RESOLUTION NO. _____________

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

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RESOLUTION IMPLEMENTING GOVERNMENT CODE §31658 ADDITIONAL RETIREMENT CREDIT

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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 active 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”; and

WHEREAS, this benefit would give County employees the option to enhance their future retirement benefits at their own cost; and

WHEREAS, the San Mateo County Employees’ Retirement Association (“SamCERA”) and its actuary will establish a cost methodology designed to allow ARC purchases that will be at no cost to the County; and

WHEREAS, SamCERA and its actuary will periodically monitor the cost of the purchases and will make necessary adjustments to the cost methodology to allow future purchases designed to be at no cost to the County; and

WHEREAS, the actuarial firm of Milliman Incorporated performed an analysis and has issued a statement of the actuarial impact upon future annual costs of the implementation of Government Code §31658 which this Board accepted at its March 27, 2007 meeting; and

WHEREAS, it is this Board’s desire to implement Government Code §31658 for the employees of San Mateo County;

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED THAT Government Code §31658 is hereby made effective for all eligible active employees on or after May 1, 2007.

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