Loading...
HomeMy WebLinkAboutRESOLUTIONS - 10012013 - 2013/346Tier I Employer Employee Total Employer Employee Total Change Basic Normal 12.09% 5.78% 17.87% 13.38% 6.37% 19.75% 1.88% COLA Normal 3.32% 3.41% 6.73% 3.79% 4.01% 7.80% 1.07% Basic UAAL 10.89% 0.00% 10.89% 15.24% 0.00% 15.24% 4.35% COLA UAAL 3.84% 0.00% 3.84% 6.35% 0.00% 6.35% 2.51% POBS 12.13%0.00%12.13%5.47%0.00%5.47%-6.66% Total Pension Expense 42.27% 9.19% 51.46% 44.23% 10.38% 54.61% 3.15% ER/EE Share of Total 82.14% 17.86% 100.00% 80.99% 19.01% 100.00% Tier III Employer Employee Total Employer Employee Total Change Basic Normal 11.34% 5.78% 17.12% 12.45% 6.37% 18.82% 1.70% COLA Normal 3.22% 2.91% 6.13% 3.71% 3.44% 7.15% 1.02% Basic UAAL 10.94% 0.00% 10.94% 15.31% 0.00% 15.31% 4.37% COLA UAAL 3.84% 0.00% 3.84% 6.38% 0.00% 6.38% 2.54% POBS 11.84%0.00%11.84%5.34%0.00%5.34%-6.50% Total Pension Expense 41.18% 8.69% 49.87% 43.19% 9.81% 53.00% 3.13% ER/EE Share of Total 82.57% 17.43% 100.00% 81.49% 18.51% 100.00% PEPRA Tier 4 (3%)Employer Employee Total Employer Employee Total Change Basic Normal 7.53% 7.57% 15.10% 7.97% 8.03% 16.00% 0.90% COLA Normal 2.66% 2.68% 5.34% 2.95% 2.97% 5.92% 0.58% Basic UAAL 10.72% 10.72% 15.00% 0.00% 15.00% 4.28% COLA UAAL 3.77% 3.77% 6.25% 0.00% 6.25% 2.48% POBS 12.13%0.00%12.13%5.47%0.00%5.47%-6.66% Total Pension Expense 36.81% 10.25% 47.06% 37.64% 11.00% 48.64% 1.58% ER/EE Share of Total 78.22% 21.78% 100.00% 77.38% 22.62% 100.00% PEPRA Tier 4 (2%)Employer Employee Total Employer Employee Total Change Basic Normal 7.49% 7.61% 15.10% 8.04% 7.96% 16.00% 0.90% COLA Normal 1.62% 1.64% 3.26% 1.81% 1.79% 3.60% 0.34% Basic UAAL 10.72% 10.72% 15.00% 0.00% 15.00% 4.28% COLA UAAL 3.77% 3.77% 6.25% 0.00% 6.25% 2.48% POBS 12.13%0.00%12.13%5.47%0.00%5.47%-6.66% Total Pension Expense 35.73% 9.25% 44.98% 36.57% 9.75% 46.32% 1.34% ER/EE Share of Total 79.44% 20.56% 100.00% 78.95% 21.05% 100.00% PEPRA Tier 5 (2%)Employer Employee Total Employer Employee Total Change Basic Normal 7.00% 7.61% 14.61% 7.75% 7.61% 15.36% 0.75% COLA Normal 1.45% 1.64% 3.09% 1.66% 1.64% 3.30% 0.21% Basic UAAL 10.72% 10.72% 15.00% 0.00% 15.00% 4.28% COLA UAAL 3.77% 3.77% 6.25% 0.00% 6.25% 2.48% POBS 11.84%0.00%11.84%5.34%0.00%5.34%-6.50% Total Pension Expense 34.78% 9.25% 44.03% 36.00% 9.25% 45.25% 1.22% ER/EE Share of Total 78.99% 21.01% 100.00% 79.56% 20.44% 100.00% General Tiers FY 2013-14 FY 2014-15 FY 2013-14 FY 2014-15 FY 2013-14 FY 2014-15 FY 2013-14 FY 2014-15 FY 2013-14 FY 2014-15 Page 1 of 2 Tier A Employer Employee Total Employer Employee Total Change Basic Normal 22.06% 8.88% 30.94% 24.24% 9.80% 34.04% 3.10% COLA Normal 6.68% 6.65% 13.33% 8.07% 7.71% 15.78% 2.45% Basic UAAL 22.25% 22.25% 32.80% 0.00% 32.80% 10.55% COLA UAAL 15.42% 15.42% 24.66% 0.00% 24.66% 9.24% POBS 26.38%0.00%26.38%12.67%0.00%12.67%-13.71% Total Pension Expense 92.79% 15.53% 108.32% 102.44% 17.51% 119.95% 11.63% ER/EE Share of Total 85.66% 14.34% 100.00% 85.40% 14.60% 100.00% Tier C Employer Employee Total Employer Employee Total Change Basic Normal 18.51% 8.46% 26.97% 20.82% 9.36% 30.18% 3.21% COLA Normal 3.57% 3.73% 7.30% 4.23% 4.52% 8.75% 1.45% Basic UAAL 22.25% 22.25% 32.80% 0.00% 32.80% 10.55% COLA UAAL 15.42% 15.42% 24.66% 0.00% 24.66% 9.24% POBS 26.38%0.00%26.38%12.67%0.00%12.67%-13.71% Total Pension Expense 86.13% 12.19% 98.32% 95.18% 13.88% 109.06% 10.74% ER/EE Share of Total 87.60% 12.40% 100.00% 87.27% 12.73% 100.00% PEPRA Tier D Employer Employee Total Employer Employee Total Change Basic Normal 11.06% 11.08% 22.14% 11.88% 12.00% 23.88% 1.74% COLA Normal 4.65% 4.67% 9.32% 5.21% 5.25% 10.46% 1.14% Basic UAAL 22.25% 22.25% 32.80% 32.80% 10.55% COLA UAAL 15.42% 15.42% 24.66% 24.66% 9.24% POBS 26.38%0.00%26.38%12.67%0.00%12.67%-13.71% Total Pension Expense 79.76% 15.75% 95.51% 87.22% 17.25% 104.47% 8.96% ER/EE Share of Total 83.51% 16.49% 100.00% 83.49% 16.51% 100.00% Cost Group 1 – County (Tier 1, 4) Cost Group 2 – County (Tier 3, 5) Cost Group 7 – County (Tier A) Cost Group 9 – County (Tier C) Assumptions: All rates are taken from the July 15, 2013, Segal Company report to the Contra Costa County Employees’ Retirement Association Board of Retirement (annual ‘Blue Book’). Tier 1, 3, A, and C rates assume a hire date prior to January 1, 2011. PEPRA Tiers 4, D, and E assume hire date after January 1, 2013. All rates use figures over $350. Employee normal costs are based on 28-year-old age of entry. Pension Obligation bonds for FY 13-14 are projected using current payroll increased by 2%. FY 2013-14 FY 2014-15 FY 2013-14 FY 2014-15 FY 2013-14 FY 2014-15 Safety Tiers Page 2 of 2