HomeMy WebLinkAboutMINUTES - 07201993 - 1.67 In the Board of Supervisors
of
Contra Costa County, State of California
July 20, 1993 19
In the Matter of
Retirement Association Audit
The Board received a memorandum dated July 7, 1993, from':the
Additor-Controller with respect to the annual audit report for the
Contra Costa County Employees' Retirement Association for the year ended
December 31, 1993.
IT IS BY THE BOARD ORDERED that the aforementioned report is
ACKNOWLEDGED.
1 hereby certify that the foregoing is a true and correct copy of an order entered on the
minutes of said Board of Supervisors on the date aforesaid.
Witness my hand and the Seal of the Board of
Supervisors
20th93
affixed this day of July 19
Phil Batchelor,Clerk of the Bna►ri of
upervisors and Coun Adm �• R. OLSSON, Clerk
By . Deputy Clerk
cc.:. Auditor
Retirement
H-24 3/79 15M
'1 . 67
Contra Costa County
Office of Kenneth J.Corcoran
COUNTY AUDITOR-CONTROLLER - `'' Auditor-Controller
625 Court Street ^,i
Martinez, California 94553-1282 ;; JudRh A.Van Note
�. Assistant Auditor-Corti,ler
Telephone (510) 646-2181
Fax (510) 646-2649
July 7,1993 RECEIVED.
►JUL - 81993
The Board of Supervisors _
Contra Costa County CLERK BOARD Or SUPERVISORS
Martinez, CA 94553 CONTRA COSTA CO.
Ladies and Gentlemen:
Enclosed are twelve (12) copies of the annual audit report for the
Contra County Employees' Retirement Association for the year ended December
31, 1993.
Very truly yours,
Kenneth J. Corcoran
Auditor-Controller
By: '-OliC v'd
David A. Sumn r
Staff Auditor
DAS/ds
Enclosures
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REPORT ON THE FINANCIAL CONDITION
' OF THE
CONTRA COSTA COUNTY
EMPLOYEES' RETIREMENT ASSOCIATION
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FOR THE YEAR ENDED
DECEMBER 31, 1992
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AUDITOR-CONTROLLER
DIVISION OF AUDITS
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REPORT ON THE FINANCIAL CONDITION
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CONTRA COSTA COUNTY
EMPLOYEES' RETIREMENT ASSOCIATION
FOR THE YEAR ENDED
rDECEMBER 31, 1992
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' CONTRA COSTA COUNTY
Employees' Retirement Association
Annual Financial Report
' Table of Contents
December 31, 1992
' Page
Financial Section
' Auditor's Report . . . . . . . . . . . . . . . . . . . . . . 1
Statement of Financial Condition 3
Schedule of Investments in Securities. . . . . . . . . . . . 4
' Schedule of Investments in Real Property . . . . . . . . . . 5
Schedule of Activity and Balances - Deposits
andReserves . . . . . . . . . . . . . . . . . . . . . . 6
Statement of Investment Income and Changes in
' Surplus. . . . . . . . . . . . . . . . . . . . . . . . . . 7
Schedule of Income from Securities and Trust
DeedInvestments . . . . . . . . . . . . . . . . . . . . . 8
Statement of Administrative Expense. . . . . . . . . . . . . 9
Notes to Financial Statements. . 10
Comments on Financial Statements . . . . . . . . . . . . . . 20
' Supplementary Information
Organization of Retirement Association . . . . . . . . . . . 23
Analysis of Funding Progress . . . . . . . . . . . . . . . . 24
' Revenues by Source - Ten Year History
Expenses by Type - Ten Year History. . 25
Contra Costa County
Office of Kenneth J.Corcoran
' COUNTY AUDITOR-CONTROLLER Auditor-Controller
625 Court Street _ �:<_�i
' Martinez,California 94553-1282 c - Judith A.Van Note
. *�.,�:"' 4� Assistant Auditor-Cont,:.,i er
Telephone (510)646-2181 �'• .fir
Fax (510) 646-2649C
��sr=-- :-
\'A SO
' June 1, 1993
Independent Auditor's Report on
Examination of Financial Statements
The Board of Supervisors
Contra Costa County
Martinez, California 94553
The Retirement Board
Contra Costa County
Employees' Retirement Association
Concord, California 94520
Members of the Board:
' We have audited the accompanying general purpose financial statements
of the Contra Costa County Employees' Retirement Association for the year
ended December 31, 1992 pursuant to Sections 31593 and 7504 of the
' Government Code. 'These general purpose financial statements are the
responsibility of the Retirement Association's management. Our
responsibility is to express an opinion on these general purpose financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards as prescribed by the Governmental Accounting Standards Board.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the general purpose financial statements
are free of material misstatement. An audit includes examining, on a test
' basis, evidence supporting the amounts and disclosures in the general
purpose financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
' well as evaluating the overall general purpose financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
' As disclosed in Note 6 to the financial statements, the Retirement
Association has changed its accounting procedure regarding recognition of
revenue for the Capital Guardian Public Funds International Equity Fund.
