Title
HEARING - Consider recommendations regarding a request to the Santa Barbara County Employees Retirement System (SBCERS) suggesting changes to certain actuarial assumptions and methods in order to help manage and stabilize the annual increase to the County's retirement contribution rates, as follows: (EST. TIME: 15 MIN.)
a) Approve the implementation of the next proposed .25 basis point reduction in the investment rate assumption by taking the following reductions:
i) A .05 reduction in Fiscal Year 2013/2014;
ii) A .10 reduction in Fiscal Year 2014/2015; and
iii) A .10 reduction in Fiscal Year 2015/2016; and
b) Approve the implementation of a 25 Year Layered Fixed Amortization Period for Unfunded Actuarial Accrued Liability (UAAL) caused by Investment Rate changes and Demographic Assumption changes determined by Actuarial Investigations and Valuations, including Retroactive Application of the 2010 Actuarial Valuation changes to a 25 Year Fixed Method.
COUNTY EXECUTIVE OFFICER'S RECOMMENDATION: APPROVE