HomeMy WebLinkAboutMINUTES - 06231992 - 1.89 THE BOARD OF SUPERVISORS OF CONTRA COSTA rOUNTY, CALIFORNIA
Adopted this Order on June 23 , 1992 , by the following vote:
AYES: Supervisors Powwe>;s; Fanden, Toraakson, Schroder,
NOES: None
ABSENT: Supervisor McPeak
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. 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, 1992.
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: 5.66%
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 'II: 7 .27%
4. Safety Members: 15.14%
B. Employee Rates:
See attached sheets for details on both General and Safety Members.
II. 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: 3.77%
on earnable compensation in excess of $350 monthly: 5.66%
2. General 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 % 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 Credited to Reserves
Effective 7/1/92: 8 1/4% per annum, compounded semi-annually.
Orig. Dept.:
CC: via Retirement
RESOLUTION NO; 92/434
IV. Modifications
Rates are subject to modification due to Retirement Board 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
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 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 earnable monthly compensation: 2.73%
on earnable compensation in excess of $350 monthly: 4.09%
2. General Members-Tier I not covered by Social Security: 4.09%
3. General Members-Tier II: 3.44%
4. Safety Members: 3.36%
B. Employee Rates: payable as a % of the basic full contribution rates:
1. General Members-Tier I covered by Social Security: 22.42%
2. General Members-Tier I not covered by Social Security: 22.42%
3. General Members-Tier II 23.51%
4. , Safety Members 22.42%
V. Supplemental 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 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: .844322
General Tier II: .778487
Safety: .943758
I hereby certify that this is a true and correct copy of
an action taken and entered on the minutes of th3
Boar+of Supervi rs on the date shown.
ATTESTED: _
PHIL CHELOR,Clerk of the Board
Of Supe isors and County Administrator
By. ,Deputy
1
RZ: OLUT,TON NO., 921/4134