RECOMMENDATION(S):
ADOPT the attached Resolution No. 2011/462 approved by the Retirement Board, which establishes the retirement plan contribution rates for employers and employees effective July 1, 2012 through June 30, 2013.
FISCAL IMPACT:
Significant fiscal impact - see 'Background' below.
BACKGROUND:
Each year, the Retirement Board establishes contribution rates for employee retirement plans based on an annual actuarial valuation study. The FY 2012-13 rates were based upon the actuary's December 31, 2010 Valuation Report, a copy of which can be found on CCCERA's website at www.cccera.org under the Publications link. On October 12, 2011, the Retirement Board adopted the attached resolution establishing employee and employer rates for Tier I, Tier II, Tier III and Safety retirement plans for the 2012-13 fiscal year. These rates will be included in the salary forecast and planning for the 2012-13 budget.
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