HomeMy WebLinkAboutMINUTES - 09211999 - C222 THE BOARD OF SUPERVISORS OF CONTRA COSTA.COUNTY,CALIFORNIA
Adopted this Order on S e p t e m°:>e r 21 , 19 9 9 , by the ollowin vote:
AYES: SUPERVISORS GIOIA, UILKEMA, GERBER, DeSAULNIER and CANCIAMILLA
NOES: NONE
ABSENT:T: NONE
ABSTAIN: NONE
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SUBJECT: Extending the period within which contribution rates Resolutions No._._ -4-5 b
Charged by the Contra.Costa County Employees'
Retirement Association are approved.
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 effective period of
the contribution rates previously approved in Resolution.No. 99/315 be extended to expire
December 31, 1999.
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ADMINISTRATION
CONTRIBUTIONS
(Resolution)
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Bate: August 16, 1999
To: Interested parties and Participating Employers
From: Pat Wiegert, Retirement Administrator
Subject: Contribution Rtes Effective October 1, 1999
In an earlier memo (May 21, 1999), I provided contribution rues for the period July 1, 1999 to
October 1, 1999. I indicated that the actuarial valuation,which is typically performed early each
year,had been delayed due to problems with the County's new payroll system. I reported that we
expected to have new rates from the actuary by late summer.
We now expect the valuation to be completed in time for Board review at its October meeting.
However, this added month delay will leave very little time for employers to change their payroll
systems to reflect.neer rates effective October 1.
An informal survey of several employers indicated that they would prefer to have any new rates
become effective January 1, 2000 rather than.October 1, 1999:
A delay in effective dates allows more time to make charges to payroll systems.
January 1 is a more logical break point in the fiscal year than is October 1.
A bit more lead time before rates became effective facilitates the budgeting process.
Accordingly,the Retirement Board extended the contribution rates now in effect for
another three months. The rates that were expected to expire September 30, 1939 will now
remain in effect until December 31, 1999.
While we do expect an increase in rates once the valuation is completed, it is unlikely that this
increase will exceed 4.80%of payroll. Our actuary has indicated that a three month delay of a
rate increase of this size would have an insignificant impact on the unfunded liability.
As always, if you have any questions,please give us a call.
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CONTRA COSTA COUNTY
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E14 E3 S QBE S€ IV "r S4 CIATIO Fj 1353 Willow Way,Butte 221,Concord,CA 94530-5728
Telephone., (925)646-3741,Vasa (923)646-5747