24-966
Adopt a resolution: A) Authorizing the County Executive, or designee(s), acting in consultation with the County Attorney, to negotiate and enter into a Memorandum of Understanding (MOU) with San Mateo County Employees’ Retirement Association (SamCERA) providing the terms and conditions by which the County would make supplemental contributions to SamCERA in the amount of $50 million in Fiscal Year 2024-25 and $50 million in Fiscal Year 2029-30 for the purposes of maintaining a minimum average employer contribution rate of 27% of payroll; and B) Authorizing the allocation and use of one-time sources in the amount of $50 million in Fiscal Year 2024-25 and an additional $50 million in Fiscal Year 2029-30, to make supplemental contributions to SamCERA pursuant to the MOU and subject to inclusion in County recommended budgets; and C) Authorizing the County Executive, or designee(s), to execute, on behalf of the County, all notices, consents, approvals, amendments, terminations, and other documents as necessary and advisable to give effect to this resolution and the MOU.
- Committee
- BOARD OF SUPERVISORS DISTRICT 1
- Requested by
- BOARD OF SUPERVISORS DISTRICT 1
- Introduced
- December 3, 2024
- On agenda
- December 10, 2024
- Passed
- December 10, 2024
- Enacted
- December 10, 2024
- Enactment no.
- Resolution-080800