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 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.
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.
ATTESTED:
Monica Nino,...
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