TO: Board of Supervisors
FROM: Mendocino County Employees Retirement Association
MEETING DATE: January 23, 2018
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
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)
End
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 "adjus...
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