RECOMMENDATION(S):
ACCEPT written acknowledgment by the County Administrator (Chief Executive Officer) that he understands the current and future costs of the Retirement benefit changes for employees represented by the Probation Peace Officers' Association, as determined by the County’s actuary in the September 8, 2015 Actuarial Report.
FISCAL IMPACT:
As shown in the valuation, the result of the retirement changes described herein, if implemented, will save 3.9% of annual pensionable pay with the first hire in year one. Future valuation results will change with demographic and cost updates. These projections do accurately measure the direction of the plan change costs. Over time, as more employees are hired into the new PEPRA tier at a 2% COLA, the savings will become more significant. It should be noted that the figures presented in this report represent the savings associated only with the negotiation of a 2% COLA. The savings described in the valuation report do not include the savings resulting from the implementation of PEPRA.
BACKGROUND:
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