RESOLUTION 120315A - Laserfiche WebLink

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C@[M��® [R(NQT@MR13(B[M o paoTh [01100�To4 GENERAL MANAGER Jim Friedl DATE: December 3, 2015 TO: Board of Directors FROM: Jim Friedl, General BOARD OF DIRECTORS Ed Jones, Chair Chuck Huffer, Vice Chair George Lange, Director Susan L. Holt, Director Joe Gibson, Director GENERAL MANAGER EMERITUS Tex Ward SUBJECT: Adopt Resolution No. 1203154nd Authorize General Manager to Sign Agreements setting up A s6cial Security Replacement Plan for new Part - Time, Temporary, and Seasonal Employees (PTS) to be Administered by ICMA-RC RECOMMENDATION Adopt Resolution No. 120315-A and authorize General Manager to sign Agreements setting up a Social Security Replacement Plan for new Part -Time, Temporary, and Seasonal Employees (PTS) to be Administered by ICMA-RC DISCUSSION The district currently administers a defined benefit social security replacement plan (5SRP) for part-time, temporary, and seasonal staff (those not participating in PERS). As the administration of such benefit plans has become increasingly cumbersome, staff evaluated other options. Such options include having new part-time/seasonal employees participate in social security, or opening an additional defined benefit plan or defined contribution plan, either of which would be administered by a third party agency well versed in such administration. The cost to participate in social security is 6.2% of wages for each the employer and the employee. The cost of the SSRP is 7.5% of wages shared between the employer and the employee. The social security option would have very little administration, but would be more expensive for the employee and employer. For the SSRP solutions, staff evaluated two potential administrators, ICMA-RC, which currently manages the District's deferred compensation plan, and PARS, which is a well-known participant in the retirement benefit administration world. At the October 15, 2015, meeting of the Finance and Audit Committee of the Board of Directors staff reviewed its findings and the ensuing recommendation was that a SSRP defined contribution plan with a 50-50 split (3.75% each employee and employer) be implemented, with ICMA-RC as the initial administrator. 403 West Hillcrest Drive i Thousand Oaks, CA 91360-4223 (805) 495-6471 FAX: (805) 497-3199 Email: parks@crpd.org