The Board of Supervisors June 1, 1993
Contra Costa County
The Retirement Board
Contra Costa County
' The Retirement Association has established an accounting policy to
recognize appraised market value declines on investments in commercial
real estate over a five year accounting cycle. Generally accepted
accounting principles (GAAP) require that such declines be reflected in the
current financial statement presentation. However, we believe this
departure from GAAP is appropriate in the circumstances and that the
' financial statements included herein do not misrepresent the long-term
marketability of this investment group as described in Note 7.
In our opinion, the general purpose financial statements referred to
above present fairly, in all material respects, the financial position of
the Contra Costa County Employees' Retirement Association as of
December 31, 1992 and the results of its operations for the fiscal year
then ended in conformity with generally accepted accounting principles.
The supplementary financial information required by Governmental
' Accounting Standards Board Statement No. 5 has been subjected to audit
procedures applied in the examination of the basic general purpose
financial statements and is, in our opinion, fairly stated in all material
respects in relation to the basic general purpose financial statements,
' taken as a whole.
Very truly yours,
KENNETH J. CO ORAN
Auditor-Con 'oller
KJC/LDS:ad
' Enclosures
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EXHIBIT A
SCHEDULE I
1CONTRA COSTA COUNTY
Employees' Retirement Association
Schedule of Investments in Securities
' December 31, 1992
(1) Unamortized Net
Face or Cost Premium Book
Value (Discount) Value
Bonds:
Domestic $419,099,179 $ $419,099,179
' Foreign 39,265,390 (1,376,619) 37,888,771
(2)
Total Bonds 458,364,569 (1,376,619) 456,987,950
Stocks: (4)
Index Fund 60,845,310 60,845,310
(5)
International Fund 45,491,950 45,491,950
Common 209,924,081 209,924,081
(3)
Total Stocks 316,261,341 316,261,341
First Mortgages FHA/VA 124,893 (2,861) 122,032
Short Term Investments 24,726,000 24,726,000
Total $799,476,803 $ (1,379,480) $798,097,323
' (1) Domestic Bonds at Amortized Cost, First Mortgages Brinson
International Bonds and Short Term at Face; Common Stocks at Cost.
' (2) Total Market Value of Bonds at December 31, 1992 was $467,525,191.
(3) Total Market Value of Stocks at December 31, 1992 was $431,271,132.
(4) Invested by Alliance Index Fund.
(5) Invested by Capital Guardian International Fund.
