Agenda

Return

C. 65

To:	Board of Supervisors
From:	David Twa, County Administrator
Date:	November 17, 2015

Contra

Costa

County

Subject:

EMPLOYEE RETIREMENT PLAN CONTRIBUTION RATES FOR FISCAL YEAR 2016/2017

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 11/17/2015

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Mary N. Piepho, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:	Lisa Driscoll, County Finance Director 335-1023
cc:	Harjit S. Nahal, Assistant County Auditor Ann Elliott, Employee Benefits Manager Laura Strobel, Budget System Administrator/Sr. Deputy County Administrator

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: November 17, 2015
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

ADOPT Resolution No. 2015/435 as approved by the Retirement Board, which establishes retirement plan contribution rates effective July 1, 2016 through June 30, 2017.

FISCAL IMPACT:

See 'Background' below.

BACKGROUND:

At its July 8, 2015 meeting, the Retirement Board reviewed and accepted the actuary’s valuation report for the year ending December 31, 2014 and adopted the recommended employer and employee contribution rates, which will become effective on July 1, 2016. A copy of the December 31, 2014 Actuarial Valuation can be found on CCCERA’s website at www.cccera.org under the Actuarial Valuations link.

BACKGROUND: (CONT'D)

Attached are the rates to be used effective July 1, 2016 through June 30, 2017 submitted for adoption by the County Board of Supervisors by the Contra Costa County Employees’ Retirement Association. Please note the following:

The rates are effective July 1, 2016 through June 30, 2017.
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 17 of the attached document.

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. A convenient methodology for adding subvention is included on page 17 of the attached document.
The rates reflect the Retirement Board action to include the leave cashout assumptions for each cost group in developing Basic member contribution rates. This results in an increase in the number of member contribution rate tables which are now by cost group. Please refer to the bottom of Exhibits A and B for a summary of employers and cost groups.

CONSEQUENCE OF NEGATIVE ACTION:

Rates will not reflect those adopted by the Contra Costa County Employees Retirement Board.