HomeMy WebLinkAboutRESOLUTIONS - 06231987 - 87-399 : 1-109
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on June 23 , 1987 by the following vote:
AYES: Supervisors Fanden, Schroder , Torlakson„McPeak.
NOES: None .
ABSENT: Supervisor Powers .
ABSTAIN: None. RESOLUTION
NO. 87/399 .
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 base pay: 5.96%
on base pay in excess of $350 monthly: 8.94%
2.General Members-Tier I not covered by Soc. Sec. on base pay: 8.94%
3.General Members-Tier II, on base pay: 7.02%
4.Safety Members, on base pay: 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 base pay:
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 - - 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 $14,201,000 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 eligible for supplemental increases under Sec.
31681.8 of the Calif. 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.
RESOLUTION NO . 871399
IV. Non-refundability Discount Factors
ecause pay men s made y the employer 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
1 hereby oMify that this is it true andeorrecteopy of
an action t"*n and entered an the minutes of the
Board of Supsrv"an the dab shown.
ATTt STHDcz -a t% »
PHIL BAT lil.OR, Clerk of he Board
of Supervisors and County Administrator
By 5!_. ,Deputy
i
Orig. Dept: Retirement
CC: Personnel
Auditor-Controller
County Counsel
County Administrator
RESOLUTION NO. 87/399