To: Board of Supervisors
From: Monica Nino, County Administrator
Report Title: Side Letter with Physicians and Dentists Organization of Contra Costa regarding the establishment of an employee-funded 401(a) plan.
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
ADOPT a Resolution approving the Side Letter between Contra Costa County and the Physicians and Dentists Organization of Contra Costa (PDOCC) amending Section 16.3 - Supplemental Retirement Option of the Memorandum of Understanding (MOU) between the parties to establish conditions for an employee-funded 401(a) plan.
FISCAL IMPACT:
There is no fiscal impact.
BACKGROUND:
In 2022, the County and PDOCC agreed to explore options for an employee-funded retirement vehicle for employees who became new (non-reciprocal) members of CCCERA on or after January 1, 2013, also known as "post-PEPRA hires."
Upon adoption of the 401(a) Plan by the Board of Supervisors, Post-PEPRA hires in PDOCC will be automatically enrolled in the 401(a) Plan. Each month, employees will have deducted from their earned wages a pre-tax 401(a) Plan contribution totaling 2% of their base salary. Administrative fees and costs will be paid by participating employees.
Following adoption of this Side Letter, the County will submit its 401(a) Plan for consideration by the Board of Supervisors. The terms of this Side Letter will become effective upon the future establishment of the 401(a) Plan.
CONSEQUENCE OF NEGATIVE ACTION:
PDOCC members will not be able to participate in the 401(a) plan when the plan is adopted.
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 the Side Letter between Contra Costa County and the Physicians and Dentists Organization of Contra Costa (PDOCC) amending the Memorandum of Understanding (MOU) between the parties to establish conditions for an em...
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