Agenda

Return

C.116

To:	Board of Supervisors
From:	Monica Nino, County Administrator
Date:	July 26, 2022

Contra

Costa

County

Subject:

REVISED RETIREMENT CONTRIBUTION RATES FOR THE CONTRA COSTA COUNTY FIRE PROTECTION DISTRICT FOR FISCAL YEAR 2022/2023

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 07/26/2022

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:

Adam Nguyen, County Finance Director (925) 655-2048

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 26, 2022
,

BY:	, Deputy

RECOMMENDATION(S):

ADOPT Resolution No. 2022/266, which establishes retirement plan contribution rates approved by the Retirement Board for the period July 1, 2022 through June 30, 2023, for the Contra Costa County Fire Protection District, as recommended by the County Administrator.

FISCAL IMPACT:

The employer contribution rates for Cost Groups #5 and #8 will be reduced, effective July 1, 2022.

BACKGROUND:

BACKGROUND: (CONT'D)

At its May 25, 2022 meeting, the Contra Costa County Employees Retirement Board (“CCCERA”) approved revised employer and employee contributions for the Contra Costa Fire Protection District (“CCCFPD”) for fiscal year 2022/23. The revised rates, which were calculated by its actuary, Segal Consulting, and based on a December 31, 2020 valuation were requested due to CCCFPD’s anticipated assumption of most of the duties and obligations of the East Contra Costa Fire Protection District (the “ECCFPD”) on July 1, 2022, following ECCFD’s dissolution.

Immediately prior to ECCFPD’s dissolution, CCCERA received a $3,344,436.71 prepayment of the Unfunded Actuarial Accrued Liability (UAAL) from ECCFPD on June 30, 2022. In accordance with CCCERA’s Actuarial Funding Policy, employer contribution rate reductions resulting from additional employer UAAL payments are applied “starting on July 1 following receipt of the payment.” Based on the prepayment, CCCERA’s actuary recalculated the employer contribution rates for CCCFPD for fiscal year 2022/23. At its July 13, 2022 meeting, CCCERA approved the newly revised employer contribution rates, which take into account this prepayment. Copies of the letters from Segal Consulting, which calculated the rates, are available from CCCERA online.

By adopting this resolution, the Board adopts the most recent employer and employee contribution rates for fiscal year 2022/23 for CCCFPD as approved by CCCERA.

CONSEQUENCE OF NEGATIVE ACTION:

Retirement plan contribution rates for fiscal year 2022/23 for CCCFPD will not reflect those adopted by CCCERA.