To: Board of Supervisors
From: Mendocino County Employees Retirement Association
Meeting Date: March 12, 2019
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Department Contact: |
James Wilbanks |
Phone: |
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 Min |
Agenda Title:
title
Discussion and Possible Action Including Acceptance of Presentation of Mendocino County Employees Retirement Association Actuarial Valuation for the Fiscal Year Ending June 30, 2018, and Adoption of Retirement Contribution Rates for Fiscal Year 2019-20
(Sponsor: Mendocino County Employees Retirement Association)
End
Recommended Action/Motion:
recommendation
Accept the Mendocino County Employees Retirement Association Actuarial Valuation for the fiscal year ending June 30, 2018; and adopt the Retirement Board’s recommended retirement contribution rates as contained within the report.
End
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, 2018. The study is being presented to the Board of Supervisors with a recommendation from the Retirement Board, pursuant to Government Code Section 31453 (a), to set the employer and employee contribution rates for fiscal year 2019/20 as computed and recommended by Segal Consulting. The aggregate employer rate calculated in this valuation has decreased from 34.68% of payroll to 34.27% of payroll. The aggregate member (employee) rate remained unchanged at 9.65% of payroll. The total actuarially determined employer contributions, calculated using a projected payroll of $67.96 million, are estimated to be $23,291,000.
Alternative Action/Motion:
None. 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)…”
Supervisorial District: All
vote requirement: Majority
Supplemental Information Available Online At: <www.mendocinocounty.org/retirement>
Fiscal Details:
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source of funding: County, Courts, Cemetery District |
budgeted in current f/y: N/A |
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current f/y cost: N/A |
if no, please describe: |
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annual recurring cost: N/A |
revenue agreement: N/A |
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budget clarification: N/A |
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: Karla Van Hagen, Senior Deputy Clerk |
Final Status:Adopted |
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Date: March 13, 2019 |
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