HomeMy WebLinkAboutMINUTES - 04222008 - C.29 ORDINANCE NO. 2008-16
(Other Post-Employment Benefits.Funding)
The Contra Costa County Board of Supervisors ordains as follows.(omitting the parenthetical
footnotes from the official text of the enacted or amended provisions of the County Ordinance
Code')-
SECTION
ode):SECTION I. SUMMARY. This ordinance adds Chapter 62-10 Other Post-Employment Benefits
Funding, Section 62710.002 "Allocation of Funding for Other Post-Employment Benefits." This
ordinance allocates specific future resources for funding Other Post-Employment Benefits. This
ordinance provides that the allocation'can only be changed by a five-fifths vote of the Board of
Supervisors.
SECTION 11 Chapter 62-10 and Section 62-10.002 are added to the County Ordinance Code to
read:
Chapter 62- 10:
OTHER POST-EMPLOYMENT BENEFITS FUNDING
62-10.002 Allocation of Funds for Other Post-Employment Benefits
—- (a) As used in this section, the phrase"Other Post-Employment Benefits" has the same
meaning as in General Accounting Standards Board Statement 45. .
(b)'As the following future resources become available,they will be allocated to funding
Other.Post-Employment Benefits.
Resource Beginning Fiscal Year Amount
Redirect From Workers 2008/2009 $10,000,000
Compensation Program
Redirect From UAAL Rate 2009/2010 $10,000,000
Adjustment Payments
Redirect Pension Obligation 2014/2015 $33,000,000
Bond Payments (Retired
Bond)
Redirect Pension Obligation ..2022/2023 $47,000,000
Bond Payments (Retired
Bond)
Total Annual Future 2024-onward $100,0003000
Resource Redirection
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Ordinance No. 2008- 16
(c) The allocation of future resources specified in this section can be changed only by a
five-fifths vote of the Board of Supervisors.
(d)Nothing contained herein shall prevent the County from complying with applicable
state or federal laws.
(Ords.2008- § 2.)
SECTION III. This ordinance becomes effective 30 days after passage, and within 15 days after
passage shall be published once with the names of supervisors voting for and against it in the
Contra Costa Times, a newspaper published in this County.
PASSED ON 22 0� , by the following vote:
AYES: Gioia,Uilkema,Piepho,Bonilla&Glover
NOES: none
ABSENT: none
ABSTAIN: none
ATTEST: JOHN CULLEN, Clerk of the Board
and County nistrator
Deputy Boa Chair
[SEAL] .
MAM: H:lretiree health\ordinance-opeb funding allocation.wpd
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Ordinance No. 2008- 16