To: Board of Supervisors
From: Mendocino County Employees Retirement Association
Meeting Date: January 10, 2017
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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 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
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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 Information Available Online at: www.co.mendocino.ca.us/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: Estimated to be $19,621,000 gross |
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: Alan D. Flora, Assistant CEO |
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CEO Review: Yes |
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Comments: