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Home My WebLink AboutMINUTES - 06201995 - SD4 TO: BOARD OF SUPERVISORS Contra jr1 c FROM: •� Costa Phil Batchelor, County Administrator o. s := County DATE: June 20, 1995 SUBJECT: EMPLOYEE RETIREMENT PLAN CONTRIBUTION RATES FOR FISCAL YEAR 1995-1996 SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION RECOMMENDATION: 1. ADOPT the attached resolution approved by the Retirement Board which establishes retirement plan contribution rates and authorizes supplemental payments to retirees effective July 1, 1995. BACKGROUND: Each year the Retirement Board establishes contribution rates for employee retirement plan as well as payments to retirees. On April 25, the Retirement Board met with the Board of Supervisors to discuss retirement rates and other items of interest. The attached resolution is essentially the same information presented at the April 25 meeting. { CONTINUED ON ATTACHMENT: YES SIGNATURE: _RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF BOARD ON June 20 , 1995 APPROVED AS RECOMMENDED _ X OTHER IT IS BY THE BOARD ORDERED that Resolution No. 95/382 is ADOPTED. . VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE UNANIMOUS(ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN AYES: 1 , 4 F 5 , -1 NOES: - AND ENTERED ON THE MINUTES OF THE BOARD ABSENT: - ABSTAIN: 2 OF SUPERVISORS ON THE DATE SHOWN. ATTESTED June 20 , 1995 Contact: PHIL BATCHELOR,CLERK OF THE BOARD OF CC: Retirement Administrator SUPERVIS RS AND COUNT ADMINISTRATOR Auditor-Controller County Administrator a BY f4444 ,DEPUTY THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on June 20 , 1995 , by the following vote: AYES: Supervisors Rogers , DeSaulnier, Torlakson and Bishop NOES: None ABSENT: None ABSTAIN: Supervisor Smith SUBJECT: Approving Contribution Rates to be charged and Resolution No 95 382 Interest to be credited, by the Contra Costa County Employees' Retirement Association and authorizing supplemental payments to retirees under Govt. Code Sec. 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, 1995. 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: 5.35% 9.84% on earnable compensation in excess of $350 monthly: 8.03% 14.76% 2. General Members-Tier I not covered by Social Security: 8.03% 14.76% 3. General Members-Tier II: 3.86% 10.37% 4. Safety Members: 10.09% 15.84% B. Employee Rates: See attached sheets for details on both General and Safety Members. I_I. Cost of Living Program 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: .73% 3.00% on earnable compensation in excess of $350 monthly: 1.10% 4.51% 2. General Members-Tier I not covered by Social Security: 1.10% 4.51% 3. General Members-Tier II: .96% 4.26% 4. Safety Members: 1.07% 7.98% B. Employee Rates, payable as % of the basic full contribution rates: 1. General Members-Tier I covered by Social Security: 41.190% 2. General Members-Tier I not covered by Social Security: 41.190% 3. General Members-Tier II: 43.955%: 4. Safety Members: 41.190% III. Interest to be Credited to Reserves Effective 7/1/95: The amount actually earned, after reduction to pay administrative expenses, credited on 12/31/95 and 6/30/96, and compounded. * 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" . Orig. Dept.: Retirement cc: 4 � o Mosquito Abatement o Diablo Water o Bethel Island Fire o Central Sanitation o Housing Authority o Orinda Fire o Rodeo Sanitation o Retirement o East Diablo Fire o Delta Diablo Sanitation o City of Pittsburg o Moraga Fire o Ironhouse Sanitation o Office of Education o Contra Costa County Fire o Union Cemetary o Kensington Fire o Rodeo Fire o San Ramon Fire o Bethel Island Municipal Improvement IV. Supplemental Benefits to Retirees The allowances for retirees eligible for supplemental increases under Sec. 31874.3(b) of the California Govt. Code shall be increased using a graded dollar amount ($4.17 per month down to $1.74 per month) based upon date of retirement. This supplement shall be effective July 1, 1995 through June 30, 1996 and shall be funded by a transfer of $1,000,000 from the System's administrative reserve for facilities relocation and system enhancement. 