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See Accompanying Notes to Financial Statements
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' EXHIBIT B
CONTRA COSTA COUNTY
' Employees' Retirement Association
Statement of Investment Income and Changes in Surplus
For the Year Ended December 31, 1992
Income for the Year:
' Income from Securities and Trust Deeds
(Exhibit B, Schedule I) $ 93,340,212
' Income from Real Property (Less Service fee
of $384,315, Operating Expense of $1,458,109
and Write Down of Value of $4,593,882) (Note 1.B. ) (463,369)
Miscellaneous Income (Expense) (421,186)
Total Income (Net of Fees) 92,455,657
' Less:
Administrative Expense
(Exhibit B, Schedule II) 1,391,067
Net Income 91,064,590
Less Interest Credited to Reserves:
Interest Credited to Reserves, Current Year
(Exhibit A, Schedule III) 65,332,221
Miscellaneous Prior Year Adjustments (116,289)
Net Interest Credited to Reserves 65,215,932
Income (Loss) Closed to Surplus 25,848,658
' Surplus, Beginning of Year 18,202,244
Distributions from Surplus (Note 4) (9,123,060)
Capital Guardian Prior Period Income (Note 6) 3,665,267
Other Adjustments 54,534
Surplus, End of Year $ 38,647,643
See Accompanying Notes to Financial Statements
' 7
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8
' EXHIBIT B
SCHEDULE II
CONTRA COSTA COUNTY
Employees' Retirement Association
Statement of Administrative Expense
For the Year Ended December 31, 1992
Expenses
Board of Directors $ 10,600
Salaries and Wages 607,383
' Retirement 111,965
Employee Group Insurance 62,814
Workers Compensation Insurance 4,309
Communications 8,135
Maintenance - Equipment 3,811
Memberships 5,135
Office Expense 55,238
Professional and Specialized Services 186,772
Insurance 55,835
Rent - Structure 78,877
Rent - Equipment 5,122
Minor Equipment 3,868
Travel - Fudiciary Education/Staff Training 51,298
Data Processing Service 90,413
Depreciation & Amortization 42,079
Other 7,413
Total Administrative Expenses $1,391,067
i
i
f
r
See Accompanying Notes to Financial Statements
9
' CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements
December 31, 1992
Summary of Plan, Funding and Accounting Policies
A. Retirement Program
' The Contra Costa County Employees' Retirement Association is
a contributory retirement plan governed by the County Employees'
Retirement Law of 1937, as amended. The plan covers substantially all
of the employees of the County and County Special Districts and
fourteen other member agencies. The total membership of 12,118 is
divided among active general and safety members, and retired members,
as follows:
Retirees and beneficiaries receiving benefits 3,981
Terminated employees entitled to benefits but
not yet receiving them 546
Vested active general employees 3,901
Vested active safety employees 1,194
Non-vested general employees 2,180
Non-vested safety employees 316
Total Membership 12,118
The plan is divided into three separate benefit sections of the
' 1937 Act. Each section provides for retirement, disability, death and
survivor benefits. Annual cost-of-living (C.O.L.) adjustments to
retirement allowances can be granted by the Retirement Board as
provided by State statutes. Service retirements are based on age,
length of service and final average salary. Subject to vested status,
employees can withdraw contributions plus interest credited or leave
them as a deferred retirement when they terminate or transfer to a
reciprocal retirement system. Pertinent provisions for each section
follow:
' General - Tier I
Covers all employees eligible to become General members
before August 1, 1980 and who did not elect to transfer to the
General - Tier II Plan. Members may elect service retirement at
age 50 with 10 years of service or with 30 years of service
regardless of age. Disability retirements may be granted as
service connected with no years of employment required or
non-service connected with five years of service credit required.
The retirement benefit is based on a one year final average
salary.
1 10
CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
1. Summary of Plan, Funding and Accounting Policies (Continued)
A. Retirement Program (Continued)
General - Tier II
Covers all employees eligible to become General members on
or after August 1, 1980 and all General members before
August 1, 1980 who elected to transfer to the General -
Tier II Plan.
Members may elect service retirement at age 50 with 10 years
of service, or with 30 years of service regardless of age.
Disability retirements may be granted as service connected with
no years of employment required or non-service connected with ten
years of service credit required. Those members who elected to
transfer from General - Tier I to General - Tier II are eligible
for non-service connected disability retirement with 5 years of
service credit. The definition of disability is more strict
under General Tier II than in the General Tier I plan. The
retirement benefit is based on a three year final average salary.
As of December 31, 1992 three employers had adopted Government
Code 31751 (General - Tier II) .
Safety
Generally covers all members who are in active law
enforcement, active fire suppression work or certain other
"safety" classifications as designated by the Retirement Board.
Members may elect service retirement at age 50 with 10 years of
service, or with 20 years of service regardless of age.
