HomeMy WebLinkAboutRESOLUTIONS - 01011997 - 1997-294 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this {order on fine 3- 1997 by the following vote:
AYES: Supervisors Rogers, Uilkema, Gerber, Canciamilla, DeSaulnier
NOES: None
ABSENT: None
ABSTAIN: None
SUBJECT:
Approving Contribution Rates to be charged and Resolution No 971,9
Interest to be credited, by the Contra Costa
County Employees' Retirement Association.
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 contributions and interest rates are approved to be effective
July 1, 1997.
I. Retirement Contributions
A. County and District rates:*
County District
1. General Members-Tier I covered by Social Security,
on the first $350 of earnable monthly compensation: 5.01% 9.74%
on earnable compensation in excess of $350 monthly: 7.52% 14.61%
2. General Members-Tier I not covered by Social Security: 7.52% 14.61%
3. General Members-Tier II: 3.49% 10.38%
4. Safety Members: 9.14% 14.48%
B. Employee Rates:
See attached sheets for details on both General and Safety Members.
II. Cost gf,, wing P=rarn Contributions
A. County and District Rates*, payable as a % of earnable
compensation:
Counj;y District;
1. General Members-Tier I covered by Social Security
on the first $350 of earnable monthly compensation: 1.47% 3.84%
on earnable compensation in excess of $350 monthly: 2.20% 5.75%
2. General Members-Tier I not covered by Social Security: 2.20% 5.75%
3. General Members-Tier II: 1.62% 5.07%
4. Safety Members: 2.71% 10.03%
B. Employee Rates, payable as % of the basic full contribution
rates:
1. General Members-Tier I covered by social Security: 43.027%
2. General Members-Tier I not covered by Social Security: 43.027%
3. General Members-Tier II: 45.896%
4. safety Members: 43.027%
III. Interest-to be Credited to Reserves
Effective 7/1/97: The amount actually earned, after reduction to pay administrative
expenses, not to exceed 4% per six-month period, credited on 12/31/97 and 6/30/98,
and compounded.
IV. ftn-refgndability Discount Factor
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 I: .9662
General Tier II: .9129
Safety: .9760r �
Orig. Dept. : Retirement
cc: jqA13 1997
V. SuRP1emental Benefits to Retirees
The monthly allowances for retirees eligible for supplemental increases under Sec.
31874.3(b) of the California Gov. Code shall be increased by a supplement, using a
graded dollar amount ($16.61 per month down to $6.70 per month) based upon date of
retirement. This supplement shall be effective July 1, 1997 through June 30, 1998
and shall be funded by a transfer of $3,564,000 from undistributed earnings and
reserves of the Retirement Fund.
VI. Modifications
Rates are subject to modification due to Retirement Board and/or Board of
Supervisors resolutions. For the period July 1, 1997 through June 30, 1998 only,
the Retirement Board has agreed to transfer $18,618,000 from its undistributed
earnings and contingency reserve resulting, in a reduction in contributions due
from employers and employees for the cost of living program. This reduces the
amounts to be paid by/for active members, for that period only, to:
Cost of Living_P gram Contributions
A. County and District rates*, payable as a % of earnable compensation:
County District
1. General Members-Tier I covered by Social Security,
on the first $350 earnable monthly compensation: 0% 0%
2. General Members-Tier I not covered by Social Security: 0% 0%
3. General Members-Tier II: 0% 0%
4. Safety Members: 0% 0%
B. Employee Rates: payable as a % of the basic full
contribution rates:
1. General Members-Tier I: 0%
2. General Members-Tier IT: 0%
3. Safety Members: 0%
VII. County Cost of Retiree Health Benefits
Under California Gov. Code Section 31592.2, the Retirement Board has agreed to a
transfer of an amount not to exceed $11,437,000 from undistributed earnings and
reserves of the Retirement Fund to be used solely for the payment of the cost of
health care benefits to county retirees as certified to the Retirement Board each
month. Such transfer shall be effective July 1, 1997 and extend for one year only.
