Mariposa County Employee Retirement costs estimated to cost the Mariposa County Taxpayers $5,700,000 for the fiscal year 2011-2012

The cost to Mariposa County residents continue to rise year after year to pay for the county employees retirement costs with the 2011-2012 payment estimated to cost $5,700,000. That is estimated to be $370,000 over the CalPERS payment for 2010-2011.

Wonder why your roads are falling apart?
Just look at the chart and you will see that since the year 2001-2002 when no Employer Misc. and Employer Safety payment was required as CalPERS was considered 'Super Funded', the costs have jumped up $5,000,000.  Back in 2000- 2001 and the year 2001-2002, CalPERS at the time was considered 'Super Funded' because of the amount of money they had made in the stock market and other investments. That let Mariposa County keep it's money for the year (s) as no money was required in those two categories to CalPERS. Some counties and cities, but not all kept the required payment that they had paid previously in a reserve account or continued to pay CalPERS.

What contributed to the higher payment during the year 2003-2004 requiring a higher payment to CalPERS, the Mariposa County Board of Supervisors approved raising the retirement rate to 2.70% at 55 years of age for the county employees. That required CalPERS to readjust their figures. The 2.70% rate would let an employee who worked 30 years retire with 81.0% of their highest one year salary. The Safety Employees (Sheriff Dept./Etc.)  is under a 3.00% rate. That lets an employee with 30 years retire with 90% of their highest one year rate of salary. Also the payment can rise yearly by up to 2%.

The CalPERS Board in a meeting estimated that by 2013 the cost to the counties and the cities in CalPERS could rise 55% from the 2010-2011 payment. This website has more information on the video that is posted on You Tube.

http://biggovernment.com/gmcgrew/2010/12/01/california-pension-system-hits-local-governments-with-55-rate-increase-for-next-19-years/



The above chart was provided by the Mariposa County Auditor's office. The payment for 2011-2012 was provided by the Auditor's Office. The payment for 2010-2011 was provided by the Mariposa County CAO Rick Benson in August of 2010 and is an estimate.

October 22, 2002 BOS Meeting:
Resolution of Intention Approving an Amendment to the Contract with the California Public
Employees’ Retirement System (CalPERS) Board of Administration to Provide a 2.7% @55
Formula and One Year Final Compensation at Retirement for Miscellaneous Members; Waive First
Reading and Introduce and Ordinance Amending the Contract with CalPERS to Provide the New
Retirement Benefit Formula to Miscellaneous Members (Personnel)
BOARD ACTION: Following discussion, (M)Parker, (S)Pickard, Res. 02-392 was adopted/Ayes:
Balmain, Stewart, Parker, Pickard; Excused: Reilly.