Disability retirements may be granted as service connected with
no years of employment required or non-service connected with
five years of service credit required. The retirement benefit is
based on a one year final average salary.
The 1937 act statutes require employees to pay 1/2 of the basic
retirement benefit (General - Tier II members pay 40% of the General -
Tier I rate) and 1/2 of future C.O.L. costs. The employers make up
the balance of the basic and C.O.L. contributions needed. However, as
shown in Note 1D, the employers subverted part of the employees' basic
contributions and most of the C.O.L. costs were covered by surplus
investment earnings.
B. Summary of Significant Accounting Policies and Plan Asset Matters
Basis of Accounting The accompanying financial statements are
prepared on the accrual basis of accounting. Employee and employer
contributions are recognized in the period in which employee services
are performed. The financial statements include solely the accounts
of the association, which include all programs, activities, and
11
CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
1. Summary of Plan, Funding and Accounting Policies (Continued)
B. Summary of Significant Accounting Policies and Plan Asset Matters
(Continued)
Basis of Accounting (Continued)
functions relating to the accumulation and investment of the assets
and related income necessary to provide the service, disability and
death benefits required under the terms of the governing statutes and
amendments.
Methods Used to Value Investments
Investments are carried at the following values:
Bonds, FHA/VA First Mortgages and Short Term - Amortized Cost
(face value adjusted by unamortized premium or discount) .
The total market value of bonds held by the Retirement
Association at December 31, 1992 was greater than their carrying value
(See Exhibit A, Schedule I) .
Corporate Stock - Acquisition Cost
Because of the wide fluctuations in market values from year to
year, gains and losses are recognized only at the time of sale;
however, if the aggregate market value of stocks is less than cost as
of the statement date, surplus is reserved for any net difference that
exceeds the statutory reserve. (See Note 3)
' Index Fund - Acquisition Cost
At December 31, 1992, $60,845,310 was invested in the Alliance
Index Trust Fund.
International Equity Fund - Acquisition Cost
At December 31, 1992, the Retirement Association had invested
$45,491,950 in the Capital Guardian Public Funds International Equity
Fund managed by the Capital Guardian Trust Company. This fund was
established in September 1988 with an initial investment of
$10,000,000.
12
CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
1. Summary of Plan, Funding and Accounting Policies (Continued)
B. Summary of Significant Accounting Policies and Plan Asset Matters
(Continued)
Methods Used to Value Investments (Continued)
Real Property
1) County Leases - Amortized Cost (Original investment less
return of principal) .
At December 31, 1992 the Retirement Association owned one
completed building which was leased to the County. The lease
agreement provides for amortization of the total Retirement
Association investment in monthly installments over the life of the
lease. Although the useful life of the building is longer than the
lease period, it is our opinion that the policy of reducing income by
the amount of the lease amortization is realistic in that it
recognizes the probability that the County will exercise its purchase
option at the end of the lease period, and in so doing avoid a
write-off of Retirement Association assets when the option is
exercised.
The County has the option to purchase the property at the price
specified in the agreement. Title to the land on which the building
is located is held by the County. Should the County fail to exercise
its purchase option, the lease agreement provides a procedure for sale
of the land to the Retirement Association.
2) Commercial Leases - Acquisition Cost, plus Unamortized Cost
of Leasehold Improvements.
At December 31, 1992 the Retirement Association owned ten
commercial properties managed by Mellon-McMahan Real Estate Advisors.
Net earnings are gross rents less the manager's service fees, and
building operating expenses.
The Board approved having periodic appraisals performed on each
commercial property to establish current market values. These market
values could then be compared to the original investment cost reported
in the annual general purpose financial statements. The following
four properties were appraised during calendar year 1992:
Report Date Title Location Cost Market
7-1-92 Laguna Beach Shopping Center Laguna Beach, CA $ 9,066,387 $7,200,000
7-1-92 Scripps Marshalls Plaza San Diego, CA 10,516,403 8,300,000
1-1-93 . South Valley Industrial Park Phoenix, AZ 2,660,369 900,000
' 1-1-93 Civic Center Industrial Bldg. Phoenix, AZ 3,806,901 2,750,000
Totals $26,050,060 $19,150,000
13
CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
Summary of Plan, Funding and Accounting Policies (Continued)
Investment Risk
I The Retirement Association's investments are authorized by the
County Employee's Retirement Law of 1937. Statutes authorize a
"Prudent Expert" guideline as to the form and types of investments
which may be purchased.
