HomeMy WebLinkAboutMINUTES - 07121994 - 1.107 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on July 12, 1994 , by the following vote:
AYES: Supervisors Smith,- DeSaulnier, Torlakson and Powers
NOES: None
ABSENT: None
ABSTAIN: Supervisor Smith
SUBJECT: Approving Contribution Rates to be charged 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 contributions, interest rates, and retiree benefit supplements, are
approved to be effective July 1, 1994.
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: 2.89% 6.418
on earnable compensation in excess of $350 monthly: 4.34% 9.61%
2. General Members-Tier I not covered by Social Security: 4.34% 9.61%
3. General Members-Tier II: 3.48% 8.59%
4. Safety Members: 8.88% 16.708
B. Employee Rates:
See attached sheets for details on both General and Safety Members.
II. Cost of Living Program am 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 of earnable monthly compensation: 1.33% 4.36%
on earnable compensation in excess of $350 monthly: 2.008 6.54%
2. General Members-Tier I not covered by Social Security: 2.00% 6.54%
3. General Members-Tier II: 1.46% 5.71%
4. Safety Members: 1.94% 6.34%
B. Employee Rates, payable as % of the basic full contribution
rates:
1. General Members-Tier I covered by Social Security: 40.95%
2. General Members-Tier I not covered by Social Security: 40.95%
3. General Members-Tier II: 43.68%
4. Safety Members: 40.95%
III. Interest to be Credited to Reserves
Effective 7/1/94: 8.0% per annum, compounded semi-annually.
* The Pension Obligation Bonds issued by the County March 1, 1994, affected contribution
rates for certain County employees. 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 Oakley Water o Bethel Island Fire
a Central '-Sanitation o dousing Authority o Oakley Fire
o Rodeo Sanitation o Retirement o Consolidated Fire
a Delta Diablo Sanitation o City of Pittsburg o Orinda Fire
o Oakley Sanitation o Office of Education a East Diablo Fire
a Union Sanitation o Kensington Fire o Riverview Fire
o Bethel Island Municipal o Rodeo Fire o Moraga Fire
Improvement o San Ramon Fire 0 West County Fire
IV. Modifications
Rates are subject to modification due to Retirement Board and/or Board of
Supervisors resolutions. For the period July 1, 1994 through June 30, 1.995 only,
the Retirement Board has agreed to transfer $15,666,065 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 LivingProgramContributions
A. County and District rates, payable as a % if earnable compensation:
1. General Members-Tier I covered by Social Security,
on the first $350 earnable monthly compensation: 0%
2. General Members-Tier I not covered by Social Security: 0%
3. General Members-Tier 11: 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: 0%
2. General Members-Tier I not covered by Social Security 0%
3. General Members-Tier 11 0%
V. SupplementalBenefitsto Retirees
The allowances for retirees eligible for supplemental increases under Sec. 31681.8
of the California Govt. Code shall be at the rate of $4.61 per month, per year of
service, to be effective July 1, 1994 through June 30, 1995, funded by a transfer
of $1,561,075 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 ($3.91 per month down to $1.67 per month}
based upon date of retirement. This additional supplement shall be effective
July 1, 1994 through June 30, 1995 and shall be funded by a transfer of $1,000,000
from undistributed earnings and reserves of the Retirement Fund.
VI. County Cost of Retiree Health Benefits
Under California Govt. Code Sec. 31592.2, the Retirement Board has agreed to a
transfer of up to $7,5000,000 from undistributed earnings and reserves of the
Retirement Fund as an offset of specific County costs. Effective July 1, 1994 and
for one year only, these funds will be used to off-set the County's cost to
provide health care coverage to its retirees as certified to the Retirement Board
each month.
VII. 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 1: .8510
General Tier 11: .7951
Safety: .9488
I hereby certify that this is a true and correct copy of
an action taken and entered on the minutes of the
Board of SuperviArs op the date shown.
