Member Contributions General Safety BASIC BASIC Tier I

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Presentation transcript:

Member Contributions General Safety BASIC BASIC 31621.3 Tier I 31639.5 31621.4 Tier II Settlement (Enhanced) Benefit Supplemental 31627 COLA 31873 Safety BASIC 31639.5 Settlement (Enhanced) Benefit Supplemental 31627 COLA 31873

Composition BASIC 31621.3 – General Tier I 31621.4 – General Tier II Normal Cost (25/75 with employer) Prior cost or Unfunded Actuarial Accrued Liability (UAAL 100% to employer) Basic Normal Cost (25/75 with employer) COLA Normal Cost (50/50 with employer) Normal Cost (50/50 with employer) BASIC 31621.3 – General Tier I 31621.4 – General Tier II 31639.5 – Safety Tier I and Tier II Settlement (Enhanced) Benefit Supplemental 31627 COLA 31873

Settlement (Enhanced ) Benefit Supplemental Contribution Settlement Agreement. … to the extent undistributed earnings are unavailable in the future to make additional contributions on the employers’ and members’ behalf…then the employer and employee contribution rates shall be increased…

COL Contributions 31873. any increases in contributions shall be shared equally between the county or district and the contributing members…

* Deferred Normal Cost – Contributions Phase-In