TO: Board of Supervisors
FROM: Mendocino County Employees Retirement Association
MEETING DATE: March 1, 2022
DEPARTMENT CONTACT:
Doris Rentschler
PHONE:
463-4329
DEPARTMENT CONTACT:
Judy Zeller
PHONE:
463-4328
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Acceptance of the Mendocino County Employees Retirement Association Actuarial Valuation and Review Supplemental Employer Contribution Rate reports for Fiscal Year Ending June 30, 2021; and Adoption of Retirement Contribution Rates Contained within the Reports for the Fiscal Year 2022/23
End
RECOMMENDED ACTION/MOTION:
recommendation
Accept the Mendocino County Retirement Association Actuarial Valuation and review supplemental employer contribution rate reports for the fiscal year ending June 30, 2021; and adopt the Retirement Board's recommended employee and employer retirement contribution rates as contained with the reports for the fiscal year 2022/23.
End
PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
Actuarial reports are submitted annually for acceptance and adoption of contribution rates by the Board of Supervisors.
SUMMARY OF REQUEST:
Segal Consulting prepared an Actuarial Valuation and Review for the Mendocino County Employees Retirement Association as of June 30, 2021. Additionally, Segal Consulting prepared supplemental employer contribution rate information comparing options that pay down the Unfunded Actuarial Accrued Liability faster. These studies are being provided to the Board of Supervisors with a recommendation from the Retirement Board, pursuant to Government Code Section 31453(a), to set the employer contribution rates for fiscal year 2022/23 using Scenario 2 in the Supplemental Employer Contribution report and employee contribution rates as detailed in section 4, exhibit 3, of the Actuarial Valuation and Review report as computed and recommended by Segal.
The aggregate recommended employer contribution rate for fiscal year 2022/...
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