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 2025-2026.
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 2025-2026 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 attached resolution will set employer contribution rates for FY 2025-2026 for all employers for all plans under the San Mateo County Employees' Retirement Association ("SamCERA"). In addition, it will set the member contribution rates for all such plans.
DISCUSSION:
The Board of Retirement and the SamCERA Chief Executive Officer recommend the contribution rates as set forth in the schedules submitted with this memorandum as Attachment A to the attached resolution. The rates have been previously communicated to staff of the County, Court and the San Mateo County Mosquito and Vector Control District.
Pursuant to the January 2025 Memorandum of Understanding (MOU) regarding retirement system funding, authorized by this Board in Resolution No.808800, the County may make supplemental contributions in excess of th...
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