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Home My WebLink AboutMINUTES - 06031997 - C60 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on Tune 3, 1997 , by the following vote: AYES: Supervisors Rogers, Uilkema, Gerber, Canciamilla, DeSaulnier NOES: None ABSENT: None ABSTAIN: None SUBJECT: Approving Contribution Rates to be charged and Resolution No 97Z29 Interest to be credited, by the Contra Costa County Employees' Retirement Association. 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 and interest rates are approved to be effective July 1, 1997. 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: 5.018 9.748 on earnable compensation in excess of $350 monthly: 7.528 14.61% 2. General Members-Tier I not covered by Social Security: 7.52% 14.61% 3. General Members-Tier II: 3.498 10.388 4. Safety Members: 9.14% 14.488 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 8 of earnable compensation: County District 1. General Members-Tier I covered by Social Security on the first $350 of earnable monthly compensation: 1.478 3.84% on earnable compensation in excess of $350 monthly: 2.208 5.758 2. General Members-Tier I not covered by Social Security: 2.208 5.758 3. General Members-Tier II: 1.628 5.078 4. Safety Members: 2.718 10.038 B. Employee Rates, payable as 8 of the basic full contribution rates: 1. General Members-Tier I covered by Social Security: 43.0278 2. General Members-Tier I not covered by Social Security: 43.0278 3. General Members-Tier II: 45.8968 4. Safety Members: 43.0278 III. Interest to be Credited to Reserves Effective 7/1/97: The amount actually earned, after reduction to pay administrative expenses, not to exceed 48 per six-month period, credited on 12/31/97 and 6/30/98, and compounded. IV. 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: .9662 General Tier II: .9129 Safety: .9760 Orig. Dept. : Retirement cc: V. Supplemental Benefits to Retirees The monthly allowances for retirees eligible for supplemental increases under Sec. 31874.3(b) of the California Gov. Code shall be increased by a supplement, using a graded dollar amount ($16.61 per month down to $6.70 per month) based upon date of retirement. This supplement shall be effective July 1, 1997 through June 30, 1998 and shall be funded by a transfer of $3,564,000 from undistributed earnings and reserves of the Retirement Fund. VI. Modifications Rates are subject to modification due to Retirement Board and/or Board of Supervisors resolutions. For the period July 1, 1997 through June 30, 1998 only, the Retirement Board has agreed to transfer $18,618,000 from its undistributed earnings and contingency reserve resulting in a reduction in 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: County District 1. General Members-Tier I covered by Social Security, on the first $350 earnable monthly compensation: 0% 0% 2. General Members-Tier I not covered by Social Security: 0% 0% 3. General Members-Tier II: 0% 0% 4. Safety Members: 0% 0% B. Employee Rates: payable as a % of the basic full contribution rates: 1. General Members-Tier I: 0% 2. General Members-Tier II: 0% 3. Safety Members: 0% VII. County Cost of Retiree Health Benefits Under California Gov. Code Section' 31592.2, the Retirement Board has agreed to a transfer of an amount not to exceed $11,437,000 from undistributed earnings and reserves of the Retirement Fund to be used solely for the payment of the cost of health care benefits to county retirees as certified to the Retirement Board each month. Such transfer shall be effective July. l, 1997 and extend for one year only. * The Pension Obligation Bonds issued by the County March 1, 1994, affected contribution rates for certain County employers. 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 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 Contra Costa County Fire o Bethel Island Municipal o Union Cemetery o Rodeo-Hercules Fire Improvement District o San Ramon Fire 1 hereby carttty that this Is a true and correct CW of an action taken and entered on the minutu of the Dowd of SXffESTa on thO,da to t PHIL BATCHELOR,,Cle�rkk of�/the board at Supervisors and County Administrator (ADMIN-Cont.res) COUNTY OF CONTRA COSTA General Member Contribution Rates* Effective 7/1/97 Tier 1 - Section 31676.11 Tier 2 - Section 31751 Basic** COL Basic** COL First Excess of First Excess of $350 of Monthly $350 of Monthly Total Total Entry Monthly Compensation Monthly Compensation Monthly Monthly Age over $350 Compensation over $350 Compensation Compensation 20 & Under 4.05% 6.088 08 08 2.31% 08 21 4.06% 6.09% 08 08 2.31% 08 22 4.07% 6.11% 08 08 2.328 08 23 4.098 6.138 08 08 2.328 08 24 4.11% 6.16% 08 08 2.33% 08 25 4.13% 6.19% 08 08 2.35% 08 26 4.15% 6.23$ 08 08 2.36% 08 27 4.18% 6.27% 08 08 2.38% 08 28 4.21% 6.32% 08 08 2.408 08 29 4.258 6.378 08 08 2.428 08 30 4.298 6.438 08 08 2.44% 08 31 4.32% 6.48% 08 08 2.46% 08 32 4.37% 6.558 08 08 2.488 08 33 4.41% 6.61% 08 08 2.51% 08 34 4.45% 6.688 08 08 2.538 08 35 4.508 6.75% 08 08 2.56% 08 36 4.558 6.828 08 08 2.59% 08 37 4.60% 6.908 08 08 2.62% 08 38 4.65% 6.98% 08 08 2.648 08 39 4.71% 7.068 08 08 2.68% 08 40 4.76% 7.148 08 08 2.71% 08 41 4.818 7.22% 08 08 2.74% 08 42 4.87% 7.31% 08 08 2.77% 08 43 4.93% 7.408 08 08 2.818 08 44 4.99% 7.498 08 08 2.848 08 45 5.06% 7.598 08 08 2.88% 08 46 5.12% 7.68% 08 08 2.918 08 47 5.198 7.788 08 08 2.958 08 48 5.25% 7.88% 08 08 2.998 08 49 5.338 7.99% 08 08 3.03% 08 50 5.408 8.108 08 08 3.078 08 51 5.478 8.208 08 08 3.118 08 52 5.548 8.318 08 08 3.158 08 53 5.628 8.438 08 08 3.20% 0% 54 & 5.698 8.548 08 08 3.248 08 Over * As a percentage of salary based upon 88 interest and graded salary scale assumptions. ** Basic rates shown are before any employer subvention. (ADMIN-contrate) • ` 4 a� SAFETY MEMBERS CONTRIBUTION RATES AS OF 7/1/97* Entry Age Basin** COLA 20 7.99% 08 21 8.018 08 22 8.04% 08 23 8.08% 08 24 8.12% 08 25 8.178 08 26 8.21% 08 27 8.26% 08 28 8.328 08 29 8.38% 08 30 8.448 08 31 8.518 08 32 8.58% 08 33 8.668 08 34 8.748 08 35 8.83% 08 36 8.92% 08 37 9.01% 08 38 9.118 08 39 9.22% 08 40 9.33% 08 41 9.44% 08 42 9.568 08 43 9.688 08 44 9.818 08 45 9.938 08 46 10.078 08 47 10.208 08 48 10.348 08 49 & over 10.498 08 * As a percentage of salary based on 88 interest and graded salary scale assumptions. ** Basic rates shown are before any employer subvention. ADMIN(cont.sr)