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HomeMy WebLinkAbout05.a.2) Contra Costa County Employees’ Retirement Association (CCCERA) update.5,_ a.2�
Central Contra Costa Sanitary District
February 10, 2011
TO: HONORABLE BOARD OF DIRECTORS
VIA: JAMES M. KELLY, GENERAL MANAGER
FROM. RANDALL M. MUSG RAVES, DIRECTOR OF ADMINISTRATION
SUBJECT: CONTRA COSTA COUNTY EMPLOYEES' RETIREMENT
ASSOCIATION (CCCERA) 2/9/2011 AND 2/23/2011 BOARD MEETINGS
Attached is a copy of the February 9, 2011 CCCERA Board meeting agenda. Of
interest are agenda items #5 and #0. Also attached is a copy of the agenda item
material. CCCERA's Actuary, Segal company, made a presentation for both agenda
items.
Also attached is copy of the February 23, 2011 CCCERA Board meeting agenda. Of
interest are agenda items #5. A copy of this agenda item is also included for your
review.
#5 Five -Year Projection of Employer Contribution Rate Changes
There are three items contributing to increased rates. The first is deferred gains and
losses from the actuarial asset smoothing methodology over five years, the second is
losses due to investment income not earned on the difference between the Actuarial
value of Assets and the Market Value of Assets (income can only be made on
investments in the market at the market rate), and the third is the gains and losses
which occur from delaying the implementation of new rates until 13 months after the
actuarial valuation date. An example is that the rates as of December 31, 2009 will be
implemented July 1 2011 The average estimates of the rate change for the entire plan
is shown on page two of the handout. Segal then calculated by employer, due to de-
pooling, please see the table on the next page.
Actuarial Rep ort Implemented on
Market Value of Assets (MVA)*
$148,760, 234
Projected Payroll for 2010
$25
Volatility Index (VI) —
MVA/Payroll
5.90
Relative Volatility Index (VI) = CG
VI/Total Plan VI
0.92
Estimated Incremental Rate Change
711112
3.32%
as of 12/31/2010
Estimated Incremental Rate Change
711113
3.36%
as of 12/31/2011
Estimated Incremental Rate Change
711114
3.21%
as of 12/31/2012
Estimated Incremental Rate Change
711115
0.73%
as of 12/31/2013
Estimated Incremental Rate Change
711116
-0.23%
as of 12/31/2014
Cumulative Rate Change as of
3.32%
12/31/2010
Cumulative Rate Change as of
6.68%
12/31/2011
Cumulative Rate Change as of
9.89 %
12/31/2012
-
Cumulative Rate Change as of
1 0.62%
12/31/2013
Cumulative Rate Change as of
10.39%
12/31/2014
*Excludes Post Retirement Death Benefit reserve.
The District will pay 40.90% of payroll in 2011 -2012. An additional 3.32% will be added
in 2012 to bring it to 44.22 %. By 2015, the District's employer contribution rate will be
51.29% of payroll, or an approximate $4.1 million increase, with total cost increase to
the District (including the Employee Contribution paid by the District) totaling a $4.8
million increase. Total CCCERA payment for the District will increase from $12.3
million in 2011 -2012 to $17.1 million in 2015.
#6 Cost -of- Living Adjustments (COLA) as of April 1, 2011
The annual cost -of- living increase is determined by comparing the December CPI for
the San Francisco - Oakland -San Jose Area. The CCCERA Board adopted the rates
displayed on the last page of the handout, applicable to the District. District employees
retiring before 1985 will receive a 3% COLA, those retiring in 1985 will receive a 2.5%
COLA and those employees retiring after 1985 will receive a 1.5% COLA.
The maximum COLA granted for any one year is 3% for Tier 1. There is a COLA bank
for CPI. If the CPI is 5 %, then 2% will go into the bank. New retirees will still have a
COLA bank if needed. This year the COLA was 1.5 %, so there is nothing to add to the
COLA bank. The bank is $0 for 412185 forward because the bank was used up in prior
years or none existed for the most recent retirees. If you notice 412185 - 412185 is now
using up their COLA bank and there is no carryover to next year.
S
x...
Em P loyees' Fbtire m e nt Asso c ia tio n
1 355 willow way suite 991 concord ca 94.590
925.52
RETIREMENT BOARD MEETING
FIRST MONTHLY MEETING
9:00 a.m.
