HomeMy WebLinkAboutMINUTES - 07281998 - C144 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Carder on i u 1 v 2 8 , 1998 , by the following vote:
AYES: SUPERVISORS GERBER,CANCIAMILLA and ROGERS
NOES: NONE
ABSENT: SUPERVISORS UILKEMA and DeSAULNIER
ABSTAIN: NONE
**vassal
SUBJECT: Approving Contribution Rates to be charged and Resolution No. 9 81-19 6
Interest to be credited, by the Contra Costa
County Employees' Retirement Association.
Pursuant to Government Code Section 31454 and on recommendation.of the Board of the Contra
Costa County Employees' Retirement Association, BE IT RESOLVED that the following
contributions and interest rates are approved to be effective July 1, 1998.
1. 1Retrem ,,nt 211tributions
A. County and District rates:*
C Dis riot
1, General Members--Tier I covered by Social Security,
On the first$350 of earnable monthly compensation: 5.80010 9.99%
On earnable compensation in excess of$350 monthly: 8.70% 14.99%
2. General!!Members—Tier I not covered by Social Security: 8,70% 14.99%
3. General Members—Tier II: -4.26% 14.38%
4. Safety Members: 10.33% 15.17%
B. .Employee Rates:
See attached sheets for details on both General and Safety Members.
I1. Cost ofLiving Promram Contributions
A. County and District Rates*, payable as a% of earnable
Compensation:
Qo Distr°ct
1. General Members—Tier I covered by Social Security
On the first$350 of earnable monthly compensation: 1.78% 3.91%
Can earnable compensation in excess of$3 50 monthly: 2.66010 5,86%
2. General Members--Tier I not covered by Social Security: 2.66% 5.86%
3. General Members--Tier 11: 2.01% 5.13%
4. Safety Members: 3.11% 9.64%
B. Employee Rates, payable as a%of the basic full contribution
Rates:
1. General Members—Tier i covered by Social Security: 50.37%
2. General Members—Tier I not covered by Social Security: 50.37%
3. General Members—Tier II: 53.73%
4. Safety Members: 50.37%
Ill. Interest to be Credited to Reserves
Effective 7/1/98: The amount actually earned, after reduction to pay administrative
expenses, not to exceed 4.125%per six-month period, credited on 12/31/98 and
6/30/99, and compounded,
I hereby certify that this is a true and correct
copy of an action taken and entered on the
minutes of the Beard of Supervisors on the
date shown: -------
ATT�STED<
PHIL BAT t3 . Clerk of the Board
o Supervisors county Administrator"
ax►MUSTRATiox
coNT�ntrrioxs Res . 9 8/3s Deputy
(kosolution)
IV. N'an re .ndabilty—Discount FaMrs
Because payments made by the employer on behalf of employees under
agreements are non-refundable,they shall be paid at the following rates:
General Tier 1: .9921
General Tier 11: .9150
Safety: .9818
V. u pler gntal Benefits to Retirees
The monthly allowance for retirees eligible for supplemental increases under Sec.
31874.3(b)of the California Gov. Code shall be increased by a supplement,using a
graded dollar amount($17.31 per month down to $6.99 per month)bared upon slate
of retirement. This supplement shall be effective July 1, 1998 through June 30,
1999 and shall be funded by a transfer of$3,566,000 from undistributed earnings
and reserves of the Retirement Fund.
VT. Modifications
Rates are subject to modification due to Retirement Board and/or Board of
Supervisors resolutions. For the period July 1, 1998 through.Tune 30, 1599, only, the
Retirement Board has agreed to transfer$21,757,000 from its undistributed earning
and contingency reserve resulting in a reduction in contributions due from
employers and employees for the cost of living program. This reduces the amounts
to be paid by/for active members, for that period only,to:
Cost of Living Promm QgpWbutiom
A. County and District rates*, payable as a%of earnabie compensation:
Coon
1. General Members--Tier I covered by Social Security
On the first $350 ofearnable monthly compensation: 0% 0%
On earnable compensation in excess of$350 monthly: 0% 0%
2. General Members—Tier 1 not covered by Social Security: 0% 0%
3. General Members—Tier 11: 0% 0%
4. Safety Members: 0% 0%
C. Employee Rates, payable as a%of the basic full contribution
Rates:
1. General Members—Tier 1: 0°10
2. General Members M-Tier 11: 0010
3. Safety Members: 0010
VITT Cog=Cpst of Retiree ffeallh B n�efits
Under California Gov, Code Section 31592.2,the Retirement Beard has agreed to a
transfer of an amount not to exceed$11,502,000 from undistributed earnings and
reserves of the Retirement Fund to be used solely for the payment of the cost of
health care benefits to county retirees as certified to the Retirement Board each
month. Such transfer shall be effective July 1, 1998 and extend for one year only.
