HomeMy WebLinkAboutRESOLUTIONS - 06271989 - 89-429 TWE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY CALIFORNIA
Adopted this Order on June 27, 1989 by the following vote:
AYES: Supervisors Powers, Fanden, Schroder, McPeak, Torlakson.
NOES: None.
ABSENT: None.
ABSTAIN: None.
RisoLUTION No. 89/429
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. 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, 1989.
I Retirement Contributions
A. County and District rates,
1. General Members-Tier I covered by Social Security,
on the first $350 of earnable monthly compensation: 5.83%
on earnable compensation in excess of $350 monthly: 8.75%
2. General Members-Tier I not covered by Social Security: 8.75%
3. General Members-Tier II: 7.42%
4. Safety Members: 15.02%
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
on the first $350 of earnable monthly compensation: 3.81%
on earnable compensation in excess of $350 monthly: 5.72%
2. General Members-Tier I not covered by Social Security 5.72%
3. General Members-Tier II 4.96%
4. Safety Members 5.51%
B. Employee Rates, payable as % of the basic full contribution rates:
1. General Members-Tier I covered by Social Security 38.70%
2. General Members-Tier I not covered by Social Security 38.70%
3. General Members-Tier II 41.28%
4. Safety Members 38.70%
III Interest to be Credited to Reserves
Effective 7-1-89: 8 1/4% 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, 1989 through June 30, 1990 only,
the Retirement board has agreed to transfer $7,415,000 from its undistributed
earnings and contingency reserve accounts 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:
RESOLUTION No. 89/429.
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,
on the first $350 earnable monthly compensation: 2.28%
on earnable compensation in excess of $350 monthly: 3.42%
2. General Members-Tier I not covered by Social Security: 3.42%
3. General Members-Tier II: 2.97%
4. Safety Members: 3.30%
B. Employee Rates: payable as a % of the basic full contribution rates:
1. General Members-Tier I covered by Social Security 16.10%
2. General Members-Tier I not covered by Social Security 16.10%
3. General Members-Tier II 17.30%
4. Safety Members 16.10%
V Suoolemental 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 $2.50 per month per year of
service, to be effective April 1, 1989 through March 31, 1990, funded by a transfer
of $960,490 from undistributed earnings of the Retirement Fund.
VI Non-refundability Discount Factors
Because payments made by the employer on behalf of employees under agreements are
non-refundable, they shall be paid at the following rates
General Tier I: .822468
General Tier II: .742128
Safety: .930436
1 hereby certify that this Is a true and correct copy of
an action taken and entered on the minutes of the
Board of Supervis on the date shown. /�Q
ATTESTED: G !�/ll> '2 7 , /f U/
• PHIL CHELOR,Clerk of the Board
of Supervisors and County Administrator
BY ,Deputy
RESOLUTION N0. 89/429
s,
CCU M OF CONTRA COSTA
Safety Members' Contribution Rates*
Section 31664
Entry
Age Basic C.O.L.**
20 &
Under 7.87 3.05
21 7.89 3.05
22 7.91 3.06
23 7.94 3.07
24 7.98 3.09
25 8.03 3.11
26 8.08 3.13
27 8.14 3.15
28 8.21 3.18
29 8.29 3.21
30 8.37 3.24
31 8.46 3.27
32 8.55 3.31
33 8.64 3.34
34 8.73 3.38
35 8.83 3.42
36 8.93 3.46
37 9.02 3.49
38 9.12 3.53
39 9.22 3.57
40 9.32 3.61
41 9.42 3.65
42 9.52 3.68
43 9.62 3.72
44 9.73 3.77
45 9.83 3.80
46 9.93 3.84
47 10.04 3.89
48 10.15 3.93
49 & 10.25 3.97
Over
* As a percentage of salary (full contribution rates) . Based upon 8.25%
interest and 6.50% salary scale assumptions.
** 38.70% of basic full rates
RESOLUTION N0. 84/'429
tl
NLIVY OF CONTRA COSTA.
8eneral Member Contribution Rate==*
Tit! I - n icn 31616,11 TI@r 5
------------------------- ----------------------
Basic COIff Basic COI++
------------------------------ --------------------------- ------------- -------------
First Excess of First Excess of
$350 of Monthiv $350 of Monthly Total Teta'.
Entry Monthly C.r,pensat:o. Monthly [-eDensEt i on Mcnthiy Monthly
A.ge Compensation over $356 Compensation over $350 Compensation. Corpen=-atioe
------ ------------ ------------ ------------ ------------ ------------ ------------
20 6
!!n.der4.5i' 6.75 1.74 2.6!
2! 4.50 6.1` 1.74 2.61
22 4.51 6.7� 1.75 2.62 2.5'5
23 4.5. 6.78 1.75 2.62 2.Cr 1.65
24 4.53 6.19 1.75 2.63 2.56 !.06.
25 4.54 LEI 1.76 2.64 2.57 1.06
26 4.56 6.E4 1.76 2.65 2,56 1.07
27 4.5? 6,86 1.77 2.65 2.59 1.07
28 4.59 6.84 1,78 2.67 2,60 1.07
29 4.62 6.93 1.79 2.66 2.61 1.0E
30 4,64 6.96 1.80 2.69 2.62 1.08
31 4.67 7.00 1,81 2.71 2.64 1.09
32 4.69 7.03 1.82 2.12 2.65 1.09
33 4.71 7.07 1.82 2.74 2.67 1.10
34 4.74 7.11 1.83 2.75 2.66 1.11
35 4.77 7.16 1.85 2.77 2.70 1.11
36 4.60 7.20 1.86 2.79 2.72 1.12
37, 4.83 7,25 1.87 2.81 2.73 1.13
38 4.87 7.30 1.BB 2.63 2.75 1.14
39 4.90 7.35 1,90 2.64 2.77 1.14
40 4.94 7.41 1.91 2.87 2.79 1.15
41 4,47 7.46 1.92 2.89 2.81 1.16
42 5.01 7.52 1.44 2.4! 2.84 1.17
43 5.05 7.58 1.95 2.93 2.86 1.16
44 5.09 7.64 1.97 2.96 ME 1.14
45 5.13 7.70 1.99 2.96 2.90 1.20
46 5.18 7.11 2.00 3.01 2.93 1.21
47 5.22 7.6: 2.02 3.03 2.45 !.22
4B 5.27 7.90 2.04 3.06 2,9E 1.23
49 5.31 7.97 2.05 3.0E 3.0! 1.24
50 5,37 E.05 2.08 3.12 3.03 1.25
51 5.41 B.12 2.09 3.14 3.06 1.26
52 5.47 8.20 2.12 3.17 3.09 1.25
53 5.52 8.28 2.14 3.20 3.12 !.29
54 4 5.57 8.36 2.16 3.24 3.!` 1.30
Over
f As a percentage of salary 14ull contribution: rates). Based upon 8,251 interest and 6.50% salary
scale assumptions.
ff 38.10% of basic rates for Tier 1 and 41.287 of basic rates for Tier 2
RESOLU'T'ION N0. 89/429