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HomeMy WebLinkAbout04.b. Receive pension reform update associated with employees identified under the estoppel class Page 1 of 1 Item 4.b. CENTRAL SAN Y-109-ITMEN ME June 7, 2022 TO: ADMINISTRATION COMMITTEE FROM: TEJI O'MALLEY, HUMAN RESOURCES AND ORGANIZATIONAL DEVELOPMENT MANAGER REVIEWED BY: ROGER S. BAILEY, GENERAL MANAGER SUBJECT: RECEIVE PENSION REFORM UPDATE ASSOCIATED WITH EMPLOYEES IDENTIFIED UNDER THE ESTOPPEL CLASS Contra Costa County Employees' Retirement Association (CCCERA) has been involved in lengthy litigation regarding the pension reforms that were enacted in California in 2012 (Public Employees' Pension Reform Act (PEPRA), Assembly Bill (AB) 340 and AB 197). In 2014, the trial court decision had created a group of employees referred to as the "estoppel class" for whom the retirement benefit calculation allowed for additional hours of vacation leave to be included in their final average salary (FAS) period which is used to calculate the monthly pension benefit. In July of 2020, the California Supreme Court issued a decision which stated that the trial court order be vacated, and the estoppel class was not lawful. Seven District employees were impacted as their pension benefit had been calculated including leave that should not have been included in their FAS period. CCCERA implemented the decision and reduced the pension for those impacted going forward but also determined that it would not collect on any overpayment retroactively and which had already been paid to the retiree. All seven retirees were notified of this action in October of 2021 by CCCERA. Since those retirees did make contribution amounts on each calendar year sale of vacation hours (up to 160 hours)within their FAS and they are no longer eligible for the higher pension benefit which was inclusive of two vacation sales (up to 320 hours), they are owed a refund of their contributions. As CCCERA has determined not to collect any overpayments that were owed, the refunds have been applied against the overpayment amounts. Staff will be available at the meeting to answer any questions. Strategic Plan Tie-In GOAL THREE: Fiscal Responsibility Strategy 2—Ensure integrity and transparency in financial management June 7, 2022 Regular ADMIN Committee Meeting Agenda Packet- Page 11 of 13