At its meetings of August 15, 2015 and November 10, 2015, the Board of Supervisors accepted actuarial valuations of future annual costs of negotiated and proposed changes to Other Post Employment Benefits, as provided by the County's actuary in letters dated September 8, 2015 and October 12, 2015. The Board was informed that Government Code, Section 7507 requires with regard to local legislative boards, that the future costs of changes in retirement benefits or other post employment benefits as determined by the actuary, shall be made public at a public meeting prior to the adoption of any changes in public retirement plan benefits or other post employment benefits. The September 8, and October 12, 2015 reports fulfilled that requirement.
Government Code, Section 7507 also requires that if the future costs (or savings) of the changes exceed one-half of 1 percent of the future annual costs of the existing benefits for the body, an actuary shall be present to provide information as needed at the public meeting at which the adoption of a benefit change shall be considered. An actuary will be present at the meeting of November 17, 2015.
And finally, Section 7507 requires that upon the adoption of any benefit change to which the section applies, the person with 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 County Administrator (chief executive officer) and 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 September 8, and October 12, 2015 letters from Buck Consultants (County's actuary).
Delayed implementation of the COLA reduction, resulting in loss of savings.