Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John L. Maltbie, County Manager
Subject: Board of Supervisors' Response to the 2017-2018 Civil Grand Jury Report, "County Pension Costs - Hard Choices Paying Off"
RECOMMENDATION:
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Approve the Board of Supervisors' response to the 2017-2018 Grand Jury Report, "County Pension Costs - Hard Choices Paying Off."
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BACKGROUND:
On July 17, 2018, the 2017-2018 San Mateo County Civil Grand Jury issued a report titled "County Pension Costs - Hard Choices Paying Off." The Board of Supervisors is required to submit comments on the findings and recommendations pertaining to the matters over which it has some decision making authority within 90 days. The Board's response to the report is due to the Honorable V. Raymond Swope no later than October 16, 2018.
DISCUSSION:
The Grand Jury made twenty-one findings and four recommendations in its report. The Board responses follow each finding and the four recommendations that the Grand Jury requested that the Board respond to within 90 days.
FINDINGS
Finding 1:
As of June 30, 2017, SamCERA's Funded Ratio (Total Plan Assets/Total Plan Liabilities) was 84.3 percent. By comparison, the average Funded Ratio of cities in San Mateo County was 70.5 percent and the average of CalPERS agencies statewide was just 68 percent.
Response:
Agree that the Total Plan Assets/Total Plan Liabilities for the SamCERA Retirement Fund was 84.3 percent. The remainder of this finding contains facts of which the Board of Retirement does not have direct knowledge to independently verify and as such the Board of Retirement submits no response to the remainder of finding.
Finding 2:
As of June 30, 2017, SamCERA had a significant system-wide Unfunded Liability of $743 million, while the County portion constituted a significant Unfunded Liability of $707.1 million.
Response:
Agree to the fact in this finding that as ...
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