Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Rocio Kiryczun, Human Resources Director
Subject: Recommended Revision to the Master Salary Resolution
RECOMMENDATION:
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Adopt a resolution authorizing an amendment to the Master Salary Resolution to revise Section 5: Special Compensation - Miscellaneous providing contributions to a defined contribution benefit plan for County Manager, Senior Management, Senior Attorneys and Hard-to-Fill Management positions in Retirement Plan 7.
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BACKGROUND:
On July 21, 2020, your Board adopted Master Salary Resolution 077624 which specifies the number of and providing compensation and benefits for persons employed by the County of San Mateo, sets appropriate rules and regulations and repeals all inconsistent ordinances and resolutions. Throughout the year, the salary resolution is amended from time to time to meet the needs of the County.
This amendment would provide an employer contribution to a defined contribution plan of 6% for the County Manager and 3% for senior management, senior level attorneys and hard-to fill management positions that are in Public Employees Pension Reform Act (PEPRA) Retirement Plan 7. It is being recommended to expand recruitment and retention efforts,
Defined contribution plans tend to cost employers significantly less in the long run because the amount the employer contributes goes directly into the account immediately and there is no increasing pension formula or unfunded liability increases.
Effective January 1, 2013, PEPRA limited pension benefits to new members by placing a maximum cap on the amount of compensation that would be used for determining an employee's pension. The pensionable compensation cap in 2020 is $126,291 for social security payors and $151,549 for non-social security payors. When contributing to the San Mateo County Employees' Retirement Association's (SamCERA) defined benefit plan...
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