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Home My WebLink AboutMINUTES - 04222008 - C.66 Corant TO: BOARD OF SUPERVISORS : - _.0 . Costa FROM: JOHN CULLEN, ; COUNTY ADMINISTRATOR 9 �oUn�.GAv� County DATE: April 22, 2008 SUBJECT: EMPLOYEE RETIREMENT PLAN CONTRIBUTION RATES FOR FISCAL YEAR 2008-09 (REVISED) SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION RECOMMENDATION: ADOPT the attached revision to Resolution 2007/656, which establishes the retirement plan contribution rates for employers and employees effective July 1 , 2008 through June 30, 2009. BACKGROUND: Each year, the Retirement Board establishes contribution rates for employee retirement plans based on an annual actuarial valuation study. On August 8, 2007, the Retirement Board adopted the attached resolution establishing employee and employer rates for Tier I; Tier II, Tier III and Safety retirement plans for the 2008-09 fiscal year; these rates will be included in the salary forecast and planning for the 2008- 09 budget. During a recent review of Resolution 2007/656, a typographical error was found in the printed rates for General Members - Tier III (enhanced). The corrected rates are presented in bold on the attached resolution (the correct rate of 11.16% was originally reported as 11 .74%; 14.25% as 14.98%; 16.75% as 17.61%; and 21 .38% as 22.48%). The error was only made in the Resolution;provided to the County for adoption and was not included in rates adopted by the Contra- Costa County Employees Retirement Association Board. The correct rates will are included in all FY 2008-09 budget materials. CONTINUED ON ATTACHMENT: —1� YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE APPVE OTHER . r SIGNATURES : ACTION OF B A D ON APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE AND CORRECT r COPY OF AN ACTION TAKEN AND ENTERED ON MINUTES OF THE BOARD OF SUPERVISORS ON THE DATE SHOWN. ANIMOUS(ABSENT 1 ) AYES: NOES: ABSENT: ABSTAIN: Contact: Lisa Driscoll,County Administration(335-1023) c Cc: Steve Ybarra,County Auditor ATTESTED Lisa Driscoll,County Administrator's Office -JOHN CULLEN,CLERK OF THE BOARD OFSUPERVISORS Laura Strobel,County Administrator's Office Rick Koehler,CCCERA n1 BY: fJ ,DEPUTY THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY,CALIFORNIA Adopted this Order on 64A A./� ,� oZ-', by the following.vote: AYES: NOES: ABSENT: ABSTAIN: )4 t0 hJ-c _— �aaaaaaaaaaaaaaraaa.aaa0aaaaa0Naaa'aiaaa0aaaaaa0a0aaaaa00aaa0a0000a000aaaaa00aaa0a00a00aaaaa0 SUBJECT: Approving Contribution Rates to be charged and. Resolution No.� 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 contribution rates are approved to be effective for the period July 1, 2008 through June 30, 2009. I. Basic Retirement Benefit Rate Component (payable as a Wof compensation) Coun * District* M/O Fire Con Fire N A. For General Members Under the"1.67% at 55"benefit schedule(Sec. 31676.11) O 1. General Members–Tier I covered by Social Security, N On the first$350 of earnable monthly compensation: N/A 14.22% N/A N/A On eamable compensation in excess of$350 monthly: N/A 21.34% N/A N/A E 2. General Members,–Tier I not covered by Social Security: N/A 21.34% N/A N/A N 3. General Members-Tier III: On the first$350 of earnable monthly compensation: N/A N/A N/A N/A H On earnable compensation in excess of$350 monthly: N/A N/A N/A N/A A N B. For Safety Members Under the"2% at 50" benefit schedule C 1. Safety Members: N/A 26.02% N/A N/A E D C. .For Employee Rates under the above benefit schedules See attached rate sheets A and B. D.. For General Members Under the"2% at 55",benefit schedule(Sec. 31676.16) 1: General Members–Tier I covered by Social Security, On the first$350 of earnable monthly compensation: 11.96% 14.75% 9.26% 8.62% E On earnable compensation in excess of$350 monthly: 17.93% 22.13% 13.89% 12.93% N 2. General Members,–Tier I not covered by Social Security: 17.93% 22.13% 13.89% 12.93% H 3. General Members-Tier III: UEOn the first$350 of eamable monthly compensation: 11.16% 14.25% N/A N/A On eamable compensation