HomeMy WebLinkAboutMINUTES - 10072014 - C.105RECOMMENDATION(S):
ADOPT Resolution No. 2014/367 as approved by the Retirement Board, which establishes the Contra Costa County
Fire Protection District and the In-Home Supportive Services Authority District retirement plan contribution rates for
the PEPRA two percent COLA Tiers effective July 1, 2014 through June 30, 2015.
FISCAL IMPACT:
See 'Background' below.
BACKGROUND:
The employer contribution rates for the current fiscal year, July 1, 2014 through June 30, 2015 are based on the
December 31, 2012 Actuarial Valuation report. That report only included employer contribution rates for the County
for members in PEPRA Tiers limited to a 2% annual post-retirement cost-of-living adjustment (COLA). Since that
report was published, other
CCCERA employers have adopted the 2% COLA provision for new employees.
At its August 13, 2014 and September 10, 2014 meetings, the Retirement Board reviewed and accepted the actuary’s
calculation of the employer contribution requirements for the Contra Costa County Fire Protection District and IHSS
Authority for the PEPRA 2% COLA Tier, which are effective for the current fiscal year. A copy of the Board
memorandum is available from CCCERA upon request.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 10/07/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Mary N. Piepho, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor
Contact: Lisa Driscoll, County Finance
Director 335-1023
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes
of the Board of Supervisors on the date shown.
ATTESTED: October 7, 2014
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Chris Heck, Deputy
cc: Kurt Schneider, Deputy Chief Executive Officer, Harjit S. Nahal, Assistant Auditor-Controller
C.105
To:Board of Supervisors
From:David Twa, County Administrator
Date:October 7, 2014
Contra
Costa
County
Subject:EMPLOYEE RETIREMENT PLAN CONTRIBUTION RATES FOR FISCAL YEAR 2014/2015 FOR CCC FIRE
PROTECTION DISTRICT AND IHSS AUTHORITY DISTRICT
BACKGROUND: (CONT'D)
>
Attached are the rates to be used effective July 1, 2014 through June 30, 2015 submitted for adoption by the
County Board of Supervisors by the Contra Costa County Employees’ Retirement Association.
Please note the following:
The rates are before any employer subvention of the employee contribution.
The rates quoted here are the employer required rates without taking into consideration any employer
subvention of employee contributions.
The rates are before any increase in employee rate to pay a portion of the employer contribution.
If an employee’s rate needs to be increased to pay a portion of the employer contribution, both employee
and employer rates would need to be adjusted accordingly.
CONSEQUENCE OF NEGATIVE ACTION:
Rates will not reflect those adopted by the Contra Costa County Employees Retirement Board.
ATTACHMENTS
Resolution No. 2014/367
Exhibit A
Exhibit A
CONTRA COSTA COUNTY EMPLOYEES' RETIREMENT ASSOCIATION
GENERAL COST GROUPS #2 AND #5
EMPLOYER CONTRIBUTION RATES EFFECTIVE FOR JULY 1, 2014 THROUGH JUNE 30, 2015
Cost Group #2 Cost Group #5
Districts Contra Costa County
without POB Fire Protection District
BASIC Contribution Rates
Legacy Members with Membership Date before January 1, 2011 34.39%* 29.83%*
(Tier 1 and Tier 3)
Legacy Members with Membership Date on or after January 1, 2011 35.01%* 31.24%*
(Tier 1 and Tier 3)
PEPRA Members with 3%/4% Maximum COLA 28.64%* 24.45%*
(Tier 4 and Tier 5)
PEPRA Members with 2% Maximum COLA 28.42% 24.52%
(Tier 4 and Tier 5)
COLA Contribution Rates
Legacy Members with Membership Date before January 1, 2011 14.75%* 13.7%*
(Tier 1 and Tier 3)
Legacy Members with Membership Date on or after January 1, 2011 15.23%* 13.78%*
(Tier 1 and Tier 3)
PEPRA Members with 3%/4% Maximum COLA 13.74%* 12.72%*
(Tier 4 and Tier 5)
PEPRA Members with 2% Maximum COLA 12.45% 11.58%
(Tier 4 and Tier 5)
Non-Refundability Factor 0.9360* 0.9602*
* Previously adopted.
Cost Groups 2% 2014-15.xlsxExhibitA Page 2 9/15/2014