HomeMy WebLinkAboutMINUTES - 06221993 - 1.106 L 1 . 106
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THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on June 22, 1993 , by the following vote:
AYES: Supervisors Powers, Smith, Bishop, McPeak, Torlakson
NOES: None
ABSENT: None
ABSTAIN: None._ RESOLUTION No. 93/396
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 Secs. 31681.8. and
31874.3 (b) .
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, 1993.
I. Retirement Contributions
A. County and District rates,
1. General Members-Tier I covered by Social Security,
on the first $350 of earnable monthly compensation: 5.81%
on earnable compensation in excess of $350 monthly: 8.71%
2. General Members-Tier I not covered by Social Security: 8.71%
3. General Members-Tier II: 7.58%
4. Safety Members: 15.74%
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: 3.85%
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: 5.04%
4. Safety Members: 5.60%
B. Employee Rates, payable as % of the basic full contribution rates:
1. General Members-Tier I covered by Social Security: 40.22%
2. General Members-Tier I not covered by Social Security: 40.22%
3. General Members-Tier II: 42.89%
4. Safety Members: 40.22%
III. Interest to be Credited to Reserves
Effective 7/1/93: 8 1/4% per annum, compounded semi-annually.
Orig. Dept.:
CC: County Administrator
Auditor-Controller
RESOLUTION NO. 93/396
f
IV. Modifications
Rates are subject to modification due to Retirement Board and/or Board of
Supervisors resolutions. For the period July 1, 1993 through June 30, 1994
only, the Retirement Board has agreed to transfer $20,808,664 from its
undistributed earnings and contingency reserve 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: 0%
on earnable compensation in excess of $350 monthly: 0%
2. General Members-Tier I not covered by Social Security: 0%
3. General Members-Tier II: 0%
4. Safety Members: 0%
B. Employee Rates: payable as a % of the basic full contribution rates:
1. General Members-Tier I covered by Social Security: 18.08%
2. General Members-Tier I not covered by Social Security: 18.08%
3. General Members-Tier II 18.66%
4. Safety Members 18.65%
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 $4.53 per month
per year of service, to be effective July 1, 1993 through June 30, 1994,
funded by a transfer of $1,550,721 from undistributed earnings and reserves
of the Retirement Fund.
In addition, these same retirees shall have their allowances increased by an
added supplement, using a graded dollar amount ($3.88 per month down to $1.69
per month) based upon date of retirement. This additional supplement shall
be effective July 1, 1993 through June 30, 1994 and shall be funded by a
transfer of $1,000,000 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: .845622
General Tier II: .787467
Safety: .946052
I hereby certify that this is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supervisory on the date shown.
ATTESTED:
PHIL4AHELO�R�,Clerk of the Board
of supervisors and County Administrator
BY ,Deputy
RESOLUTION NO. 93/396