ATTESTED. -/-Z , //.9 fx
PHIL BATCNELO#,clerk of the Board
of SuperviscWs and County Administrator
Deputy
cc: County Administrator
Retirement Office
Auditor-Controller
GENERAL MEMBERS' CONTRIBUTION RATES
1993 Rates* 1994 Rates"
(Reflecting $ 3,269,676 transfer) (Reflecting $ 6,894,467 transfer)
TIER 1 TIER 2 TIER I TIER 2
First $350 Excess of Total First $350 Excess of Total
of Monthly Monthly Comp Monthly of Monthly Monthly Comp Monthly
Entry Age Compensation Over $350 Compensation Compensation Over $350 Compensation
20 5.09% 7.64% 2.91% 4.22% 6.33% 2.40%
21 5.10 7.65 2.91 4.23 6.34 2.41
22 5.11 7.68 2.92 4.25 6.37 2.42
23 5.14 7.70 2.92 4.27 6.40 2.43
24 5.15 7.72 2.93 4.29 6.43 2.44
25 5.17 7.76 2.94 4.31 6.46 2.45
26 5.20 7.79 2.95 4.33 6.50 2.47
27 5.22 7.83 2.98 4.37 6.55 2.49
28 5.25 7.88 2.99 4.39 6.59 2.50
29 5.28 7.92 3.01 4.43 6.64 2.52
30 5.31 7.97 3.03 4.46 6.69 2.54
31 5.35 8.03 3.05 4.49 6.74 2.56
32 5.38 8.08 3.07 4.53 6.80 2.58
33 5.42 8.14 3.09 4.57 6.85 2.60
34 5.47 8.19 3.11 4.61 6.91 2.62
35 5.50 8.25 3.13 4.65 6.97 2.65
36 5.54 8.31 3.16 4.69 7.03 2.67
37 5.59 8.38 3.18 4.73 7.10 2.70
38 5.63 8,45 3.22 4.78 7.17 2.72
39 5.68 8.53 3.24 4.83 7.24 2.75
40 5.73 8.60 3.26 4.87 7.31 2.78
41 5.77 8.67 3.30 4.92 7.36 2.80
42 5.83 8.75 3.32 4.97 7.46 2.83
43 5.89 8.83 3.36 5.03 7.54 2.86
44 5.94 8.92 3.36 5.08 7.62 2.89
45 6.00 9.00 3.42 5.13 7.70 2.92
46 6.06 9.08 3.45 5.19 7.78 2.96
47 6.12 9.17 3.49 5.25 7.87 2.99
48 6.18 9.26 3.52 5.31 7.96 3.02
49 6.23 9.35 3.56 5.37 8.05 3.06
so 6.31 9.46 3.60 5.43 8.14 3.09
51 6.36 9.55 3.63 5.49 8.24 3.13
52 6.44 9.66 3.67 5.56 8.34 3.17
53 6.51 9.77 3.70 5.63 8.44 3.20
54& Over 6.58 9.87 3.75 5.69 8.54 3.24
As a percentage of salary based upon 8.25% interest and 6.25% salary scale assumptions.
Includes COL at 18.08% of basic rates for Tier land 18.66% of basic rates for Tier 2.
As a percentage of salary based upon 8% interest and 5.75%salary scale assumptions.
These rates are basic only, based on 1994 transfer.
COUNTY OF CONTRA COSTA June 20, 1994
SAFETY MEMBERS'CONTRIBUTION RATES
1993 Rates' 1994 Rates"
Entry Age (Reflecting $ 3,269,676 Transfer) (Reflecting $ 6,894,467 Transfer)
20 9.01% 7.47%
21 9.03 7.50
22 9.06 , 7.54
23. 9.11 7.59
24 9.17 7.65
25 9.23 7.71
26 9.31 7.78
27 9.40 7.86
28 9.48 7.95
29 9.59 8.05
30 9.69 8.15
31 9.80 8.25
32 9.92 8.36
33 10.05 8.48
34 10.17 8.59
35 10.30 8.71
36 10.42 8.83
37 10.55 8.95
38 10.68 9.07
39 10.81 9.20
40 10.94 9.32
41 11 .07 9.45
42 11 .20 9.57
43 11 .33 9.70
44 11 .47 9.83
45 11.60 9.96
46 11.75 10.09
47 11 .89 10.22
48 12.02 10.35
49 & Over 12.16 10.49
As a percentage of salary based upon 8.25% interest and 6.25% salary scale assumptions.
Includes COL at 18.65% of basic rates.
As a percentage of salary based upon 8% interest and 5.75% salary scale assumptions.
These rates are basic only, based on 1994 transfer.
COUNTY OF CONTRA COSTA June 20, 1994