all eligible employees due from County (provided
by County' s Auditor) and reducing such sum by $976 ,992 .16
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 1988-89 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 1988-89 contributions
will be made by both parties based upon information pro-
vided by County's Auditor on a monthly basis,, on the tenth
of each month starting August 10 , 1988 and cotinuing
through July 10, 1989. 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.
I
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 # his 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
Adminis raa�t`or
By: By: T �/��tEGI�"
hairman Designee Deputy
BOARD
By:
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