HomeMy WebLinkAboutRESOLUTIONS - 01011992 - 1992-434 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
June 23, 1992 b the following vote:
Adopted this Order on Y 9
AYES: Supervisors Povwers,, Fanden, Toklakson, Schrader,
NOES: None
ABSENT: Supervisor Weak
ABSTAIN: None
RESOLUTION NO. 92/434
SUBJECT: Approving Contribution Rates to and Interest to be Credited by the
Contra: Costa County Employees' Retirement Association and authorizing
supplemental payments to retirees under Govt. Cade See. '31681.8.
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 contribution and interest rates are approved to be effective
July 1, 1992.
1. Retirement ContrLi?.lations
A. County and District rates,
1. General Members-Tier I covered by Social 'Security,
on the first $350 of earnable monthly compensation: 5.66%
on earnable compensation in excess of $350 monthly: 8.49%
2. General Members-Tier I not covered by Social Security: 8,49%
3. General Members-Tier 11: 7.27'
4. Safety Members: 15.14%
B. Employee Rates
See attached sheets for details on both General and Safety Members.
11. Cast of Living Program C2nt 'butLons
A. County and District hates, payable as a % of earnable compensation:
1. General Members-"Tier I covered by Social Security
on the first $350 of earnable monthly compensation: 3.77%
an earnable compensation in excess of $3501 monthly 5.66%
2. Ceneral Members-Tier I not covered by Social Security: 5.66%
3. General Members-Tier II: 4.92%
4. Safety Members: 5.47%
B. Employee Rates, payable as 8 of the basic full contribution rates':
1. General Members-Tier I covered by Social Security: 39.95%
2. General Members-Tier I not covered by Social Security: 39.95%
3. General Members-Tier II: 42.62%
4. Safety Members: 39.95%
III. Interest to. be Cred1ted to_,�Ressrves
Effective 7/1/92: 8 1/4% per 'annum, compounded semi-annually.
t7rlg. Dept.:
CC: via Retirement
RESOLUTION NO, 92/434
IV. M2d f cations
Rates are subject to modification due to RetirementBoard and/or Board of
Supervisors resolutions. For the period July 1, 1992 through June 30, 1993
only, the Retirement Board has agreed to transfer $7,552,862 from its
undistributed earnings against contributions due from employers and employees
reduces the amounts to be paid by/for
for the cost of living program. This
active members for that period only to:
cost of 1.1igino Prorgram Contributions
A. County and District rates, payable as a of earnable compensation:
1. General Members-Tier I covered by Social Security', 2.73%
on the first $350 earnable monthly compensation: 4.09
on earnable compensation in excess of $350 monthly: 4,09% ,
2. General Members-Tier I not covered by Social Security: 3.44%
3. General Members-Tier II: 3.36%
4. Safety Members:
B. Employee Rates: payable as a % of the basic full contribution rates:
1. General Members-Tier I covered by Social Security: 22.7+2%
2. General Members-Tier I not covered by Social Security: 22.42%
3 General Members-'Tier II 23.SIB
22.42$
4, Safety Members
V. ;Suvnlemental Benefits' to Retirees
The allowances for retirees eligible for supplemental increases under
Sec. 31681.8 of the Calif. Govt. Code shall be at the rate of $4. 39 per month
per year of service, to be effective July 1, 1992 through June 30, 1993,
funded by .a transfer of $1',565,294 from undistributed earnings and reserves
of the Retirement Fund.
VI'. Non refundability D��count Factors
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: .844322 '
General Tier II: .778487
Safety: .943758
I hereby certify that this is•tnle end Correct Copy of
an action taken and enUWW on the minutes of the
SOW of SUPOMW on the date shown.
ATTESTED- ,
PHIL V_ Clerk of the Board
of Supe Isom and County AdmintlitnItOr
9y 'DOPUW
RESOLUTION NO, 92/434'
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