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Adopt a resolution to amend the Public Agency Retirement System 2.7% @ 55 Retirement Enhancement Plan for non-safety, at-will civil service exempt employees in the Legislative, Executive, and Senior Management Groups; and Authorize the Director of Human Resources to execute the amendment
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The Department of Human Resources recommends the Board of Supervisors:
1. Adopt a resolution to amend the Public Agency Retirement System (PARS) 2.7% @ 55 Retirement Enhancement Plan for non-safety, at-will civil service exempt employees in the Legislative, Executive, and Senior Management Groups; and
2. Authorize the Director of Human Resources to execute the amendment.
SUMMARY:
On October 1, 2002, the Board of Supervisors adopted a resolution adopting the PARS Trust for non-safety, at-will, civil service exempt employees in the Legislative, Executive, and Senior Management Groups and designated the Director of Human Resources as Plan Administrator. This Plan provides a supplemental retirement benefit for employees with prior CalPERS service credit under a retirement formula of less than 2.7% @ 55 who retire(d) from the County with a minimum of eight years of County service. For example, if an otherwise eligible employee had prior CalPERS service credit from a different employer with a formula of 2.5% @ 55, the PARS Plan for County of Solano would pay the 0.2% difference between the two formulas, in effect bringing the prior service credit years up to the 2.7% formula.
On April 3, 2012, in an effort to contain future retirement costs, the County adopted a 2% @ 60 retirement tier for Miscellaneous employees hired on or after May 4, 2012. Also, on April 3, 2012, the Board of Supervisors approved an amendment to the PARS plan limiting PARS eligibility to employees hired into County service before May 4, 2012. The rationale for the ...
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