HomeMy WebLinkAboutRESOLUTIONS - 06031997 - 97-294 s .J
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on Tune 3 1997 , by the following vote:
' AYES: Supervisors Rogers, Uilkema> Gerber, Canciamilla> DeSaulnier
NOES: None
ABSENT: None
ABSTAIN: None
SUBJECT:
Approving Contribution Rates to be charged and Resolution No 9749q
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, 1997.
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: 5.018 9.74%
on earnable compensation in excess of $350 monthly: 7.528 14:618
2. General Members-Tier I not covered by Social Security 7.528 14.618
3. General Members-Tier II: 3.49% 10.388
4. Safety Members: 9.148 14.48%
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 8 of earnable
compensation:
County District
1. General Members-Tier I covered by Social Security
on the first $350 of earnable monthly compensation: 1.478 3.848
on earnable compensation in excess of $350 monthly: 2.20% 5.75%
2. General Members-Tier I not covered by Social Security: 2.208 5.758
3. General Members-Tier II: 1.628 5.07%
4. Safety Members: 2.718 10.038
B. Employee Rates, payable as 8 of the basic full contribution
rates:
1. General Members-Tier I covered by Social Security: 43.0278
2. General Members-Tier I not covered by Social Security: 43.0278
3. General Members-Tier II: 45.8968
4. Safety Members: 43.0278
III. Interest to be Credited to Reserves
Effective 7/1/97: The amount actually earned, after reduction to pay administrative
expenses, not to exceed 48 per six-month period, credited on 12/31/97 and 6/30/98,
and 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: .9662
General Tier II: .9129
Safety: .9760
Orig. Dept. : Retirement
cc:
V. Supplemental Benefits to Retirees
The monthly allowances for retirees eligible for supplemental increases under Sec.
31874.3(b) of the California Gov. Code shall be increased by a supplement, using a
graded dollar amount ($16.61 per month down to $6.70 per month) based upon date of
retirement. This supplement shall be effective July 1, 1997 through June 30, 1998
and shall be funded by a transfer of $3,564,000 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, 1997 through June 30, 1998 only,
the Retirement Board has agreed to transfer $18,618,000 from its undistributed
earnings and contingency reserve resulting in a reduction in 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 % of earnable compensation:
County District
1. General Members-Tier I covered by Social Security,
on the first $350 earnable monthly compensation: 0% 0%
2. General Members-Tier I not covered by Social Security: 0% 0%
3. General Members-Tier II: 0% 0%
4. Safety Members: 0% 0%
B. Employee Rates: payable as a % of the basic full
contribution rates:
1. General Members-Tier I: 0%
2. General Members-Tier II: 0%
3. Safety Members: 0%
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 $11,437,000 from undistributed earnings and
reserves of the Retirement Fund to be used solely for the payment of the cost of
health care benefits to county retirees as certified to the Retirement Board each
month. Such transfer shall be effective July 1, 1997 and extend for one year only.
* The Pension Obligation Bonds issued by the County March 1, 1994, affected
contribution rates for certain County employers. 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 Contra Costa County Fire o Bethel Island Municipal
o Union Cemetery o Rodeo-Hercules Fire Improvement District
o San Ramon Fire
I hereby cartity that this Is s true and correct COPY of
an action taken and entered on the minutes of ttte
Board of Sapet ton tTATTOTEM Vpl
PHIL BATCHELOR,Clark of Athe Word
of Supervisors and County Administrator
ft�il NNW
MW
(ADMIN-Cont.res)