The Retirement Association's investments are required by
Governmental Accounting Standards Board Statement #3 to be categorized
to give an indication of the level of risk assumed by each investment
portfolio at year end. All Retirement Association's investments are
in Category 1. Category 1 includes investments that are insured or
registered or for which the securities are held by the Retirement
Association or its agent in the agent's nominee name, with subsidiary
records listing the Retirement Association as the legal owner.
The Retirement Association's investments and related market
values as of December 31, 1992 are as follows:
Carrying Market
Amount Value
Common-Preferred Stocks $316,261,341 $ 431,271,132
Corporate-Governmental Bonds 45699879950 4679525,191
Real Estate 95,726,213 84,878,471
Short Term 24,7269000 24,726,000
Other 122,032 122,032
Total $8939823,536 $1,0089522,826
' Included in the Corporate - Government Bonds reported above are
the following securities pledged in reverse repurchase agreements.
In a reverse repurchase agreement the custodian essentially
borrows cash and pledges securities to back the loan. The custodian
actually enters into an agreement to sell securities and to buy them
back at the end of an agreed-upon period at an agreed-upon price. The
proceeds were used to increase portfolio yields.
The reverse repurchase agreements are as follows:
Agreement Underlying Security
' $4,511,000 .received, to be $4,500,000 GNMA maturing August 20, 2022.
repaid with interest of 4.607
on January 5, 1993.
$6,222,106 received, to be $6,275,814 GNMA maturing July 20, 2022.
repaid with interest of 4.60%
on January 5, 1993.
14
' CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
1. Summary of Plan, Funding and Accounting Policies (Continued)
C. Funding Status and Progress
The amount shown below as "pension benefit obligation" is a
standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and
any step-rate benefits, estimated to be payable in the future as a
result of employee service to date. The measure is intended to help
users assess the funding status of the Association on a going-concern
basis, assess progress made in accumulating sufficient assets to pay
benefits when due, and make comparisons among employers. The measure
is the ratio of assets available to pay benefits to the actuarial
present value of credited projected benefits and is independent of the
funding method used to determine contributions to the Association.
The pension benefit obligation was computed as part of an
actuarial valuation performed as of December 31, 1992. Significant
actuarial assumptions used in the valuation include (a) a rate of
return on the investment of present and future assets of 8.25 percent
per year, (b) projected salary increases of 5.25 percent per year
' compounded annually, attributable to inflation, (c) additional
projected salary increases of 1 percent per year, attributable to
longevity and merit, and (d) post-retirement benefit increases of
3 percent for Tier I and Safety and 4 percent for Tier II,
' attributable to inflation as measured by the Consumer Price Index.
Total unfunded pension benefit obligation applicable to the
Association's employees was $452.0 million at December 31, 1992 as
`follows (in millions) :
Pension benefit obligation:
Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits $ 625.6
Current employees:
Accumulated employee contributions including
' allocated investment income 163.3
Employer-financed vested 539.8
Employer-financed nonvested 49.1
Other reserves (post-retirement death benefit
and C.O.L supplement) 2.2
Total pension benefit obligation $1,380.0
' Net assets available for benefits, at cost 928.0
' Unfunded pension benefit obligation $ 452.0
i
15
CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
1. Summary of Plan, Funding and Accounting Policies (Continued)
D. Contributions Required and Contributions Made
New contribution rates based on the actuarial study of
January 1, 1992 became effective July 1, 1992. The employer rates
were calculated on the alternate funding method permitted by Section
31453.5 of the Government Code. The "entry age normal" funding method
is used to calculate the rate required to provide all the benefits
promised to a new member. Unfunded costs resulting from this
calculation are amortized over 18.5 years from the January 1, 1992
valuation date.