* The Pension Obligation Bonds issued by the County March 1, 1994, affected
contribution rates for certain County employers. The following non-County employers
who participate in the Retirement Association are referred to as "Districts". All
other departments/employers are referred to as "County".
o Mosquito Abatement o Diablo Water o Bethel Island Fire
o Central Sanitation o Housing Authority o Orinda Fire
o Rodeo Sanitation o Retirement o East Diablo Fire
o Delta Diablo Sanitation o City of Pittsburg o Moraga Fire
o Ironhouse Sanitation o Contra Costa County Fire o Bethel Island Municipal
o Union Cemetery o Rodeo-Hercules Fire Improvement District
o San Ramon Fire
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(ADMIN-Cont.res)
COUNTY OF CONTRA COSTA
General Member Contribution Rates*
Effective 7/1/97
Tier I - koction 21676.11 Tier 2 --- Sec ion-31751
Basic** COL Basir** COL
First Excess of First Excess of
$350 of Monthly $350 of Monthly Total Total
Entry Monthly Compensation Monthly Compensation Monthly Monthly
A&e Compensation over $,3$0 Compensation over $150 Compensation C Ue sation
20 &
Under 4.058 6.088 08 08 2.318 08
21 4.068 6.098 08 08 2.318 08
22 4.078 6.118 08 08 2.328 08
23 4.098 6.138 08 08 2.328 08
24 4.118 6.168 08 08 2.338 08
25 4.138 6.198 08 08 2.358 08
26 4.158 6.238 08 08 2.368 08
27 4.188 6.278 08 08 2.388 08
28 4.218 6.328 08 08 2.408 08
29 4.258 6.378 08 08 2.428 08
30 4.298 6.438 08 08 2.448 08
31 4.328 6.488 08 08 2.468 08
32 4.378 6.558 08 08 2.488 08
33 4.418 6.618 08 08 2.518 08
34 4.458 6.688 08 0% 2.538 08
35 4.508 6.758 08 08 2.568 08
36 4.558 6.828 08 0% 2.598 0%
37 4.608 6.908 08 08 2.628 0%
38 4.658 6.988 08 08 2.648 08
39 4.718 7.068 08 08 2.688 08
40 4.768 7.148 08 08 2.718 08
41. 4.818 7.228 08 08 2.748 08
42 4.878 7.318 08 08 2.778 08
43 4.938 7.408 08 08 2.818 08
44 4.998 7.498 08 08 2.848 08
45 5.068 7.598 08 08 2.888 08
46 5.128 7.688 08 08 2.918 08
47 5.198 7.788 08 08 2.958 08
48 5.258 7.888 08 08 2.998 08
49 5.338 7.998 08 08 3.038 08
50 5.408 8.108 08 08 3.078 08
51 5.478 8.208 08 08 3.118 08
52 5.548 8.318 08 08 3.158 08
53 5.628 8.438 08 08 3.208 08
54 & 5.698 8.548 08 08 3.248 08
Over
* As a percentage of salary based upon 88 interest and graded salary scale assumptions.
** Basic rates shown are before any employer subvention.
(ADMIN-contrate)
SAFETY MEMBERS CONTRIBUTION RATES
AS OF 7/1/97*
Entry Arg $moi.** �9=
20 7.99% 0%
21 8.01% 0%
22 8.04% 0%
23 8.08% 0%
24 8.12% 0%
25 8.17% 0%
26 8.21% 0%
27 8.26% 0%
28 8.32% 0%
29 8.38% 0%
30 8.44% 0%
31 8.51% 0%
32 8.58% O%
33 8.66% 0%
34 8.74% 0%
35 8.83% 0%
36 8.92% 0%
37 9.01% 0%
38 9.11% 0%
39 9.22% 0%
40 9.33% 0%
41 9.44% O%
42 9.56% 0%
43 9.68% 0%
44 9.81% 0%
45 9.93% 0%
46 10.07% 0%
47 10.20% 0%
48 10.34% 0%
49 & over 10.49% 0%
* As a percentage of salary based on 8% interest and graded
salary scale assumptions.
** Basic rates shown are before any employer subvention.
ADMIN(cont.sr)