HomeMy WebLinkAboutMINUTES - 06171986 - 1.4 (2) J
TO BOARD OF SUPERVISORS qq
FROM: Phil Batchelor, County Administrator ff'ora
< osu
DATE: June 9, 1986 COLM
SUBJECT: Request for Increase in Per Meeting Fee for Public Members
of the Retirement Board
SPECIFIC REQUEST(S) OR RECCMMENDAT1ON(S) & 13ACNNK UW AND JUST1F1CAT1ON
-RECOMMENDATION
Approve request of the Retirement Board for an increase in the
per meeting fee for the members who are not County officials or
employees from $75 to $100 per meeting effective July 1, 1986.
BACKGROUND
In letter dated May 13 , 1986 , the Retirement Administrator, on
behalf of the Retirement Board, requested an increase in the per
meeting fee for members of the Retirement Board who are not
county officials or employees from $75 to $100 per meeting. An
allowance of up to $100 per meeting is authorized by Government
Code Section 31521 for such members for up to three meetings per
month. An increase in fees was last authorized four years ago in
1982 from $60 to $75 per meeting.
To contribute effectively to the work of the Retirement Board,
the Public Members require expertise in complex financial areas,
such as actuarial studies, investments, public and private
pensions, and accounting. Generally, the members are
professional people who live in the county, and who, with
reasonable reimbursement, are willing to devote the necessary
time to the work of the Retirement Board. Assets of the system
continue to increase rapidly and are now at approximately the
$500 million level. Prudent investment and management of these
funds on behalf of the members of the Retirement System and the
citizens of the county is of priority and does involve a
fiduciary responsibility and potential personal liability.
The importance of the decision of the Retirement Board to the
County and to employees is evidenced by its actions in recent
years in cooperating in arrangements for refinancing the County
Administration Building to help cover the financial shortfall
experienced in the 1982-1983 fiscal year, and in agreeing to
transfer excess earnings on behalf of employees and the employer
to offset otherwise required contributions. Preparation for both
the regular monthly Retirement Board meetings and special
committee meetings requires review of considerable background
materials. As a result, service is not measured solely by the
time required for actual meeting attendance.
CONTINUED ON ATTACHMIENT: i`/ VES SIGNATURE:
RECOMMENDAT L ON OF COUNTY ADMI N m STRATOR RECWML®SAT®ON OIF BOARD CCMm B T-QgZ
APPROVE OWIER
SIGNOLTURE S :
ACTION OF BOARD ON APPROVED AS
W E OF SUPERV150RS
Z� I HOMO CERTIFY TMT THNS IS A VIR1�
It UNANIUMAS (ABSENT AND cGuameT CoPY OF AN AcTicm TAKEm
AYES: NOES: AM EWEEW ON TW II I R UTI S OF TIE BODl4 M
ABSENT: ABSTAIN: OF SUPERVISORS CM TIME DATE SHOM.
Cc: ATS �L �6
�L OF � OF
1 , lal ,m
Bff
M382/7-33
„
-2-
FINANCIAL
2-FINANCIAL IMPACT
Since 1978 the Retirement Board has operated under a provision of
the Government Code pursuant to which administrative costs of the
system are charged against Retirement System earnings, rather
than by appropriation of general county funds. For this reason
there will be no direct budgetary impact for the estimated annual
cost of $3 ,000 which will be required to finance the $25 a month
increase for the five members subject to reimbursement.
Orig: County Administrator
cc: Retirement Board (via Retirement Administrator)
Retirement Administrator
County Auditor-Controller