HomeMy WebLinkAboutRESOLUTIONS - 04281987 - 87-245 r THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this, Orderon April 28 , 1987 by the following
vote:
AYES: Supervisors Powers , Fanden, Torlakson, McPeak.
NOES: None .
ABSENT: Supervisor Schroder.
ABSTAIN: None . RESOLUTION
NO. 87/ 245
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
following contribution and interest rates are approved to be effective July 1, 1987:
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: 5.69%
on total compensation in excess of $350 monthly: 8.54%
2.General Members-Tier I not covered by Social Security, on total 8.54%
3.General Members-Tier II , on total compensation 7.02%
4.Safety Members, on total compensation 14.63%
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 5.65%
2.General ,Members-Tier I not covered by Social Security 5.65%
3.General 'Members-Tier II 5.09%
4.Safety Members 5.65%
B. Employee Rates: payable as a % of the basic full contribution rates:
1.General Members-Tier I covered by Social Security 37.33%
2.General Members-Tier I not covered by Social Security 37.33%
3.General Members-Tier II 39.82%
4.Safety' Members 37.33%
III. Interest to be ;Credited to Reserves
Effective - 4 per annum, compounded semi-annually
IV. Modifications
Rates are subject to modification due to Retirement Board and/or Board of
Supervisors resolutions. For the period July 1, 1987 through June 30, 1988
only, the Retirement Board has agreed to transfer $14,907,000 from its
undistributed earnings account against contributions due from employers and
employees for the cost of living program. This eliminates the amounts to be
paid by/for active members for that period only.
V. Supplemental Benefits to Retirees
The allowances for retirees a igible for supplemental increases under Sec.
31681.8 of theCalif. Govt. Code shall be at the base rate of $4.00 per month
per year of service, to be effective April 1, 1987 through March 31, 1987,
funded by a transfer of $1,605,156 from undistributed earnings of the
Retirement Fund.
-28-87
i�ES 87/245
Page 2
IV. Non-refundability Discount Factors
Because payments made by the emp oyer on behalf of employees under agreements
are non-refundable, they shall be paid at the following rates:
General Tier I: .808100
General Tier II: .721747
Safety: .929991
I hereby certlt-that this It a true and correct copy of
an actfbn taken and entered on the minutes of the
Board of SuPerrisors on the date shown.
ArrEstl:or ...O-A ''' g 9
PHIL BATCHELOR,Clerk of the Board
of Supervisors and County Administrator
BY , Deputy
Orig. Dept: Retirement
cc: Retirement
Personnel
Auditor-Controller
County Counsel
County Administrator