Contributions totaling $60,588,268 ($48,510,091 employer and
$12,078,177 employee) for 1992 were made in accordance with
actuarially determined contribution requirements determined through
actuarial valuations performed at January 1, 1992 and January 1, 1991
and adopted by the Retirement Board. For the fiscal year beginning
July 1, 1992 these contributions consisted of (a) normal costs at (8.5
percent of current covered payroll) and (b) amortization of the
unfunded actuarial accrued liability at (8.75 percent of current
covered payroll) .
The employer contributions include $7,349,361 paid on behalf
of employees. During 1992, employers generally paid 50% of
employees' basic contributions pursuant to agreements reached during
salary negotiations. The Retirement Board paid cost-of-living
contributions by transferring from surplus $5,090,058 to the employers
C.O.L. reserves and $2,462,804 to the employees C.O.L. reserves. The
significant actuarial assumptions used to compute the actuarially
determined contribution requirement are the same as those used to
compute the pension benefit obligation as described in I.C.
Additionally, the 1983 Group Annuity Mortality tables are used as part
of the assumptions for actuarial valuation for service retirements,
and the 1981 Disability Mortality table for valuation for disability
retirements.
E. Historical Trends
Ten-year historical trend information, designed to provide
information about the Contra Costa County Employees' Retirement
Association's progress in accumulating sufficient assets to
pay benefits when due, is presented as supplementary information.
16
CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
2. Installment Contributions and Interest Receivable
The Retirement Association has entered into agreements with the
City of Pittsburg and the Riverview Fire Protection District to accept
their employees as members of the Association. Each employer agreed
to contribute, over a thirty year period, the amounts necessary to
fund the acquired benefits of its employees for services rendered
prior to the date of their entry into the Association. The following
summary lists the pertinent details of each agreement plus the amounts
due at December 31, 1992.
City of Riverview
Pittsburg Fire District
Effective date of agreement 7-1-73 7-1-75
First annual payment due 7-1-74 7-1-76
Rate of interest 57 5.757
Annual principal and interest payment $ 107,051 $ 19,380
Original principal 1,645,626 274,067
Receivable at December 31, 1992:
Future principal payments 889,184 166,543
Interest accrued from July 1, 1992 22,230 4,788
Total Receivable at December 31, 1992 $ 911,414 $171,331
3. Statutory Reserve
The statutes require that surplus up to one percent of the
Association's assets be retained in the fund as a reserve against
future deficiencies in interest earnings, losses on investments and
other contingencies. The Retirement Board has resolved that
unreserved surplus up to two percent of the Association's assets be
designated as a contingency reserve.
4. Distributions from Surplus
The following amounts were paid from or charged to surplus as
authorized by the Retirement Board:
-- $7,552,862 to the Cost of Living Reserves to reduce
contribution rates for one year.
-- $1,565,294 to give retirees a monthly supplemental cost-of-
living allowance. This allowance was authorized for the year
April 1, 1992 through March 31, 1993.
-- $4,904 to pay health plan premiums for retirees.
17
CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
5. Employer Contribution Unearned
The Retirement Board and the County of Contra Costa (County)
agreed for the County to prepay its 1992-93 employer contributions.
During July 1992 the County advanced $30,597,000 to the Retirement
Association. These funds are invested in the short term account
controlled by the County Treasurer. Each month, the investment and
advance accounts are reduced per the prepayment amortization schedule
included in the agreement. The Retirement Association receives the
actual contributions calculated by the County payroll system.
6. Prior Period Adjustments
An International Equity Fund managed by Capital Guardian Trust
Company was established in September 1988. At that time, it was
determined that no income or change in value should be recognized
except when units are bought or sold.
It was subsequently determined by Retirement Management, that
income earned and realized gains/losses should be recognized as they
occur. $3,665,267 is attributed to the income and realized
gains/losses from inception through December 31, 1991 for Capital
Guardian Public Funds International Equity Fund and is recorded in
1992 as a prior period item, and $1,826,682 was recorded as income and
recognized gain in 1992.
