RESOLUTION NO. _____________

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

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RESOLUTION (1) ACCEPTING MILLIMAN INCORPORATED’S STATEMENT OF ACTUARIAL IMPACT UPON FUTURE ANNUAL COSTS THE IMPLEMENTATION OF GOVERNMENT CODE §31658 ADDITIONAL RETIREMENT CREDIT AND (2) DIRECTING THE COUNTY MANAGER TO MAKE THE REPORT PUBLICLY AVAILABLE AND TO PLACE THE CONSIDERATION OF IMPLEMENTING GOVERNMENT CODE §31658 ON THE BOARD OF SUPERVISOR’S APRIL 10, 2007 AGENDA

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

WHEREAS, Government Code §31658 authorizes employees with at least five years of service credit to purchase up to five additional years of retirement service credit (ARC time) in order to increase their retirement pensions if employee pays an amount that “at the time of commencement of purchase, in the opinion of the board and the actuary, is sufficient to not place any additional financial burden upon the retirement system”;

WHEREAS, the actuarial firm of Milliman Incorporated has performed an analysis and has issued a statement of the actuarial impact upon future annual costs of the implementation of Government Code §31658;

WHEREAS, it is this Board’s desire to accept the report and to make the report publicly available prior to considering the implementation of Government Code §31658;

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED THAT Milliman Incorporated’s statement of the actuarial impact upon future annual costs of the implementation of Government Code §31658 Additional Retirement Credit (ARC time) is accepted.

It is further ordered that the County Manager make the Milliman report publicly available and to place the consideration of implementing Government Code §31658 on the Board of Supervisor's April 10, 2007, agenda.

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