in excess of$350 monthly: 16.75% 21.38% N/A N/A E. For Safety Members (Tier A)Under the"3% at 50" 1 year FAS benefit schedule(Sec.31664.1) 1. Safety Members: .31.93% 40.17% 20.99% 22.06% F. For Safety Members (Tier C)Under the"3%at 50"3 year FAS benefit schedule(Sec.31664.1) 1. Safety Members: 28.58 N/A N/A N/A G. For Employee Rates under the above benefit schedules – See attached rate sheets C,D,E and F. ADMINISTRATION CONTRIBUTIONS - 1 - (Resolution) T:\Contributions\Resolutions\Resolution 7-1-08 rates(Revised T-3 basic rates).doc H. Cost of Living Program Rate Component(payablee`as a%o•bf compensation) Couni *, District* MIO Fire.,'Con Fire A. For General Members Under the "1.67% at 55 benefit schedule(Sec. 31676.11) N 1. General Members—Tier I covered by Social Security, • /_t„ O On the first$350 of earnable monthly compensation: N/A 6.93°!0 N/A N/A N On earnable compensation in excess of$350 monthly: N/A 10.38% N/A N/A 2. General Members—Tier I not covered by Social Security: N/A 10.38% N/A N/A E 3. General Members-Tier III: N On the first$350 of earnable monthly compensation: N/A N/A NIA N/A H On earnable compensation in excess of$350 monthly: N/A N/A N/A N/A A N B. For Safety Members Under the"2% at 50" benefit schedule C 1. Safety Members: N/A 15.88% N/A N/A D C. For Employee Rates under the above benefit schedules — See attached rate sheets A and B. D. For General Members Under the"2% at 55" benefit schedule(Sec. 31676.16) 1. General Members-Tier I covered by Social Security, On the first$350 of earnable monthly compensation: 4.77% 7.20% 4.01% 3.04% E On earnable compensation in excess of$350 monthly: 7.15% 10.79% 6.01% 4.55% N 2. General Members—Tier I not covered by Social Security: 7.15% 10.79% 6.01% 4.55% 3. General Members-Tier III: A On the first$350 of earnable monthly compensation: 4.38% 6:86% N/A N/A N On earnable compensation in excess of$350 monthly: 6.56% 10.29% N/A N/A C E. For Safety Members (Tier A)Under the"3.% at`50", 1 year FAS benefit schedule(Sec.31664.1) E 1. Safety Members: 13.85% 21.48% -8.02% 8.06% D F. For Safety Members (Tier C)Under the 113% at 50",3 year FAS benefit schedule(Sec. 31664.1) 1. Safety Members: 10.71% N/A N/A N/A G. For Employee Rates under the above benefit schedules— See attached rate sheets C,D,E and F. III.Non-refundability Discount Factors Because payments made under agreement, by,the employer on behalf of employees are non-refundable, they shall be paid at the following rates: Renefit Schedule Non-Enhanced Enhanced General Tier,I: .9952, .9973 General Tier III: N/A .9938 Benefit Schedule Non-Enhanced Enhanced Safety Tier A: 1.0000 .9975 Safety Tier C: N/A .9978 ADMINISTRATION CONTRIBUTIONS -2- (Resolution) 2- (Resolution) T:\Contributions\Resolutions\Resolution 7-1-08 rates(Revised T-3 basic rates).doc .i *The Pension Obligation Bonds (POB) issued by the County in March 1994 and April 2003, 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" including the Superior Court of California, Contra Costa County. *Bethel Island Municipal Improvement District. *Byron, Brentwood Knightsen Union Cemetery District *Central Contra Costa Sanitary District *Contra Costa County Employees' Retirement Association *Contra Costa Housing Authority *Contra Costa Mosquito and Vector Control District *Local Agency Formation Commission *Rodeo Sanitary District *In-Home Supportive Services Authority *First 5 - Children&Families Commission *East Contra Costa Fire Protection District *Rodeo-Hercules Fire Protection`District. *San Ramon Valley Fire Protection District **Contra Costa County Fire Protection District and Moraga-Orinda Fire Protection District issued Pension Obligation Bonds in 2005 which affected contribution rates for these two employers. Subsequently, Con Fire has also partially paid off their UAAL as of December 2006.These two employers have separate contribution rates as denoted on the-resolution. ADMINISTRATION CONTRIBUTIONS -3- (Resolution) T:\Contributions\Resolutions\Resolution 7-1-08 rates(Revised T-3 basic rates).doc .