To: Contra Costa County Housing Authority Board of Commissioners
From: Joseph Villarreal, Executive Director
Report Title: GOVERNMENT CODE 7507 - CHIEF EXECUTIVE OFFICER ACKNOWLEDGEMENT OF FUTURE COSTS OF BENEFITS - PROPOSED CHANGES FOR SPECIFIC RETIREES
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
ACCEPT that this Board Order serves as written acknowledgment by the Executive Director (chief executive officer) that he understands the current and future cost of the negotiated health care benefit changes for retirees from both represented and unrepresented classes, as detailed in a report provided by the Housing Authority's (HACCC) Actuary on September 10, 2024 (attached).
BACKGROUND:
At its meeting on September 10, 2024, the Board of Commissioners accepted an actuarial valuation of future annual costs of negotiated and proposed changes to Other Post-Employment Benefits for current and future employees and retirees. The report containing the actuarial valuation of the proposed health care benefit changes was provided to HACCC on August 15, 2024.
Section 7507 requires that "upon the adoption of any benefit change to which this section applies, the person with the responsibilities of a chief executive officer in an entity providing the benefit, however that person is denominated, shall acknowledge in writing that he or she understands the current and future cost of the benefit as determined by the actuary." As the Executive Director (chief executive officer), by approving this Board Order, I acknowledge in writing that I understand the current and future cost of the benefit changes presented to you today, as determined by the actuary and contained in the actuary's report provided to HACCC on August 15, 2024.
FISCAL IMPACT:
As shown in the valuation, the result of the proposed health care benefit changes, if implemented for all current and future eligible retirees, will create a $21,292 increase in the Annual ...
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