RESOLUTION NO. _____________

 

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

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RESOLUTION SETTING THE EMPLOYER AND MEMBER CONTRIBUTION RATES FOR THE SAN MATEO COUNTY EMPLOYEE’S RETIREMENT ASSOCIATION FOR FY 2010-11 IN ACCORDANCE WITH GOVERNMENT CODE SECTIONS 31453 AND 31454

______________________________________________________________

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

 

WHEREAS, Government Code 31453 mandates the periodic actuarial valuation of the Retirement Fund and requires that the Board of Retirement...shall…recommend to the Board of Supervisors such changes in the rates of interest, in the rates of contributions of members, and in the county and district appropriations as are necessary...; and

 

WHEREAS, the Board of Retirement has received, reviewed and approved the reports of its actuary, Milliman, Inc., and its Chief Executive Officer setting forth recommendations to assure the actuarial soundness of the Retirement Fund; and

 

WHEREAS, the County of San Mateo and its bargaining units have entered into agreements to enhance benefit formulas contingent on supplementing basic employee contribution rates with cost sharing percentages and those benefit formulas and cost sharing percentages are assumed to continue, and

 

WHEREAS, the Board of Retirement has reviewed the contribution rates recommended by the actuary and has forwarded such rates pursuant to Government Code 31453 with a recommendation that they be adopted by the County; and

 

WHEREAS, Government Code 31454 mandates that “the Board of Supervisors shall not later than 90 days after the beginning of the immediately succeeding fiscal year adjust the rates of interest, the rates of contributions of members, and county and district appropriations in accordance with the recommendations of the board, but shall not fix them in such amounts as to reduce the individual benefits provided in this chapter.” and

 

WHEREAS, the Board of Supervisors has reviewed the recommendation and finds it to be in the best interest of the members, retirees and beneficiaries of the Retirement System.

 

    NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that

 

1. The County shall make contributions to the Retirement Fund in accordance with the following schedule of Contribution Rates, as a percentage of compensation earnable, effective July 1, 2010:

 

Plan 1

 

Plan 2

 

Plan 3

 

Plan 4

               

General Member Rates:

             

Employer Normal Cost

11.04%

 

10.94%

 

7.80%

 

9.81%

Contribution to UAAL

18.40%

 

18.40%

 

18.40%

 

18.40%

Total General Member Rates

29.44%

 

29.34%

 

26.20%

 

28.21%

   

Safety Member Rates:

             

Employer Normal Cost

24.37%

 

20.42%

 

n/a

 

18.26%

Contribution to UAAL

51.83%

 

51.83%

 

n/a

 

51.83%

Total Safety Member Rates

76.20%

 

72.25%

 

n/a

 

70.09%

               
               

Probation Member Rates:

             

Employer Normal Cost

24.47%

 

22.19%

 

n/a

 

18.90%

Contribution to UAAL

23.84%

 

23.84%

 

n/a

 

23.84%

Total Probation Member Rates

48.31%

 

46.03%

 

n/a

 

42.74%

   

Mosquito & Vector Control District

             

General Member Rates:

             

Employer Normal Cost

14.04%

 

13.94%

 

n/a

 

12.81%

Contribution to UAAL

18.40%

 

18.40%

 

n/a

 

18.40%

Total General Member Rates

32.44%

 

32.34%

 

n/a

 

31.21%

   

2. The Board hereby adopts the actuary's recommended Member Entry Age Basic Contribution Rates in accordance with the schedule set forth in the following table as a percentage of compensation earnable, effective July 1, 2010:

 

Basic Member Contribution Rates (with no cost sharing)

 

                 

 

 

General
(County & M&VCD)

 

Safety

 

Probation

 

Entry Age

Plans 1&2

Plan 4

 

Plans 1&2

Plan 4

 

Plans 1&2

Plan 4

 

16

5.12%

4.90%

 

N/A

N/A

 

N/A

N/A

 

17

5.21%

4.99%

 

N/A

N/A

 

N/A

N/A

 

18

5.31%

5.08%

 

7.19%

6.88%

 

