To: Board of Supervisors
From: Monica Nino, County Administrator
Report Title: Retirement Plan Contribution Rates For Fiscal Year 2024-2025
RECOMMENDATIONS:
ADOPT Resolution No. 2023/###, which establishes retirement plan contribution rates as approved by the Retirement Board for the period July 1, 2024 through June 30, 2025.
FISCAL IMPACT:
See 'Background' below.
BACKGROUND:
At its August 9, 2023 meeting, the Retirement Board reviewed and accepted the actuary’s valuation report for the year ending December 31, 2022 and adopted the recommended employer and employee contribution rates, which will become effective on July 1, 2024. A copy of the December 31, 2022 Actuarial Valuation can be found on CCCERA’s website at www.cccera.org <http://www.cccera.org> under the Actuarial Reports link.
Attached are the rates to be used effective July 1, 2024 through June 30, 2025 submitted for adoption by the County Board of Supervisors by the Contra Costa County Employees’ Retirement Association. Please note the following related to Special Districts:
• The rates are before employer subvention, if any, of the employee contribution. The rates quoted here are the employer required rates without taking into consideration any employer subvention of employee contributions. A convenient methodology for adding subvention is included on page 26 of the attached document. Note that subvention is not always permitted for PEPRA members.
• The rates are before any increase in employee rate to pay a portion of the employer contribution. If an employee’s rate needs to be increased to pay a portion of the employer contribution, both employee and employer rates would need to be adjusted accordingly.
CONSEQUENCE OF NEGATIVE ACTION:
Rates will not reflect those adopted by the Contra Costa County Employees Retirement Board.
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I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown. |
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ATTESTED: |
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Monica Nino, County Administrator and Clerk of the Board of Supervisors |
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By: |
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
and for Special Districts, Agencies and Authorities Governed by the Board
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IN THE MATTER OF
Approving Contribution Rates to be charged by the Contra Costa County Employees' Retirement Association
WHEREAS,
Pursuant to Government Code Section 31454 and on recommendation of the Board of the Contra Costa County Employees’ Retirement Association,
NOW, THEREFORE, BE IT RESOLVED
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That the following contribution rates are approved to be effective for the period July 1, 2024 through June 30, 2025.
I. Employer Contribution Rates for Basic and Cost-of-Living Components and Non-refundability Discount Factors
A. For General Members (Sec. 31676.11, Sec. 31676.16 and Sec. 7522.20(a)) See attached Exhibits 1 through 6
B. For Safety Members (Sec. 31664, Sec. 31664.1 and Sec. 7522.25(d)) See attached Exhibits 7 through 12
II. Employee Contribution Rates for Basic and Cost-of-Living Components
See attached Exhibits A through M
As of the December 31, 2022 valuation, the Pension Obligation Bonds (POB) issued by the County, Contra Costa County Fire Protection District and Moraga-Orinda Fire Protection District and the additional UAAL prepayment made by First 5 - Children & Families Commission have been fully amortized.
Central Contra Costa Sanitary District made a UAAL prepayment in 2013, 2014, 2015 and 2021 which affected contribution rates for that employer.
Local Agency Formation Commission made a UAAL prepayment in 2017, 2019, 2020 and 2021 which affected contribution rates for that employer.
San Ramon Valley Fire Protection District made a UAAL prepayment in 2017, 2018, 2019, 2020, 2021 and 2022 which affected contribution rates for the Safety members of that employer.
Effective July 1, 2022, East Contra Costa Fire Protection District was annexed into Contra Costa County Fire Protection District. Consistent with the annexation, starting with the December 31, 2021 valuation, the prior General and Safety members from the East Contra Costa Fire Protection District have become General and Safety members of Contra Costa County Fire Protection District in Cost Group #5 and Cost Group #8, respectively. As part of the annexation, East Contra Costa Fire Protection District made a UAAL prepayment in 2022 which affected contribution rates for the General and Safety members of Contra Costa County Fire Protection District (after annexation) starting July 1, 2022.
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I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown. |
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ATTESTED: |
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Monica Nino, County Administrator and Clerk of the Board of Supervisors |
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By: |