February 9, 2010
1.3960 fax 925.646.5747
Retirement Board Conference Room
The Willows Office Park
1355 Willow Way
Suite 221
Concord, California
THE RETIREMENT BOARD MAY DISCUSS AND TAKE ACTION ON THE
FOLLOWING:
1. Pledge of Allegiance.
2. Accept comments from the public.
3. Approve minutes from the January 26, 2010 meeting.
4. Routine items for February 11, 2011.
a. Approve certifications of membership.
b. Approve service and disability allowances.
c. Accept disability applications and authorize subpoenas as required.
d. 'Approve death benefits.
5. Presentation from The Segal Company regarding Five Year Projection of Employer
Rate Projections.
6. Consider and take possible action to adopt the automatic cost-of-living increases
for retirees effective April 1, 2011.
7. Consider and take possible action on staff recommendation for Accounting
Technician Project/Temporary position.
8. Consider and take possible action on report from staff regarding rebalancing.
CLOSED SESSION
** 9. The Board will go into closed session under Gov, Code Section 54957 to
consider recommendations from the Medical Advisor and/or staff regarding the
following disability retirement applications:
Member Type Sought Recommendation
a. Timothy Hasey Service Connected Service Connected
The Retirement Board will provide reasonable
accommodations for persons with disabilities
planning to attend Board meetings Nvho contact
the Retirement Office at least 24 hours before a meeting
OPEN SESSION
10. Consider authorizing the attendance of Board and/or staff:
a. Annual Conference, Pension Bridge, April 12 — 14, 2011, San Francisco, CA
(note conflict with Board meeting) .
b. Limited Partners Meeting, Credit Suisse, March 2, 2011, New York, NY.
c. Portfolio Concepts and Management, Wharton, May 23 — 26, 2011,
Philadelphia, PA (note conflict with Board meeting).
d. Certificate of Achievement in Public Plan Policy, International Foundation,
March S -- 6, 2011, San Antonio, TX
e. Annual Conference, NCPERS, May 21 — 26, 2011, Miami, FL (note conflict
with Board meeting).
11. Miscellaneous
a. Staff Report
b. Outside Professionals' Report
c. Trustees' comments
F ti remer�t Board Zvi l l provide reasonable
modations for persons with disabilities
g to attend Board meetings who contact
irement O ffi ce at least 24 hours before a meeting
MEETING DATE
v
'�SEGAL
THE SEGAL COMPANY
100 Montgomery Street, Suite 500 San Francisco, CA 94 104 -4308
T 415.253.8200 F 41 5.283.8290 www.segaico.com
February 1, 2011
Ms. Marilyn Leedom
Chief Executive Offi cer
Contra Costa County Employees' Retirement Association
1355 willow way, Suite 221
Concord, CA 94520
FEB 09 20
AGENDA ITEM
John W. Monroe, ASX MAAA, EA
Vice President & Assodate Actuary
jmonroe @segaico.com
]fie: Contra Costa County Employees' Retirement Association
Five -Yeas Projection of Employer Contribution Rate Changes
Dear Marilyn:
As requested, we have prepared a five-year projection of estimated employer contribution rate
changes for C CCERA.. This proj ection is derived from the December 31, 2009 actuarial
valuation results. Key assumptions and methods are detailed below.
Results
The estimated contribution rate changes shown on the next page apply to the recommended
average employer contribution rate. For purposes of this projection, the rate changes are
assunned to be from asset gains and losses that are funded as a level percentage of the
Association's total active payroll base. The asset gains and losses are due to: (1) deferred gains
and losses from the actuarial asset smoothing methodology; (2) losses due to investment
income. not earned on, the difference between the Actuarial Value of Assets (AVA) and Market
Value of Assets (MVA); and (3) contribution gains and losses which occur from delaying the
implementation of new rates until 18 months after the actuarial valuation date.
The following table provides the year -to -year rate changes from each of the above causes and
the cumulative rate change over the five -year projection period. To obtain the estimated
average employer contribution rate at each successive valuation date, these cumulative rate
changes should be added to the rates developed from the December 31, 2009 valuation. These
rate changes become effective 18 months following the actuarial valuation date shown in the
table.
Benefits, Compensation and HR Consulting Offices throughout the UnKed States and Canada
M G
Founding Member of the Multinational Group of Actuaries and Consultants, a global afFliation of independent firms
A C
Ms. Marilyn Leedom
February 1, 2011
Page 2
The rate changes shown below represent the aver a rate for the aggregate plan.