*The Pension Obligation Bonds issued by the County March 1, 1994, affected contribution rates
for certain County employers. The following non-County employers who participate in the
Retirement Association are referred to as"Districts". All other departments/employers are referred
to as"County".
*Mosquito Abatement *Diablo Water *Bethel Island Fire
*Central Sanitation *Housing Authority *Moraga/Orinda Fire
*Rodeo Sanitation *Retirement *East Diablo Fire
*Delta Diablo Sanitation *City of Pittsburg *Bethel Island
*Ironhouse Sanitation *Centra Costa County Fire Municipal Improve-
*Union Cemetery *Rodeo-Hercules Fire ment District
*San Ramon Fire *LAFCO
ADMINISTRATION
earrrateirixoxs
(&esafu&n)
__..._. . _. ......... ......... ... . _ _ _ _ ... ....... .......
GENERAL MEMBERS'CONTRIBUTION RATES
M (Expressed as a Percentage of Monthly Payroll)
Effective 7/1/98
Calculated under Recommended Assumptions
TIER 1 TIER 11
gNTRY AGE FIRST$350 OVER$350
15 3.99'% 5.99% 2.28%
16 3.99% 5.990/0 2.28%
17 3.99% 5.99% 2.28%
18 3.9911/6 5.99% 2.28%
19 3.99% 5.99% 2.28%
20 3.99% 5.99% 2.28%
21 3.99% 5.990/0 2.28%
22 4.01% 6.01% 2.28%
` 23 4.01% 6.02% 2.29%
24 4.03% 6.05% 2.30%
25 4.05% 6.08% 2.31%
26 4.08% 6.12% 2.33%
27 4.11% 6.16% 2.34%
28 4.14% 6.21% 2.36%
29 4.18% 6.27% 2.38%
30 4.21% 6.32% 2.40%
31 4.25% 6.38% 2.43%
32 4.30% 6.45% 2.45%
33 4.35% 6.52% 2.48%
34 4.39010 6.59% 2.51%
35 4.45% 6.67% 2.54%
36 4.49% 6.74% 2.56%
37 4.55% 6.82% 2.60%
38 4.61% 6.91% 2.63%
39 4.66% 6.99% 2.66%
40 4.72% 7.08% 2.70%
41 4.78% 7.17% 2.73%
42 4.85% 7.27% 2.76%
43 4.91% 7.36% 2.80%
44 4.97010 7.46% 2.84%
45 5.03% 7.55% 2.87%
46 5.10% 7.65% 2.91%
47 5.17% 7.76% 2.95%
48 5.24% 7.86% 2.99%
49 5.31% 7.97% 3.03%
50 5.39% 8.08010 3.08%
51 5.46% 8.19% 3.120/0
52 5.54% 8.31% 3.16010
53 5.62% 8.43% 3.290/6
54 5.70% 8.55% 3.42%
55 5.70% 8.55% 3.42%
56 5.70% 8.55% 3.42%
57 5.700/6 8.55% 3.42%
58 5.70% 8.55% 3.42%
59 5.70010 8.550/0 3.42%
60 5.70010 8.55% 3.42%
Admin/Contributions/General Member Rates
Safety Members'Contribution Rates
(Expressed as a Percentage of Monthly Payroll)
Effective 7/1/98
Calculated under Recommended Assumptions
ENTRY AGE
15 7.50%
16 7.50%
17 7.50%
18 7.50%
19 7.50%
20 7.50%
21 7.51%
r
22 7.53%
23 7.56%
24 7.59%
25 7.64%
26 7.69%
27 7.75%
28 7.82%
29 7.89%
30 7.98%
31 8.07%
32 8.17%
33 8.27%
34 8.38%
35 8.50%
36 8.62%
37 8.74%
38 8.86%
39 8.99%
40 9.12%
41 9.25%
42 9.38%
43 9.52%
44 9.66%
45 9.790A
46 9.93%
47 10.08%
48 10.22%
49 10.37%
50 10.37%
51 10.37%
52 10.37%
53 10.37%
54 10.37%
55 10.37%
56 10.37%
57 10.37%
58 10.37%
59 10.37%
60 10.37%
AdmiNConhibutions/Safety Rates