HomeMy WebLinkAboutMINUTES - 06141988 - 1.9 (2) THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on June 14 1988 by the following vote:
AYES: Supervisors Powers , Fanden; .McPeak, Torlakson, Schroder.
NOES: None.
ABSENT: None.
ABSTAIN: None. RESOLUTION NO. 88/356
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 Calif. Govt. Code Sec.
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, 1988:
1. Retirement Contributions
A. County and District rates:
1. General Members-Tier I covered by Social Security:
on the first $350 of earnable monthly compensation: 5.840
on earnable compensation in excess of $350 monthly: 8.760ti =
2. General Members-Tier I not covered by Social Security,
on earnable compensation: 8.76%
3. General Members-Tier 11, on earnable compensation: 7.599b
4. Safety Members, on earnable compensation: 14.68%
B. Employee Rates:
See attached sheets for details on both General and Safety Members
11. Cost of Living Program Contributions
A. County and District Rates, payable as a % of earnable compensation:
1. General Members-Tier I covered by Social Security
on the first $350 of earnable monthly compensation: 3.85%
on earnable compensation in excess of $350 monthly: 5.78%
2. General Members-Tier I not covered by Social Security 5.78%
3. General Members-Tier II 4.98%
4. Safety Members 5.53%
B. Employee Rates: payable as a % of the basic full contribution rates:
1. General Members-Tier 1 covered by Social Security 38.68%
2. General Members-Tier 1 not covered by Social Security 38.68%
3. General Members-Tier II 41.26%
4. Safety Members 38.68%
III. Interest to be Credited to Reserves
Effective ?-1-88: 8 1/4% per annum, compounded semi-annually
IV. Modifications
Rates are subject to modification due to Retirement Board and/or Board of
Supervisors resolutions. For the period July 1, 1988 through June 30, 1989
only, the Retirement Board has agreed to transfer $10,847,949 from its
undistributed earnings account against 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:
( Continued)
THE BOARD OF SUPERVISORS OF CONTRA COSTA C NTY, CALIFORNIA
Adopted this Order on , by the following vote:
AYES:
NOES: .
ABSENT:
ABSTAIN:
Page 2
Cost of Living Program Contributions
A. County and District rates:
1. General Members-Tier I covered by Social Security:
on the first $350 of earnable monthly compensation: 1.38%
on earnable compensation in excess of $350 monthly: 2.07%
2. General Members-Tier I not covered by Social Security,
on earnable compensation: 2.07%
3. General Members-Tier II, on earnable compensation: 1.78%
4. Safety Members, on earnable compensation 1.98%
B. Employee Rates: payable as a % of the basic full contribution rates:
1. General Members-Tier I covered by Social Security 2.20%
2. General Members-Tier I not covered by Social Security 2.204/o
3. General Members-Tier II 2.33%
4. Safety Members 2.20%
V. SunDlemental Benefits to Retirees
The allowances for retirees eligible for supplemental increases under Sec.
31681.8 of the Calif. Govt. Code shall be at the base rate of $4:00 per
month per year of service, to be effective April 1, 1988 through March 31,
1989, funded by a transfer of $1,561,436 from undistributed earnings of the
Retirement Fund.
V) Non-refundability Discount 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 I: .812866
General Tier II: .728760
Safety: .931835
I hereby certify that this isa true and correct copy of
an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
p,�y
ATTESTED:
PHIL BAT HELOR, Clerk of the Board
of Supervisors and County Administrator
By I-A
. DepLltx
Orig. Dept.: Retirement
CC: County Administrator
Personnel Director
County Counsel
Auditor-Controller
RESOLUTION NO. 88/356
i COUNTY OF CONTRA COSTA
General Member Contribution Rates'
Tier 1 - Section 31676.11 Tier 2 - Section 31751
Basic COL"• Basic COL••
First Excess of First Excess of
$350 of Monthly $350 of Monthly Total Total
Entry Monthly Compensation Monthly Compensation Monthly Monthly
_Age Compensation Over $350 Compensation Over $350 Compensation Compensation
20 4.458 6.678 1.728 2.58% 2.52% 1 .048
21 4.45 6.67 1.72 2.58 2.52 1.04
22 4.45 6.68 1.72 2.58 2.52 1.04
23 4.46 6.69 1.73 2.59 2.52 1.04
24 4.47 6.71 1.73 2.60 2.53 1.04
25 4.49 6.73 1.74 2.60 2.54 1 .05
26 4.50 6.75 1.74 2.61 2.55 1 .05
27 4.52 6.78 1.75 2.62 2.56 1 .06
28 4.54 6.61 1.76 2.63 2.57 1.06
29 4.56 6.84 1.76 2.65 2.58 1.06
30 4.59 6.88 1.78 2.66 2.59 1 .07
31 4.61 6.91 1.78 2.67 2.61 1.08
32 4.63 6.95 1.79 2.69 2.62 1.08
33 4.66 6.99 1.80 2.70 2.64 1 .09
34 4.69 7.03 1.81 2.72 2.65 1.09
35 4.71 7.07 1.822.73 2.67 1.10
36 4.75 7.12 1.84 2.75 2.68 1.11
37 4.76 7.17 1.85 2.77 2.70 1.11
3B 4.81 7.21 1.86 2.79 2.72 1.12
39 4.65 7.27 1.88 2.81 2.74 1.13
40 4.88 7.32 1.89 2.83 2.76 1.14
41 4.91 7.37 1.90 2.85 2.78 1.15
42 4.95 7.43 1.91 2.87 2.80 1.16
43 4.99 7.49 1.93 2.90 2.82 1.16
44 5.03 7.55 1.95 2.92 2.85 1.18
45 5.07 7.61 1.96 2.94 2.87 1.16
46 5.11 7.67 1.98 2.97 2.89 1.19
47 5.16 7.74 2.00 2.99 2.92 1.20
48 5.21 7.81 2.02 3.02 2.94 1.21
49 5.25 7.86 2.03 3.05 2.97 1.23
50 5.30 7.95 2.05 3.06 3.00 1.24
51 5.35 8.02 2.07 3.10 3.03 1.25
52 5.40 8.10 2.09 3.13 3.05 1.26
53 5.45 6.18 2.11 3.16 3.08 1.27
54, 5.51 8.26 2.13 3.19 3.11 1.28
* As a percentage of salary (full contribution rates). Based upon 8.258 interest and 6.504 salary
scale assumptions.
