Agenda

Return

C. 85

To:	Board of Supervisors
From:	David Twa, County Administrator
Date:	November 5, 2019

Contra

Costa

County

Subject:

EMPLOYEE RETIREMENT PLAN CONTRIBUTION RATES FOR FISCAL YEAR 2020/2021 & REVISED BOARD OF RETIREMENT REGULATIONS

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 11/05/2019

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:	Lisa Driscoll, County Finance Director 335-1023
cc:	All County Departments (via CAO) Gail Strohl, Chief Executive Officer, CCCERA

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 5, 2019
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

ADOPT Resolution No. 2019/628 as approved by the Retirement Board, which establishes retirement plan contribution rates effective July 1, 2020 through June 30, 2021; and ADOPT administrative revisions to the Board of Retirement Regulations.

FISCAL IMPACT:

See 'Background' below.

BACKGROUND:

At its October 23, 2019 meeting, the Retirement Board reviewed and accepted the actuary’s valuation report for the year ending December 31, 2018 and adopted the recommended employer and employee contribution rates, which will become effective on July 1, 2020. A copy of the December 31, 2018 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, 2020 through June 30, 2021 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, 2020 through June 30, 2021.
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 20 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. A convenient methodology for adding subvention is included on page 20 of the attached document.

Also attached are both proposed and redlined versions of the administrative revisions to the Board of Retirement Regulations, which were adopted by the Board of Retirement on October 23, 2019.

CONSEQUENCE OF NEGATIVE ACTION:

Rates will not reflect those adopted by the Contra Costa County Employees Retirement Board and revisions to the Board of Retirement Regulations will not be approved by the Board of Supervisors.