Agenda

Return

C. 98

To:	Board of Supervisors
From:	Monica Nino, County Administrator
Date:	July 27, 2021

Contra

Costa

County

Subject:

REVISED EMPLOYEE RETIREMENT PLAN CONTRIBUTION RATES FOR FISCAL YEAR 2021/2022 FOR CENTRAL CONTRA COSTA SANITATION DISTRICT

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 07/27/2021

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:	Robert Campbell, Auditor-Controller

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: July 27, 2021
Monica Nino, County Administrator

BY:	, Deputy

RECOMMENDATION(S):

ADOPT Resolution No. 2021/226 as approved by the Retirement Board, which revises retirement plan contribution rates for Central Contra Costa Sanitary District effective July 1, 2021 through June 30, 2022.

FISCAL IMPACT:

See 'Background' below.

BACKGROUND:

On June 25, 2021, Central Contra Costa Sanitary District made a $70,763,669 prepayment towards their entire December 31, 2019 Unfunded Actuarial Accrued Liability (UAAL). Along with a reduction in the UAAL, the prepayment decreases the District’s required UAAL contribution rate.

BACKGROUND: (CONT'D)

At its July 14, 2021 meeting, the Retirement Board reviewed and accepted the actuary’s calculation of resulting reduction in the District’s amended employer contribution rates, effective on July 1, 2021. A copy of the actuary’s letter is available from CCCERA upon request.

Attached are the amended rates are effective July 1, 2021 through June 30, 2022 and will replace those that have previously been adopted by the County Board of Supervisors on November 3, 2020.

The rates are BEFORE ANY EMPLOYER SUBVENTION of the employee contribution.
The rates quoted here are the employer required rates without taking into consideration any employer subvention of employee contributions.
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.

CONSEQUENCE OF NEGATIVE ACTION:

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