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: .9651 General Tier II: .9127 Safety: .9767 I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supe sore on the date shown. ATTESTED: PHIL BA16HELOR,Clerk of the Board o SuperAo nd Count ministrator By Deputy Revised 5!7!95 Safety,Members' Contribution Rates* Entry Age Basic C.O.L. " 20 7.99% 3.29% 21 8.01% 3.30% 22 8.04% 3.31% 23 8.08% 3.33% 24 8.12010 3.35010 25 8.17% 3.36% 26 8.21% 3.38% 27 8.26% 3.40% 28 8.32% 3.43% 29 8.38% 3.45% 30 8.44% 3.48% 31 8.51% 3.50% 32 8.58010 3.53% 33 8.66% 3.57% 34 8.74% 3.60% 35 8.83% 3.64% 36 8.92010 3.67% 37 9.01% 3.71% 38 9.11% 3.75% 39 9.22% 3.80% 40 9.33010 3.84% 41 9.44% 3.89% 42 9.56% 3.94% 43 9.68% 3.99% 44 9.81% 4.04% 45 9.93% 4.09% 46 10.07% 4.15% 47 10.20% 4.20% 48 10.34% 4.26010 49 and 10.49% 4.32% Over As a percentage of salary based on 8% interest and graded salary scale assumptions. "41.190% of basic rates for Safety. HAWP\CCE\CCE- WSA.WPD 109 5/95 Revised 5/1/95 General Members' Contribution Rates* Tier 1 -Section 31676.11 Tier 2-Section 31751 Excess of Excess of First 5350 of Monthly First 5350 of Monthh• Entry Monthly Compensation Monthly. Compensation Total Monthly Total Monthly Age Compensation Over 5350 ComDensatlon Over 5350 Compensation Compensation Basic C.O.L. " Basic C.O.L. " 20 4.05% 6.08% 1.67% 2.50% 2.31% 1.01% 21 4.06% 6.09% 1.67% 2.51% 2.31% 1.01% 22 4,07% 6.11% 1.68% 2,52% 2.32% 1.02% 23 4.09% 6.13% 1.68% 2.52% 2,32% 1.02% 24 4.11% 6.16% 1.690/0 2.54% 2.33% 1.03% 25 4.13% 6.19% 1.70% 2.55% 2.35% 1.03% 26 4.15% 6.23% 1.71% 2.57% 2.36% 1.04% 27 4.18% 6.27% 1.72% 2.58% 2.38% 1.05% 28 4.21% 6.32% 1.73% 2.60% 2.40% 1.05% 29 4.25% 6.37% 1.75% 2.62% 2.42% 1.06% 30 4.29% 6.43% 1.77% 2.65% 2.44% 1.07% 31 4.32% 6.48% 1.7811/6 2.67% 2.46% 1.08% 32 4.37% 6.55% 1.800/0 2.70% 2.48% 1.09% F: 33 4.41% 6.61% 1.81% 2.72% 2.51% 1.10% 34 4.45% 6.68% 1.83% 2.75% 2.53% 1.11% 35 4.50% 6.75% 1.85% 2.78% 2.56% 1.12% 36 4.55% 6.82% 1.87% 2.81% 2.59% 1.14% 37 4.60% 6.90% 1.89% 2.84% 2.62% 1.15% 38 4.65% 6.98% 1.91% 2.87% 2.64% 1.16% 39 4.71% 7.06% 1.94% 2.91% 2.68% 1.18% 40 4.76% 7.14% 1.96% 2.94% 2.71% 1.1.9% 41 4.81% 7.22% 1.99% 2.98% 2.74% 1.20% 42 4.87% , 7.31% 2.01% 3.01% 2.77% 1.22% 43 4.93% 7.406% 2.03% 3.05% 2.81% 1.23% 44 4.99% 7.49% 2.06% 3.09% 2.84% 1.25% 45 5.06% 7.59% 2.09% 3.13% 2.88% 1.25% 46 5.12% 7.68% 2.11% 3.17% 2.91% 1.28% 47 5.19% 7.78% 2.14% 3.21% 2.95% 1.30% 48 5.250/6 7.88% 2.17% 3.25% 2.99% 1.31% 49 5.33% 7.99% 2.19% 3.29% 3.03% 1.33% 50 5.40% 8.10% 2.22% 3.33% 3.07% 1.35% 51 5.47% 8.20% 2.25% 3.38% 3.11% 1.37% 52 5.54% 8.31% 2.28% 3.42% 3.15% 1.39% 53 5.62_% 8.43% 2.31% 3.47% 3.20% 1.40% 54 and 5.69% 8.54% 2.35% 3.52% . 3.24% 1.42% Over As a percentage of salary based on 8% interest and graded salary scale assumptions. "41.190%of basic rates for Tier 1 and 43.955%of basic rates for Tier 2. H:\WP\CCE\CCE-005A.WPD 108 5/95 * * * ** —IND. XMT JOURNAL— ****** **** * DATE MAY-19-1995 * * TIME 09:20 * ***** JOURNAL No. = 30 DATE/TIME = MAY-19-1995 09:14 DURATION = 00:04°16 COMM.RESULT = OK FILE No. _ PAGE(S) = 006 MODE = TRANSMISSION DESTINATION = 61554 RECEIVED ID = i RESOLUTION = FINE —COUNTY ADMIN. — ********* ** *** * ** ********* ** ***** ***** * **** — 510 646 1353— ***** ** **