5.75%

5.51%

 

19

5.41%

5.18%

 

7.32%

7.01%

 

5.86%

5.61%

 

20

5.51%

5.27%

 

7.45%

7.14%

 

5.96%

5.71%

 

21

5.61%

5.37%

 

7.59%

7.27%

 

6.07%

5.81%

 

22

5.71%

5.47%

 

7.73%

7.40%

 

6.18%

5.92%

 

23

5.82%

5.57%

 

7.87%

7.53%

 

6.30%

6.03%

 

24

5.92%

5.67%

 

8.01%

7.67%

 

6.41%

6.14%

 

25

6.03%

5.78%

 

8.16%

7.81%

 

6.53%

6.25%

 

26

6.14%

5.88%

 

8.31%

7.95%

 

6.64%

6.36%

 

27

6.25%

5.99%

 

8.46%

8.10%

 

6.76%

6.48%

 

28

6.37%

6.10%

 

8.61%

8.24%

 

6.89%

6.59%

 

29

6.48%

6.21%

 

8.77%

8.39%

 

7.01%

6.71%

 

30

6.60%

6.32%

 

8.93%

8.55%

 

7.14%

6.84%

 

31

6.72%

6.43%

 

9.09%

8.70%

 

7.27%

6.96%

 

32

6.84%

6.55%

 

9.26%

8.86%

 

7.40%

7.09%

 

33

6.97%

6.67%

 

9.43%

9.03%

 

7.54%

7.22%

 

34

7.09%

6.79%

 

9.60%

9.19%

 

7.68%

7.36%

 

35

7.22%

6.91%

 

9.78%

9.37%

 

7.83%

7.49%

 

36

7.35%

7.04%

 

9.97%

9.54%

 

7.98%

7.63%

 

37

7.49%

7.17%

 

10.16%

9.71%

 

8.13%

7.77%

 

38

7.63%

7.30%

 

10.35%

9.88%

 

8.28%

7.90%

 

39

7.77%

7.44%

 

10.53%

10.05%

 

8.43%

8.04%

 

40

7.92%

7.58%

 

10.72%

10.21%

 

8.57%

8.17%

 

41

8.07%

7.72%

 

10.90%

10.36%

 

8.72%

8.29%

 

42

8.22%

7.86%

 

11.07%

10.50%

 

8.86%

8.40%

 

43

8.37%

8.00%

 

11.23%

10.63%

 

8.99%

8.50%

 

44

8.52%

8.13%

 

11.38%

10.74%

 

9.10%

8.59%

 

45

8.67%

8.26%

 

11.52%

10.83%

 

9.21%

8.66%

 

46

8.82%

8.38%

 

11.63%

10.88%

 

9.30%

8.70%

 

47

8.96%

8.50%

 

11.71%

10.88%

 

9.37%

8.70%

 

48

9.09%

8.60%

 

11.75%

11.26%

 

9.40%

9.01%

 

49

9.21%

8.69%

 

11.75%

11.68%

 

9.40%

9.34%

 

50

9.32%

8.76%

 

11.75%

11.68%

 

9.40%

9.34%

 

51

9.41%

8.80%

 

11.75%

11.68%

 

9.40%

9.34%

 

52

9.48%

8.80%

 

11.75%

11.68%

 

9.40%

9.34%

 

53

9.51%

9.11%

 

11.75%

11.68%

 

9.40%

9.34%

 

54

9.51%

9.45%

 

11.75%

11.68%

 

9.40%

9.34%

 

55

9.51%

9.45%

 

11.75%

11.68%

 

9.40%

9.34%

 

56

9.51%

9.45%

 

11.75%

11.68%

 

9.40%

9.34%

 

57

9.51%

9.45%

 

11.75%

11.68%

 

9.40%

9.34%

 

58

9.51%

9.45%

 

11.75%

11.68%

 

9.40%

9.34%

 

59

9.51%

9.45%

 

11.75%

11.68%

 

9.40%

9.34%

 

60

9.51%

9.45%

 

11.75%

11.68%

 

9.40%

9.34%

 

 

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