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HomeMy WebLinkAboutRESOLUTIONS - 05201986 - 86-284 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on May 20, 1986 , by the following vote: AYES: Supervisors Fanden, Schroder, McPeak, Torlakson, Powers NOES: None ABSENT: None RESOLUTION ABSTAIN: None N0. 86/284 SUBJECT: Approving Contribution Rates to and Interest to be Credited by the Contra Costa County Employees' Retirement Association and authorizing supplemental payments to retirees under Calif. Govt. Code Sec. 31681.8 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 follow- ing contribution and interest rates are approved to be effective July 1, 1986: I. Retirement Contributions A. County and District rates: 1.General Members-Tier I covered by Social Security: on the first $350 of total monthly compensation: 5.70% on total compensation in excess of $350 monthly: 8.55% 2.General Members-Tier I not covered by Social Security, on total 8.55% 3.General Members-Tier II, on total compensation 6.50% 4.Safety Members, on total compensation 13.76% 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 % of earnable compensation 1.General Members-Tier I covered by Social Security 5.36% 2.General Members-Tier I not covered by Social Security 5.36% 3.General Membsrs-Tier II 4.77% 4.Safety Members 5.36% B. Employee Rates: payable as a % of the basic full contribution rates 1.General Members-Tier I covered by Social Security 36.56% 2.General Members-Tier I not covered by Social Security 36.56% 3.General Members-Tier II 39.00% 4.Safety Members 36.56% III. Interest to be Credited to Reserves Effective 7-1-86: 822%per annum, compounded semi-annually IV. Modifications Rates are subject to modification due to Retirement Board and/or Board of Sup- ervisors resolutions. For the period July 111986 through June 30, 1987 only, the Retirement Board has agreed to transfer $8,669,000 from its undistributed earnings account 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: Employer rate Employee rate 1.94% of earnable compensation- General Members Tier I - 0.64% of basic full rates 1.95% of earnable compensation- General Members Tier II - 0.80% of basic full rates 1.94% of earnable compensation- Safety Members - 0.64% of basic full rates V. Supplemental Benefits to Retirees The allowances for retirees eligible for supplemental increases under Sec. 31681.8 of the Calif. Govt. Code shall be at the base rate of $3.50 per month per year of service, to be effective April 1, 1986 through March 31, 1987, funded by a transfer of $1,453,494 from undistributed earnings of the Retirement Fund. VI. Non-refundability discount factors Because payments made by the employer on behalf of employees under agree- ments are non-refundable, they shall be paid at the following rates: General Tier I: .801372 General Tier II: .715462 Safety: .930767 B hereby certify that this is a trui and core^ct ecpy of an action taken and entered on 'he minut z of the ®oavd of Supervisors on the state shown. ATTESTED: ,fA-' a 472 6 PHIL SAT CHE R, Clerk of the Board of Supe rsIsors and County AdmNstrator Orig. Dept . Retirement ey r% , Deputy cc : Auditor-Controller County Administrator County Counsel Director of Personnel