•* 38.688 of basic rates for Tier 1 and 41.26 1 of basic rates for Tier 2.
P
COUNTY OF CONTRA COSTA
Safety Members ' Contribution Rates*
Section 31664
Entry
Age Basic C.O.L.**
20 7.79% 3.01%
21 7 :80 3.02
22 7 .83 3.03
23 7 .86 3 .04
24 7 .89 3.05
25 7 .94 3.07
26 7.99 3.09
27 8.06 3 .12
28 8.12 3.14
29 8.20 3.17
30 8.28 3.20
31 8.36 3.23
32 8.45 3.27
33 8.54 3 .30
34 8.64 3.34
35 8.73 3.38
36 8.83 3.42
37 8.93 3.45
38 9.02 3 .49
39 9.12 3 .53
40 9.22 3 .57
41 9.32 3.60
42 9.42 3.64
43 9.52 3 .68
44 9.62 3.72
45 9.72 3 .76
46 9.83 3.80
47 9.93 3 .84
48 10.04 3.88
49 & 10.14 3 .92
Over
* As a percentage of salary (full contribution rates ) . Based upon
8.25% interest and 6.50% salary scale assumptions .
** 38.68% of basic full rates .
CID
COUNTY OF CONTRA COSTA
General Member Contribution Rates,
Tier 1 - Section 31676.11 Tier 2 - Section 31751
Basic COL** _ Basic COL'**
Feist Excess o F2rst Excess o
$350 of Monthly $350 of Monthly Total Total
Entry. Monthly Compensation Monthly Compensation Monthly Monthly
Age Compensation Over $350 Compensation Over $350 Compensation Compensation
20 4.458 6.678 2.52%
21 4.45 6.67 2.52
22 4.45 6.68 2.52
23 4.46 6.69 2.52
24 4.47 6.71 2.53
25 4.49 6.73 2.54
26 4 .50 6.75 2.55
27 4.52 6.78 2.56
28 4.54 6.E1 2.57
29 4.56 6.84 2.58
30 4.59 6.88 2.59
31 4.61 6.91 2.61
32 4.63 6.95 ►. 2.62
33 4.66 6.99 2.64
34 4.69 7.03 F 2.65 N
M w
0 d
35 4.71 7.07 w 2.67 [�
36 4.75 7.12 2.68 w
37 4.78 7.17 •' 2.70 0
38 4.81 7.21 w 2.72 w
39 4.85 7.27 2.74 d
� e
A w
40 4.88 7.32 A 2.76 u
41 4.91 7.37 r+ 2.78
42 4.95 7.43 0 2.80 A
43 4.99 7.49 0 2.82
44 5.03 7.55 N 2.85 0
N i
45 5.07 7.61 . 2.E7
46 5.11 7.67 • 2.89
47 5.16 7.74 2.92
48 5.21 7.81 2.94
49 5.25 7.B8 2.97
50 5.30 7.95 3.00
51 5.35 8.02 3.03
52 5.40 8.10 3.05
53 5.45 8.18 3.OP
54 5.51 8.26 3.11
• As a percentage of salary (full contribution rates). Based upon 6.258 interest and 6.508 salary sc -
assumptions.
'• 2.208 of basic rates for Tier 1 and 2.33 9 of basic rates for Tier 2.
NOTE: The COL rates shown reflect a transfer of $ 3,615,983.
4 • w
COUNTY OF CONTRA COSTA
Safety Members ' Contribution Rates*
Section 31664
Entry
Age Basic C.O.L.**
20 7.79%
21 7.80
22 7.83
23 7 .86
24 7.89
25 7.94
26 7.99
27 8.06
28 8.12
29 8.20
30 8.28
31 8.36 P4
32 8.45 _U
33 8.54
34 8.64 A
35 8.73 0
36 8.83 OP
37 8.93 0
38 9.02 C:
39 9.12 N
40 9.22
41 9.32
42 9.42
43 9.52
44 9.62
45 9.72
46 9.83
47 9.93
48 10.04
49 & 10.14
Over
* As a percentage of salary (full contribution rates ) . Based upon
8.25% interest and 6.50% salary scale assumptions.
"* 2.20% of basic full rates .
NOTE: The COL rates shown reflect a transfer of $ 3, 615 .983 .
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