Rate Change
Component
Valuation hate
12/31/2010
12/31/2011
12/3112012
12/3112013
12/31/2014
(1) Deferred (Gains)/Losses
2.5.8%
2.81%
2.91%
0.41%
-0.42%
( Loss of Investment
Income on Difference
Between AVA and MVA
0.62%
0.40%
0.17%
-0.01%
- 0.02%
(3) 18 Month Rate Delay
0
0.45%
0.41%
040%
0.19%
Incremental Rate Change
3.61%
3.66%
3.49%
0.80%
- 0.25%
Cumulative Rate Change
3.61%
7.27%
10.76%
11.56%
11-31%
The rate change for an individual cost group or employer will vary depending primarily on the
size of that group's assets and liabilities relative to its payroll. The ratio of the group's assets to
payroll is sometimes referred to as the volatility index (VI). A higher VI results in more volatile
contributions and can result from the following factors:
* More generous benefits
• More retirees
0 Older workforce
• Shorter careers
• Issuance of Pension Obligation Bonds (POBs)
The attached exhibit shows the VI for CCCERA's cost groups along with the "relative VT"
which is the VI for that specific cost group divided by the average VI for the aggregate plan.
Using these ratios we have estimated the rate change due to these generally investment related
net losses for each individual cost group by multiplying the rate changes shown above for the
aggregate plan by the relative V1 for each cost group. These estimated rate changes for each cost
group are shown in the attached exhibit.
Note that because we have estimated the allocation of the rate changes across the cost groups, the
actual rate changes by group may differ from those shown in the exhibit, even if the plan -wide
average rate changes are close to those shown above.
5110295vl/05337.001
Ms. Marilyn Leedom
February 1, 2011
Page 3
Key Assumptions and Methods
The projection is based upon the following assumptions and methods:
] December 31, 2009 non - economic assumptions remain unchanged.
December 31, 2009 retirement benefit formulas remain unchanged.
l December 31, 2009 1937 Act statutes rernain unchanged.
> UAAL amortization method remains unchanged (i.e., 18 -year layers, level percent of
pay ).
] December 31, 2009 economic assumptions remain unchanged, including the 7.75%
investment earnings assumption.
] 7.75% is actually earned on a market value basis for each of the five years, including_
201 0.
Active payroll grows at 4.25% per annum..
> Deferred investment gains and losses are recognized per the asset smoothing schedule
prepared by the Association as of December 31, 2009. They are funded as a level
percentage of the Association's total active payroll base.
] Deferred investment gains are all applied directly to reduce the UAAL. Note that this
assumption may not be entirely consistent with the details of the Board's Interest
Crediting and Excess Earnings Policy.
> All other actuarial assumptions used in the December 31, 2009 actuarial valuation are
realized.
No changes are made to actuarial methodologies, such as adjusting for the contribution
rate delay in advance.
Finally, we emphasize that projections, by their nature, are not a guarantee of future results. The
modeling projections are untended to serve as illustrations of future financial outcomes that are
based on the information available to us at the time the modeling is undertaken and completed,
and the agreed -upon assumptions and methodologies described herein. Emerging results may
differ significantly if the actual experience proves to be different from these assumptions or if
alternative methodologies are used. Actual experience may differ due to such variables as
demographic experience, the economy, stock market performance and the regulatory
environment.
51102950 /05337.001
Ms. Marilyn Leedom
February 1, 2011
Page 4
Unless otherwise noted, all of the above calculations are based on the December 31, 2009
actuarial valuation results including the participant data and actuarial assumptions on which
that valuation was based. That valuation and these projections were completed under the
supervision of Sohn Monroe, ASA, MAAA, Enrolled Actuary.
Please let us know if you have any Questions.