7. Valuation of Real Estate Commercial Properties
The ten properties owned by the Retirement Association should be
presented at cost subject to adjustment for market value declines
judged to be other than temporary to comply with generally accepted
accounting principles (GAAP) . One measure of the market value would
be a current appraisal. During 1992, the Retirement Association
recorded a market decline on two buildings for $4,593,882. The
Willows Office Park Building was reduced $2,500,000 for a decline in
appraised value and Northwestern Parkway Industrial Building was
reduced $2,093,882 because the property is offered for sale at a value
less than the original carrying value. As of December 31, 1992, all
of the ten buildings had been recently appraised resulting in an
unrecorded market decline of $13,468,876.
GAAP recommends that a market decline in asset values, that are
judged to be other than temporary, be recognized in the Financial
Statements through reporting a loss and a corresponding reduction of
building investments. The Retirement Association has adopted a policy
' to recognize declines in market values based on periodic appraisals
18
CONTRA COSTA COUNTY
Employees' Retirement Association
Notes to Financial Statements (Continued)
December 31, 1992
7. Valuation of Real Estate Commercial Properties (Continued)
over time. Beginning in 1993, these market declines will be
recognized over a five year accounting cycle. This policy recognizes
that the underlying investment will be held as a long term investment
and will not be actively traded. Also, appraisals will be performed
on a two year cycle which will enhance management's ability to judge
if market declines are other than temporary.
19
CONTRA COSTA COUNTY
Employees' Retirement Association
Comments on Financial Statements
December 31, 1992
Investments
Yield on Investments
As a measure of the overall effectiveness of the Retirement
Association's investment program, we have computed the percent of total
earnings for 1992 to the average investable assets owned by the Association
during 1992. Our computations show the earnings to be 10.25 percent of
average assets.
The following schedule summarizes and compares, by class, the ratio of
earnings to average investments for the last five years. The percentages
shown as return on total investments are weighted to reflect the total
investment represented by each class.
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CONTRA COSTA COUNTY
Employees' Retirement Association
Comments on Financial Statements (Continued)
December 31, 1992
Investments (Continued)
Yield on Investments (Continued)
RATIO OF EARNINGS TO AVERAGE INVESTMENTS (CONTINUED)
(1) Earnings less service or counselor fees and operating expenses as
shown on Exhibit B and Exhibit B, Schedule I for the applicable year.
(2) Rate reflects average uninvested cash held throughout the year.
(3) On September 27, 1988, the Diablo Bank Building was sold for
$5,250,000. After reduction of all closing costs and fees, a gain of
$939,192 was recognized. This gain, based on the purchase price of
$4,073,766, is included in its entirety in the 1988 Yield on
Investments. The net gain of 237 (939,192 = 4,073,766) is over the
holding period. The annualized yield computed from the acquisition
date of August 2, 1984 is 5.537 per year.
(4) Beginning Be in 1990 the Index Fund is combined with the other stocks.
g
In prior years the Index Fund was segregated to show how the following
types of investments affected its yield.
-- Capital Guardian Public Funds International Equity Fund (Capital)
was funded from the Index Fund and the two funds were combined for
yield analysis in 1988.
Capital was excluded from yield analysis in 1990 and 1991 since its
income/loss was not recognized unless the Retirement Association
liquidated its investment in Capital.
Capital's income and recognized gain/loss is included in the 1992
yield analysis for stocks since the Retirement Association has
decided to record earnings as they occur.
�, -- The options program ended in 1988. That program was to enhance the
yield on the Index Fund.
