HomeMy WebLinkAboutRESOLUTIONS - 06181996 - 96-275 cs
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on June '.8 , 1996 , by the following vote:
AYES: Supervisors Rogers, DeSaulnier and. Torlakson
NOES: None
ABSENT: None
ABSTAIN: Supervisors Bishop and Smith
SUBJECT: 96/275
Approving Contribution Rates to be charged,�and Resolution No
Interest to be credited, by the Contra Costa
County Employees' Retirement Association.
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 contributions and interest rates are approved to be effective
July 1, 1996.
I. Retirement Contributions
A. County and District rates:*
County District
1. General Members-Tier I covered by Social Security,
on the first $350 of earnable monthly compensation: 5.31% 9.66%
on earnable compensation in excess of $350 monthly: 7.97% 14.498
2. General Members-Tier I not covered by Social Security: 7.978 14.49%
3. General Members-Tier II: 3.868 10.178
4. Safety Members: 8.618 15.018
B. Employee Rates:
See attached sheets for details on both General and Safety Membes.s.
II. Cost of Living Program Contributions `
A. County and District Rates*, payable as a 8 of earnable
compensation:
County District
1. General Members-Tier I covered by Social Security
on the first $350 of earnable monthly compensation: 1.19% 3.878
on earnable compensation in excess of $350 monthly: 1.788 5.808
2. General Members-Tier I not covered by Social Security: 1.788 5.808
3. General Members-Tier II: 1.198 5.098
4. Safety Members: 3.498 10.108
B. Employee -Rates, payable as 8 of the basic full contribution
rates:.
1. General Members-Tier I covered by Social Security: 42.8558
2. General Members-Tier I not covered by Social Security: 42.8558
3. General Members-Tier II: 45.7128
4. Safety Members: 42.8558
III. Interest to be Credited to Reserves
Effective 7/1/96: The amount actually earned, after reduction to pay administrative
expenses, not to exceed 48 per six-month period, credited on 12/31/96 and 6/30/97, an
compounded.
IV. 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: .9639
General Tier II: .9157
Safety: .9772
tmrapy oewttfy Mat aft to a mo ow naiad aepy d
an a t"n and eM1W on Me m1nWN o1"jM
Bum ofon Ma date
Orig. Dept. : Retirement 1m:=
cc: County Administrator ftf:to ClakotMi
Auditor—Contfoller ."�0�
V. Supplemental Benefits to Retirees
The allowances for retirees eligible for supplemental increases under Sec.
31681.8 of the California Gov. Code shall be at the rate of $4.77 per month, per
year of service, to be effective July 1, 1996 through June 30, 1997, funded by a
transfer of $1,515,000 from undistributed earnings and reserves of the Retirement
Fund.
In addition, those same retirees shall have their monthly allowances increased by
an added supplement, using a graded dollar amount ($4.45 per month down to $1.81
per month) based upon date of retirement. This additional supplement shall be
effective July 1, 1996 through June 30, 1997 and shall be funded by a transfer of
$1,000,000 from undistributed earnings and reserves of the Retirement Fund.
VI. Modifications
Rates are subject to modification due to Retirement Board and/or Board of
Supervisors resolutions. For the period. July 1, 1996 through June 30, 1997 only,
the Retirement Board has agreed to transfer $15,523,500 from its undistributed
earnings and contingency reserve 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:
Cost of Living Program Contributions
A. County and District rates*, payable as a 8 of earnable compensation:
County District
1. General Members-Tier I covered by Social Security,
on the first $350 earnable monthly compensation: 08 0%
2. General Members-Tier I not covered by Social Security: 0% 08
3. General Members-Tier II: 0% 0%
4. Safety Members: 0% 2.67%
B. Employee Rates: payable as a % of the basic full
contribution rates:
1. General Members-Tier I: 8.142%
2. General Members-Tier II: 8.685%
3. Safety Members: 8.142%
. .VII. County Cost of Retiree Health Benefits
Under California Gov. Code Section 31592.2, the Retirement Board has agreed to a
transfer of an amount not to exceed $8,920,700 from undistributed earnings and
reserves of the Retirement Fund to off-set the County's cost to provide health
care coverage to county retirees as certified to the Retirement Board each month.
Such transfer shall be effective July 1, 1996 and extend for one year only.
* The Pension Obligation Bonds issued by the County March 1, 1994, affected
contribution rates for certain County employees. The following non-County employers
who participate in the Retirement Association are referred to as "Districts" . All
other departments/employers are referred to as "County" .
o Mosquito Abatement o Diablo Water o Bethel Island Fire
o Central Sanitation o Housing Authority o Orinda Fire
o Rodeo Sanitation o Retirement o East Diablo Fire
o Delta Diablo Sanitation o City of Pittsburg o Moraga Fire
o Ironhouse Sanitation o Office of Education o Contra Costa County Fire
o Union rametery o Rodeo Fire
o San Ramon Fire o Bethel Island Municipal
Improvement
I herby lreftly that thts to a true and cornea eopfr d
an argon taken and erMared on the minz vo:
Baud of OWWWONS on the date
CM of boaro
/ATl1.lT TT_('!nnt rnc