S incerely,
John Monroe
CZI/hy
cc: Rick Koehler
5110295vl/05337.001
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'`SEGAL
f UU JANE 2 7 Z011
THE SEGAL COMPANY
Jahn W. Mortroe, ; �4, MAAA
100 Montgomery Street Suite 500 San Francisco, GA 941 04 -4308 Vice President & Associate, Actuary
T 41 5.263.8200 F 415.263.8290 www.segalco.com jmonroe @segalco.com
LAGEN NG DATE
January 26, 2011
o J 2411
Ms. Marilyn Leedom
Chief Executive Officer STEM
Contra Costa County Employees' Retirement Association
1355 Willow Way, Suite 221
Concord, CA 94520
Re: Contra Costa County Employees' Retirement Association
Cost -of- Living Adjustments (COLA) as of April 1, 2011
Dear Marilyn:
We have determined the cost -of- living adjustments for the Association in accordance with
Sections 31870.1 and 31870.3, as provided in the enclosed exhibits. .
The cost-of- living factor to be used by the Association on April 1, 2011 is determined by
comparing the December CPI for the San Francisco -- Oakland -San Jose Area (with 1982 -84 as
the base period) in each of the past two years. The ratio of the past two December indices,
227.65 in 2010 and 224.23 in 2009, is 1.0152. The County Law sections cited above indicate
that the resulting percentage change of 1.52% should be rounded to the nearest one -half
percent, which is 1.5 %. Please note the above cost - of - living adjustments calculated using
established procedures for CCCERA may result in adjustments different from those calculated
using alternative procedures by other systems.
The actual cost -of- living adjustment is dependent on tier and date of retirement. The CPI
adjustment to be applied on April 1, 2011 is provided in Column (4) of the enclosed exhibits.
The COLA bank on April 1, 2011 is provided in Column (5).
Please give us a call if you have any questions.
Sincerely,
John Monroe
DNAlkek.
Enclosure 5117926v1105337.001
:!_. ��:;T,;•,_ V�_ , �r _ . , •_ �. :�� _ Offices throughout the United States and Canada
.4 c
Founding Member of the Multinational Group of Actuaries and Consultants, a global affiliation of independent firms
CFO 54
Contra Costa County Employees' Retirement Association
Cost-Of-Living Adjustment
As of Ap ril 1, 2011
(1) (2) (3) (4) (5)
Retirement Date
April 1 2010
Accumulated
Carry-over
CPI
Change*
CPI
Rounded"
CPl
Used'
April 1, 2011
Accumulated
Car - over ** **
Tier 2 and Ter 3 (disability
retirement only)
Section 31 570.3
Maximum Annual COLA
4.0%
04/0211984
to
04/01/1985
0.0 4 10
1.52%
1.5%
1.5%
0.0%
0410211985
to
04/01/1986
0.0 4 10
1.52%
1.5%
1.5%
0.0%
04/02/1986
to
04/01/1987
0.0%
1.52%
1.5%
1.5%
0.0%
04/02/1987
to
04101/1988
0.0%
1.52%
1.5 0 10
1.5%
0.0%
04142/1988
to
04/01/1989
4.0
1.52%
15%
1.5%
0.0%
0410211989
to
0410111990
0.0%
1.52%
1.5%
1.5%
0.0%
04/02/1990
to
04101/1991
0.0
1.52
1.5%
1.5%
0.0%
04/02/1991
to
0410111992
0.0%
1.52%
1.5%
1.5%
0.0%
44102/1992
to
04/01/1993
0.0%
1.52%
1.5%
1.5%
0.0%
.0410211993
to
44/0111994
0.0%
1.52%
1.5%
1.5%
0.0%
44/02/1994
to
04/01/1995
0.0%
1.52%
1.5%
1.5%
0.0%
04/02/1995
to
04/01/1996
0.0%
1.52%
1.5%
1.5%
0.0%
04102/1996
to
04/0111997
0.0%
1.52%
1.5%
1.5%
0.0%
04/0211997
to
04/01/1998
0.0%
1.52%
1.5%
1.5%
0.0%
04/02/1998
to
04/0111999
0.0%
1.52%
1.5%
1.5%
0.0%
04102/1999
to
0410112000
0.0%
1.52%
1.5%
1.5%
0.0%
04/0212000
to
04/0112001
0.0%
1.52%
1.5%
1.5%
0.0%
04/0212001
to
0410112002
0.0%
1.52%
1.5%
1.5%
0.0%
04/02/2002
to
0410112003
0.0%
1.52%
1.5%
1.5%
0.0%
04102/2003
to
04/01/2004
0.0%
1.52%
1.5%
1.5%
0.0%
04102/2004
to
04/01/2005
0.0%
1.52%
1.5%
1.5%
4.0%
04/02/2005
to
04/01/2006
0.0%
1.52%
1.5%
1.5%
0.0%
04/0212006
to
4410112007
0.0%
1.52%
1.5%
1.5%
0.0%
04/0212007
to
04/0112008
0.0%
1.52%
1.5%
1.5%
0.0%
0410212008
to
04/0112009
0.0%
1.52%
1.5%
1.5%
0.0%
04102/2009
to
04/01/2010
0.0%
1.52%
1.5%
1.5%
0.0%
04102/2010
to
04/01/2011
1.52%
1.5%
1.5%
0.0%
* Based on ratio of December 2010 CPI to December 2009 CPI for the San Francisco - Oakland - San Jose Area.
