RESOLUTION NO. _____________

BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION ADOPTING A REPLACEMENT BENEFITS PLAN; APPROVING A MEMORANDUM OF UNDERSTANDING (“MOU”) BETWEEN THE COUNTY OF SAN MATEO AND THE SAN MATEO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION (“SAMCERA”) REGARDING THE OPERATION OF THE PLAN AND AUTHORIZING THE COUNTY MANAGER TO ENTER INTO THIS MOU; (3) DELEGATES THE ADMINISTRATION OF THE PLAN TO THE COUNTY CONTROLLER; AND (4) AUTHORIZING THE COUNTY MANAGER TO ENTER INTO AN MOU WITH ANY SPECIAL DISTRICT THAT PARTICIPATES IN SAMCERA …

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, the San Mateo County Employees’ Retirement Association (“SamCERA”) provides retirement benefits to employees of the County of San Mateo and the Mosquito Abatement District, and;

WHEREAS, the amount of benefits that can be provided to SamCERA members is limited by Section 415(b) of the Internal Revenue Code (“Code”), and;

WHEREAS, it is the County’s responsibility under the County Employees Retirement Law of 1937 (“CERL”) to provide a program to replace benefits that cannot be paid by the SamCERA because of the limits of section 415(b) of the Code, and

WHEREAS, the Code provides that the County can establish a replacement benefits plan to pay the full benefits earned by Association members whose benefits cannot be paid by Association under Section 415(b) , and

WHEREAS, replacement benefits plans are used by many other entities, in both the private and public sector, to replace benefits limited by section 415(b), and

WHEREAS, SamCERA’s actuary has advised that the adoption of the Replacement Benefits Plan is not expected to increase the total County contributions toward employee retirement benefits over the amount previous projected; and

WHEREAS, this Board has been presented with the San Mateo County Replacement Benefits Plan and has examined and approved it as to both form and content and desires to adopt the Plan; and

WHEREAS, this Board has been presented with a Memorandum of Understanding (“MOU”) between the County and SamCERA to operate the Replacement Benefits Plan and has examined and approved it as to both form and content and desires to enter into the MOU, and

WHEREAS, some Districts located within the County also participate in Association and the most efficient way for Districts to provide replacement benefits is to participate in a replacement benefits plan that is established by the County, sharing the cost thereof,

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the Board of Supervisors of the County of San Mateo hereby:

1. Adopts the San Mateo County Replacement Benefits Plan (“Plan”).

2 Delegates the administration of the Plan to the County Controller.

3. Approves the Memorandum of Understanding (MOU) between the County and the San Mateo County Employees’ Retirement Association and authorizes and directs the County Manager to execute the MOU and any necessary amendments to the MOU.

4. Authorizes the County Manager to enter into a memorandum of understanding (MOU) with any District that participates in SamCERA and that takes actions as required under the Plan to be a part of the plan.

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