San Mateo County Logo
File #: 23-232    Version: 1 Name:
Type: Resolution Status: Passed
File created: 3/22/2023 Departments: COUNTY EXECUTIVE
On agenda: 4/11/2023 Final action:
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 2023-2024 in accordance with Government Code Sections 31453 and 31454.
Attachments: 1. 20230328_r_FY 2023-24 BOS Resolution Retirement Contribution Rates Final.pdf, 2. 20230328_att_2023-24 Attachment Required to be with Resolution in Granicus - 2022 Milliman Actuarial Valuation Report -Statutory Contribution Rates - Page 37 - 40 and 109.pdf, 3. 20230328_att_SamCERA Exhibits to Reso Contribution Rates 23-24.pdf, 4. 0025_1_20230328_r_FY 2023-24 BOS Resolution Retirement Contribution Rates Final.pdf

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 26.19% of payroll. 

 

The resolution has been reviewed and approved by County Attorney as to form and content.

 

FISCAL IMPACT:

The County’s budgeted retirement contributions will approximate $185.5 million in FY 2023-2024. This figure includes the County statutory contribution of $181.4 million, statutory contributions from non-County funds totaling $4.1 million (First 5, SamCERA, Local Agency Formation Commission, and County Library).