'* Based on CPI change rounded to nearest one -half percent
These are the cost-of-living adjustment factors to be applied on April 1, 2011.
These are the carry-over of the cast -of- living adjustments that have not been used on April 1, 2011.
5117920v1105337.001 S F G A L
Contra Costa County Employees' Regrement Association
Cost -Of- Living Adjustment
As of April 1, 2011
(1) (2) (3) (4) (5)
Retirement Date
April 1, 2010
Accunmutated
C over
CPl
Change*
CPl
Rounded**
GPl
Used***
ApnI 1, 2011
Accumulated
verA***
Tier 1, Tier 3 (service retirement only) and Safety
Section 31870.1
Maximum Annual COLA
3,0%
On or Before 7/1!1954
12.5009
1.52%
1.5%
3.0%
11.000%
07/01/1964
to
07/01/1965
12.500%
1.52%
1.5%
3.4%
11.000%
07/02/1965
to
07/01/1956
12.500%
1.52%
1.5%
3.0%
11.000%
07/02/1966
to
07101/1967
12.500%
1.52%
1.5%
3,0"x0
11.000%
07/02/1967
to
07/0111968
12.500%
1.52%
1.5%
3.0%
11.000%
07/02/1 968
to
04/0111969
i z.'500%
1..52%
i .6%
3.0%
11.000%
04/0211969
to
04/01/1970
12.500%
1.52%
1.5%
3.0 1 /6
11.000%
- 04/02/1970
to
04/01/1971
12.500%
1.52%
1.5%
3.0%
11.D00%
0410211971
to
04!01 /1972
12.5D0%
1.52%
1.5%
3.0%
11.000%
04/0211972
to
0410111973
12.500%
.1.52%
1.5%
3.0%
11.000%
04102/1973
to
04/0111974
12.500%
1.52%
1.5%
3.0%
11.ODO%
04/0211974
to
04/011/975
12.500%
1.52%
1.5%
3.0%
11.000%
04/02/1975
to
04/0111976
12.50096
1.52%
1.506
3.0%
11.000%
04/02/1976
to
04141/1977
12.500%
1.52%
1.5%
10%
11.000%
04!0211977
to
0410111978
12.500%
1.52%
1.5%
3.0%
11.000%
04/0211978
to
04/01/1979
12.500%
1.52%
1.5%
3.0%
11.000%
04102/1979
to
04/01/1980
12.500%
1.52%
1.5%
3.0°/o
11.000%
04/0211980
to
04101/1981
12.500%
1.52%
1.5%
3.0%
11.000%
0410211981
to
04/0111982
12.500%
1.52%
1.5%
3.0%
11.000%
04/02/1982
to
04/0111983
6.027%
1.52%
1.5%
3.0%
4.527%
04/0211983
to
04101/1984
3.500%
1.52%
1.5%
3.0%
2.000%
04/02/1984
to
04101/1985
3.5DO%
1.52%
1.5%
3.0 0 10
2.000%
04/0211985
to
04/0111986
1.000%
1.52%
1.5%
2.5%
0.000%
0410211986
to
04/01/1987
0.000%
1.52%
1.5%
1.5%
0.00096
04!0211987
to
04/01/1988
0.000%
1.52%
1.5%
1.5%
0.000%
04/0211988
to
04/01/1989
0.000%
1.52%
1.5%
9.5%
0.000%
04/0211989
to
04101/1990
0.000%
1.52%
1.5%
1.5%
0.000%
0410211994
to
04/01/1991
0.000%
1.52%
1.5%
1.5%
O.ODO%
0414711991
to
0410111992
0.000%
1.52%
1.5%
1.5%
O.ODO%
04/02/1992
to
0410111993
0.000%
1.52%
1.5%
1,5%
4.000%
04/0211993
to
04101/1994
0.000%
1.52%
1.5%
1.5%
0.000%
0410211994
to
0410111995
0.000%
1.52%
1.5%
1.5%
0.000%
04/0711995
to
0410111996
O.ODO%
1.52%
1.5%
1.5%
0.000%
04/02tl M
to
04/0111997
0.000%
1.52%
1.5%
1.5%
0.000%
0410211997
to
04101/1998
0.000%
1.52%
1.5%
1.5°X0
0.000%
D4/0211998
to
04/0111999
0.000 %
1.52%
1.5%
1.5%
0.000%
04/02/1999
to
04/01/2000
0.000%
1.52%
1.5%
1.5%
0.000%
04/0212000
to
04/01/2D01
0.000°10
1.52%
1.5%
1.5%
0.000%
04/0212001
to
04/01/2DO2
0.000%
1.52%
1.5%
1.5%
