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 2023-2024.
RECOMMENDATION:
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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 2023-2024 in accordance with 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. 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 2023-2024 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 decreased to 30.78% of payroll for FY 2023-2024, however, when the value of the County's CSCA account is factored in the calculation, the County's contribution rate is reduced further to 2...
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