Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Adoption of Employer and Member Retirement Contribution Rates for FY 2026-2027
RECOMMENDATION:
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Adopt a resolution setting employer and member contribution rates and rates of interest for the San Mateo County Employees' Retirement Association (SAMCERA) for all members and employers for fiscal year 2026-2027 in accordance with the schedules set forth in Attachment A and Government Code Sections 31453 and 31454.
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BACKGROUND:
Government Code Section 31453 requires the Board of Retirement to conduct periodic actuarial valuations of the retirement system and to recommend contribution rates to the Board of Supervisors at least 45 days prior to the beginning of the succeeding fiscal year. Section 31454 requires the Board of Supervisors, not later than 90 days after the beginning of the immediately succeeding fiscal year, to adjust the rates of contributions of all members and all participating employers in accordance with the recommendations of the Board of Retirement.
Adoption of the proposed resolution will set employer contribution rates for FY 2026-2027 for all employers for all plans under the San Mateo County Employees' Retirement Association ("SamCERA"). In addition, the proposed resolution will set the member contribution rates for all such plans. The actuarial valuation is also submitted with this memorandum as Attachment B.
The County's planned supplemental contributions, including the $50,000,000 payment made in FY 2024-25 and an additional $50,000,000 scheduled for FY 2029-30, should stabilize the average contribution rate at a minimum of 27 percent of payroll through 2035, with any amounts paid above the statutory rate deposited into the County Supplementary Contribution Account.
DISCUSSION:
The Board of Retirement and the SamCERA Chief Executive Officer recommend the contributio...
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