HomeMy WebLinkAboutMINUTES - 05121992 - 1.48 0 48
TO: BOARD OF SUPERVISORS 1 E''L= °^ Contra
FROM: Phil Batchelor, County Administrator Costa
n.' $
County
DATE: May 6, 1992 s>;coon t
SUBJECT: REQUEST TO GRANT WAIVER TO 45-DAY NOTICE OF CHANGES IN CERTAIN
INFORMATION REGARDING THE RETIREMENT BOARD
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Grant a waiver to the 45-day advance notice to the Board of
Supervisors which is required before the Retirement Board
recommends changes in interest rate credited to the members and the
County and contribution rates from employers and employees .
BACKGROUND:
Government Code Section 31453 requires that the Retirement Board
shall, at least 45 days prior to the beginning of the new fiscal,
recommend to the Board of Supervisors changes in the interest rates
which are to be credited to members and the County and contribution
rates which are to be charged to members and the County for the
succeeding fiscal year.
As the attached memorandum from the Retirement Administrator
indicates, the necessary ,valuation study is normally completed
early enough to permit the 45-day deadline to be met. However,
this year the Retirement Board is also conducting an experience
study before the valuation study was undertaken. This experience
study validates all noneconomic assumptions and is required to be
completed every three years.
The Retirement Board wants a little more time for all interested
parties to conduct a thorough review of the valuation study before
it acts on the contribution rates . As a result, ' the Retirement
Board is asking that it be allowed to delay acting on the matters
covered by Government Code Section 31453 until May 26, 1992 . This
is only possible if the Board of Supervisors is willing to waive
its right to the 45-day before the beginning of the fiscal year
notice, which would be approximately May 16 .
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
a C
SIGNATURE(S):
ACTION OF BOARD ON may lz, APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORSO THE DATE SHOWN.
County Administrator �q
CC: ATTESTED
Retirement Administrator
PHIL BATCHELOR CLERK OF THE BOARD OF
County Counsel
Auditor-Controller COUNTY SUPERVISORS AND ADMINISTRATOR
/
Tony Enea, Senior Deputy County Administrator
G
M382 (10/88) BY DEPUTY
CONTRA COSTA COUNTY EMPLOYEES' BETIREHM ASSOCIATION
DATE: April 14, 1992 is vUSta
TO: County Board of Supervisors RECEIVED
attn: Claude VanMarter
jR =51992
FROM: Pat Wiegert,
Retirement Administrator Office of
IInty AdministrPto-
SUBJECT: Waiver of 45 Day Limitation, Gov. Code Sec. 31453
The Board of Retirement requests a waiver of the 45 day notice
requirement as set forth in Government Code Section 31453.
Each year the Retirement Board's actuary conducts a valuation of system
assets and liabilities, and then recommends any changes in contribution
rates. Government Code Section 31453 provides that any changes in rates
be communicated to the Board of Supervisors at least 45 days prior to
the beginning of the fiscal year.
Normally the valuation is completed sufficiently in advance of the 45
day notice period to allow ample time for review and comment by the
County Administrator, budget people, union representatives and the
public.
This year. however, the actuary is conducting an experience study before
launching into the valuation. The experience study validates all
noneconomic assumptions used by the actuary and is required by law every
three years. Unfortunately, the experience study also delays the annual
valuation results.
Although the Retirement Board fully expects the valuation report to be
available for its meeting on May 12, this leaves very little time for
review by all interested parties. The Retirement Board wants to
encourage a more thorough understanding of this important issue.
Understanding takes time. For this reason we would prefer to delay any
decision on contribution rates until May 26. The Board cannot delay its
\ decision without a waiver of the 45 day period from the Board of
Supervisors.