To: Board of Supervisors
From: Mendocino County Employees Retirement Association
Meeting Date: January 23, 2018
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Department Contact: |
James Wilbanks |
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463-4328 |
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Department Contact: |
Judy Zeller |
Phone: |
463-4328 |
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Item Type: Regular Agenda |
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Time Allocated for Item: 30 mins. |
Agenda Title:
title
Discussion and Possible Action Regarding Presentation of Mendocino County Employees Retirement Association Actuarial Valuation for the Fiscal Year Ending June 30, 2017, and Adoption of Retirement Contribution Rates for Fiscal Year 2018-19
(Sponsor: Mendocino County Employees Retirement Association)
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Recommended Action/Motion:
recommendation
Accept the Mendocino County Employees Retirement Association actuarial valuation for the fiscal year ending June 30, 2017, and adopt the Retirement Board’s recommended retirement contribution rates as contained within the report.
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Previous Board/Board Committee Actions:
Actuarial reports are submitted annually for acceptance and approval of recommended contribution rates by the Board of Supervisors.
Summary of Request:
Segal Consulting prepared an Actuarial Valuation for MCERA as of June 30, 2017 (included). The study is being presented to the Board of Supervisors with a recommendation from the Retirement Board (GC Section 31453 (a)) to set the employer and employee contribution rates for fiscal year 2018/19 as computed and recommended by Sega Consulting.
The aggregate recommended employer and employee contribution rates for fiscal year 2018/19 are 34.92% and 9.78%, respectively. The total actuarially determined employer contributions, calculated using a projected payroll of $62.3 million, are estimated to be $21,769,000. Change in employer and employee contribution rates are due to the effect of actuarial experience during fiscal year 2017 which is outlined in Chart 14 (page 19).
Alternative Action/Motion:
Government Code Section 31454 (a) states that the Board of Supervisors shall “adjust … rates of contributions of members, and county and district appropriations in accordance with (emphasis added) the recommendation of the board (of retirement)…”
Supplemental Information Available Online at: <www.mendocinocounty.org/retirement>
Fiscal Impact:
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Source of Funding: County, Courts, Cemetery District |
Budgeted in Current F/Y: No |
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Current F/Y Cost: N/A |
Annual Recurring Cost: N/A |
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Supervisorial District: All |
Vote Requirement: Majority |
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Agreement/Resolution/Ordinance Approved by County Counsel: N/A
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CEO Liaison: Carmel J. Angelo, CEO |
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CEO Review: Yes |
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CEO Comments:
FOR COB USE ONLY
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Executed By: Nadia Tipton |
Final Status:Adopted |
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Date: January 26, 2018 |
Executed Item No.: N/A |
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Note to Department: |
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Executed Documents Returned to Department: Originals _____ Copies _____ Hand Delivered ___ Interoffice Mail ___ Executed Agreement Sent to Auditor? Y/N |
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