San Mateo County Logo
Share to Facebook Share to Twitter Bookmark and Share
File #: 22-168    Version: 1 Name:
Type: Resolution Status: Passed
File created: 2/18/2022 Departments: COUNTY MANAGER
On agenda: 3/8/2022 Final action: 3/8/2022
Title: Adopt a resolution setting employer and member contribution rates for the San Mateo County Employees' Retirement Association for all members and employers for fiscal year 2022-2023 in accordance with Government Code Sections 31453 and 31454.
Attachments: 1. 20220308_r_FY 22-23 BOS Resolution Retirement Contribution Rates.pdf, 2. 20220308_att_2021 Milliman Actuarial Valuation Report -Statutory Contribution Rates.pdf
Special Notice / Hearing: None__
Vote Required: Majority

To: Honorable Board of Supervisors
From: Michael Callagy, County Manager
Subject: Adoption of Employer and Member Retirement Contribution Rates for FY 2022-2023.

RECOMMENDATION:
title
Adopt a resolution setting employer and member contribution rates for the San Mateo County Employees' Retirement Association for all members and employers for fiscal year 2022-2023 in accordance with Government Code Sections 31453 and 31454.

body
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. 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 2022-2023 for all employers for all plans. In addition, it will set the member contribution rates for all plans.

DISCUSSION:
The Board of Retirement and the SamCERA Chief Executive Officer recommend the contribution rates as set forth in 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 2013 Memorandum of Understanding (MOU) regarding retirement system funding, the County may pay more than the Statutory Contribution Rate (SCR) to address the unfunded liability. SamCERA places these payments in the County Supplementary Contribution Account (CSCA). The County's SCR would have increased to 42.78% of payroll for FY 2022-2023, however, when the value of the County's CSCA account is factored in the calculation, the County's contribution rate is reduced to 38.51% of pa...

Click here for full text