TO: Board of Supervisors
FROM: Mendocino County Employees Retirement Association
MEETING DATE: January 10, 2017
DEPARTMENT CONTACT:
James Wilbanks
PHONE:
463-4328
DEPARTMENT CONTACT:
Judy Zeller
PHONE:
463-4328
ITEM TYPE: Regular Agenda
TIME ALLOCATED FOR ITEM: 30 mins
AGENDA TITLE:
title
Presentation of Retirement Association Actuarial Valuation and Review for the Fiscal Year Ending June 30, 2016 and Possible Adoption of Retirement Association Rates for Fiscal Year 2017/18
End
RECOMMENDED ACTION/MOTION:
recommendation
Accept the Actuarial Valuation and Review and adopt the Retirement Board's recommended retirement association 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 and Review for MCERA as of June 30, 2016 (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 2017/18 as computed and recommended by Segal.
The aggregate recommended employer and employee contribution rates for fiscal year 2016/17 are 32.05% and 9.65%, respectively. The total actuarially determined employer contributions, calculated using a projected payroll of $61.2 million, are estimated to be $19,621,000. Change in employer and employee contribution rates are due to the effect of actuarial experience during fiscal year 2016 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...
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