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