Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Supervisor Dave Pine, District 1
Michael P. Callagy, County Executive
Subject: Memorandum of Understanding with SamCERA
RECOMMENDATION:
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Adopt a resolution:
A) Authorizing the County Executive, or designee(s), acting in consultation with the County Attorney, to negotiate and enter into a Memorandum of Understanding (MOU) with San Mateo County Employees' Retirement Association (SamCERA) providing the terms and conditions by which the County would make supplemental contributions to SamCERA in the amount of $50 million in Fiscal Year 2024-25 and $50 million in Fiscal Year 2029-30 for the purposes of maintaining a minimum average employer contribution rate of 27% of payroll; and
B) Authorizing the allocation and use of one-time sources in the amount of $50 million in Fiscal Year 2024-25 and an additional $50 million in Fiscal Year 2029-30, to make supplemental contributions to SamCERA pursuant to the MOU and subject to inclusion in County recommended budgets; and
C) Authorizing the County Executive, or designee(s), to execute, on behalf of the County, all notices, consents, approvals, amendments, terminations, and other documents as necessary and advisable to give effect to this resolution and the MOU.
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BACKGROUND:
On November 19, 2013, the County entered into a Memorandum of Understanding (2013 MOU) with the San Mateo County Employees' Retirement Association (SamCERA) with the goal of reducing the County's unfunded actuarial accrued liability (UAAL) by making supplemental contributions beyond its statutory obligations. The supplemental contributions can provide greater security for SamCERA benefits for active and retired members; enhance the solvency of the retirement system; and reduce the County's long-term costs of contributing to the system by accelerating the reduction of the UAAL.
To account for these additional contributi...
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