0.000%
04/0212002
to
04/01/2003
0.00016
1.52%
1.5%
1.5%
0.000%
04/0212003
to
44/01/2DO4
0.000%
1.52%
1.5%
1.5%
0.000%
44/0212004
to
04101/2005
0.000%
1.52%
1.5%
1.5%
0.000%
0410212005
to
04/0112008
0.000%
1.52%
1.5%
1.5%
0.000%
0410212006
to
04/01/2007
0.000%
1.52%
1.5%
1.5%
0.000%
04/0212007
to
04/01/2008
0.000%
1.52%
1.5%
1.5%
0,000%
04/02/2008
to
04/01/2009
O.ODO%
1.52%
1.5%
1.5%
0,000%
04/0212009
to
04/0112010
0.000%
1.52%
1.5%
1.5%
0.000%
04/02/2010
to
04/01/2011
1.52%
1.5%
1.5%
0.000%
Based on ratio of December 2010 CPI to December 2009 CPI for the San Francisco - Oakland - San Jose Area
Based on CPI change rounded to nearest one -half percent.
These are the cast- of-living adjustment factors to be'applied on April 1 2011.
These are the carry -over of the cost- of4iming adjustments that have not been used on April 1 2011.
51 1 7926v1105337, 001 S E G A L
c.
Em plo Fbfi nt Association
1355 willow wq v suite 221 � o ne O rd c n 94520
925.52
RETIREMENT BOARD MEETING
SECOND MONTHLY MEETING
9:00 a.m.
February 23, 2011
1.3960 fax 925.646.5747
Retirement Board Conference Room
The Willows office Park
1355 Willow Way
Suite 221
Concord, California
THE RETIREMENT BOARD MAY DISCUSS AND TAKE ACTION ON THE FOLLOWING:
1. Pledge of Allegiance.
2. Accept comments from the public.
3. Approve minutes from the February 9, 2011 meeting.
4. Review of total portfolio performance including:
a. Consideration of any managers already under review or to be placed under review.
b. Consideration of any changes in allocations to managers
5. Receive report from staff regarding CCCERA's long term rolling returns compared to
actuarial assumption rate.
6. Consider and take possible action on amendments to CCCERA's Security Litigation
Policy.
CLOSED SESSION
7. The Board will go into closed session under Govt. Code section 54956.9(b)(1).
OPEN SESSION
8. Consider authorizing the attendance of Board and/or staff:
a. LA Trustees Network Round Up 2011, February 28 — March 1, 2011, Los
Angeles, CA.
9. Miscellaneous
a. Staff Report
b. outside Professionals' Report
c. Trustees' comments
F tirement Board will provide reasonable
modations for persons with disabilities
g to attend Board meetings who contact
irement office at least 24 hours before a meeting
MIEL-TING P_A_T9
02/23/11
AGENDA �ITEM
f r
Date: Februar 15, 2011
To: CCCERA Board of Retirement
From Cm7 Hall Retirei.n,ent CIO
,Ln, our anal there are onl two 15- pen'ods wbich fall below 80/'0', the periods endin the
4 th q uarter of 2008 a:nd the Pt q uarter of 2009. This 'is not sur Insm. g i,ven, flie si
I
dowiitum. M". the capital markets durin 2008 and earl 2009. At no point does the 20- rollin
return fall below the 8% Ievel. This anal 'is pi,,Ovided M", the chart on the followin page.
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