22
CONTRA COSTA COUNTY
Employees' Retirement Association
Supplementary Information
December 31, 1992
Organization of the Retirement Association
The Contra Costa County Employees' Retirement Association was formed
July 1, 1945 and operates pursuant to the provisions of the Government
Code known as the County Employees' Retirement Law of 1937. At
December 31, 1992, the Association was governed by the following Board
of Retirement:
Retirement Board Term Expires
.Richard Cabral, Chairman June 30, 1993
Gerald Cruson June 30, 1993
William Cullen June 309 1994
Ed Fleming June 30, 1994
F. Robert Koenig June 309 1993
Alfred P. Lomeli, County Treasurer Permanent by Office
Sharon Naramore June 30, 1995
Helen J. Shea June 30, 1995
William Shin (alternate) June 30, 1994
Wayne L. Price June 309 1995
Officer of the Board:
Patricia Wiegert, Retirement Administrator
ell
1
23
' CONTRA COSTA COUNTY
Employee's Retirement Association
Supplementary Information (Continued)
December 31, 1992
Analysis of Funding Progress
1. Going Concern Basis (Millions)
End of Net Assets Pension
Calendar Available Benefit Percentage
Year for Benefits Obligation Funded
' 1986 $528.5 $770.4 68.67
1987 573.5 837.0 68.57
1988 619.1 913.4 67.87
1989 692.0 995.2 69.57
(1)1990 741.3 1120.1 66.27
1991 826.2 1238.2 66.77
1992 928.0 1380.0 67.27
2. Unfunded Pension (Millions)
Unfunded Pension
End of Unfunded Annual Benefit Obligation
Calendar Pension Benefit Covered as a Percentage
Year Obligation Payroll of Covered Payroll
1986 $241.9 $195.4 123.87
1987 263.5 210.7 125.07
1988 294.3 232.6 126.57
1989 303.2 256.6 118.27
(1)1990 378.8 290.8 130.37
1991 412.0 306.5 134.47
1992 452.0 327.4 138.07
' Analysis of the dollar amounts of net assets available for benefits,
pension benefit obligation, and unfunded pension benefit obligation in
isolation can be misleading. Expressing the net assets available for
benefits as a percentage of the pension benefit obligation provides one
indication of the Association's funding status on a going-concern basis.
Analysis of this percentage over time indicates whether the Association is
becoming financially stronger or weaker. Generally, the greater this 1
percentage, the stronger the Association. Trends in unfunded pension
benefit obligations and annual covered payroll are both affected by
inflation. Expressing the unfunded pension benefit obligation as a
! percentage of annual covered payroll approximately adjusts for the effects
of inflation and aids analysis of the Association's progress made in
accumulating sufficient assets to pay benefits when due. Generally, the
smaller this percentage, the stronger the Association.
Trend information is not available for years prior to 1986.
(1) Restated November 22, 1991 by the actuary based on corrected salary
data for the January 1, 1991 actuarial study.
' 24 14
CONTRA COSTA COUNTY
Employee's Retirement Association
' Supplementary Information (Continued)
December 31, 1992
Revenues by Source
Calendar Employee Employer Investment
Year Contributions Contributions Income Total
(1)
1983 5,807,159 22,725,202 42,525,432 71,057,793
1984 5,354,994 18,725,550 34,962,733 59,043,277
1985 5,776,334 20,733,251 47,822,120 74,331,705
1986 6,011,139 25,152,522 66,318,067 97,481,728
1987 6,434,956 25,879,174 47,930,046 80,244,176
1988 7,359,040 28,288,397 49,502,909 85,150,346
1989 8,634,487 34,916,060 70,399,815 113,950,362
1990 10,180,155 40,662,786 51,629,516 102,472,457
1991 11,139,858 44,806,942 76,245,939 132,192,739
1992 12,078,177 48,510,091 94,979,922 155,568,190
Expenses by Type
Calendar Administrative
Year Benefits Expenses Refunds Total
1983 20,121,086 472,114 502,193 21,095,393
1984 23,050,043 465,355 1,859,517 25,374,915
1985 26,516,054 462,955 1,172,437 28,151,446
1986 29,975,295 500,737 1,358,223 31,834,255
1987 33,322,342 602,240 1,084,968 35,009,550
1988 36,714,986 666,859 1,231,017 38,612,862
1989 39,147,569 850,554 769,391 40,767,514
1990 41,959,542 1,069,980 677,252 43,706,883
1991 47,550,048 1,145,435 624,646 49,320,129
1992 52,945,939 1,391,067 1,070,229 55,407,235
' Contributions were made in accordance with actuarially determined
contribution requirements.
(1) Employer contributions include contributions paid on behalf of
employees as described in Note 1.D.
' 25