FROM: Robert Thompson, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
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ORANGE COUNTY RETIREMENT SYSTEM (OCERS) UPDATE
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
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BACKGROUND
The Orange County Sanitation District (OC San) participates in the Orange County Retirement System (OCERS), a cost-sharing multiple-employer defined benefit pension plan. OCERS partners with 13 active participating employers to provide pension benefits for retirees and their beneficiaries. Members include many different public servants, including deputy sheriffs, firefighters, probation officers, physicians, secretaries, and bus drivers.
Although many of OC San's member agencies are members of the California Public Employees' Retirement System (CALPERS), (another multiple-employer pension plan), OCERS is a separate entity. While OCERS provides similar services, it has a different board, management and actuarial assumptions, resulting in different financial results.
Currently, OC San has no Unfunded Actuarial Accrued Liability, making OC San's participation in OCERS fully funded.
OCERS staff will provide a brief presentation on its mission, financial results and assumptions, and OC San's current financial status in the OCERS program.
ADDITIONAL INFORMATION
All qualified permanent and probationary employees are eligible to participate in OC San's Employee Pension Plan (Plan), which is a cost-sharing multiple-employer defined benefit pension plan administered by the OCERS. OCERS was established in 1945 under the provisions of the County Employees Retirement Law of 1937 (CERL). The Plan operates under the provisions of the CERL, the California Public Employees' Pension Reform Act of 2013 (PEPRA), and the regulations, procedures and policies adopted by OCERS' Board of Retirement. The Plan's authority to establish and amend the benefit terms are set by the CERL and PEPRA and may be amend...
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