Reports
2018 State of the Retirement System Report
Informational report on the state of the County’s pension system that highlights annual costs, unfunded liabilities, results from the 2017 annual actuarial valuation, and anticipated impacts from the upcoming 2018 experience study and valuation.
Agenda Binder December 11, 2018, Item 56 (PDF: 844 kB)
Pension Ad-Hoc Report
Board of Supervisors Agenda Item
September 11, 2018
The enclosed report represents the recommendations of the Pension Ad-Hoc Committee. Supervisors Zane and Rabbitt were appointed to the Committee to guide the next phase of the county’s pension reform efforts. With this report the Ad-Hoc specifically makes recommendations on four different cost containment strategies: (1) Accelerated payments towards the Retirement System’s Unfunded Actuarial Accrued Liability (UAAL); (2) Early Payment of Pension Obligation Bonds; (3) Long term sharing of unfunded liability costs between employer and employees; and (4) Implement a hybrid retirement plan with a market competitive defined-benefit formula. Further, the enclosed Ad-Hoc Report suggests responses to the 2016 Citizen’s Pension Committee Recommendations Report.
Agenda Binder September 11, 2018 Item 46(PDF 5.39 MB)
Relevant Board of Supervisors Reports
The following reports were presented at Board of Supervisors Meetings:
April 25, 2017, Item #40
This item requested approval of the charter and scope for the Board’s 2016-17 Pension Ad Hoc Committee, which included: (1) a pension reform work plan; (2) recommendations for paying unfunded liability costs and improving equity; (3) a feasibility analysis for implementing a hybrid retirement plan with defined-benefit and defined-contribution components; (4) a communications program for pension matters, including improved reporting to enhance transparency; (5) new or revised cost containment measures; and (6) an approved charter for a new citizens committee. With respect to this last item, this report also requested Board approval to establish a new, ongoing Independent Citizens Pension Committee. The recommended scope for the committee is intended to improve accountability and transparency of the County’s pension reporting, and provide a way for the County to engage citizens in the process of developing and refining the County’s pension reform strategies.
April 25, 2017, Agenda Item #40 Summary Report (PDF: 821 kB)
February 21, 2017, Item #51
This item requests approval of the charter and scope for the 2016 Pension Ad Hoc Committee, which will guide the next phase of reform efforts, establish a work plan, and act upon several key recommendations from the July 2016 Citizen’s Committee report. The scope of work includes the following: (1) a pension reform work plan; (2) developing new recommendations for paying unfunded liability costs and improving equity; (3) a feasibility analysis and options for implementing a hybrid retirement plan with defined-benefit and defined-contribution components; (4) a communications program for pension matters, including improved reporting to enhance transparency; (5) new or revised cost containment measures; and (6) an approved charter for a new Independent Citizen’s Pension Advisory Committee. To accomplish the last item, this report also requests Board approval of the recommended charter for the 2017 Independent Citizen’s Committee.
February 21, 2017, Agenda Item #51 Summary Report, Attachments, Presentation (PDF: 2.37 MB)
July 12, 2016, Item #32
This item presented the final report of the Independent Citizens Advisory Committee on Pension Matters, which addressed three specific areas: 1) evaluating the County’s progress towards achieving its stated pension reform goals; 2) developing a brief summary of the County’s pension system and the roles and responsibilities of governing bodies; and 3) developing and proposing additional pension reform recommendations for the Board’s consideration.
July 12, 2016, Agenda Item #32 Summary Report (PDF: 142 kB)
July 12, 2016, Agenda Item #32 Report (PDF: 4.92 MB)
July 12, 2016, Agenda Item #32 PowerPoint Presentation (PDF: 3.16 MB)
June 13, 2016, Item #50
This item provided an update on three main topics related to the Sonoma County Employees’ Retirement Association retirement system for FY 2016-17: employer and employee retirement contribution rates; Pension Obligation Bond payroll rates; and summarization of key points from the most recent 2015 actuarial valuation and review of the retirement fund.
June 13, 2016, Agenda Item #50 Summary Report (PDF: 191 kB)
June 13, 2016, Agenda Item #50 PowerPoint Presentation #1 (PDF: 325 kB)
June 13, 2016, Agenda Item #50 PowerPoint Presentation #2 (PDF: 201 kB)
June 13, 2016, Agenda Item #50 Actuarial Valuation (PDF: 757 kB)
June 13, 2016, Budget Hearings Materials Binder, Section 7
This report covered several elements called for in the Board’s Pension Reform efforts, including: a detailed presentation on the status of the retirement system as a part of the annual contribution rate setting process; updated cost containment projections and funded ratio calculations; and FY 2015-16 pension reform accomplishments.
June 13, 2016, Budget Hearings Materials Binder Item (whole binder) (PDF: 13.4 MB)
September 22, 2015, Item #30
This item approved appointments of seven members of the public to the Independent Citizens Advisory Committee on Pension Matters.
September 22, 2015, Agenda Item #30 Summary Report (PDF: 132 kB)
April 21, 2015, Item #33
The Board of Supervisors created the Independent Citizens Advisory Committee on Pension Matters for the purpose of reviewing and evaluating the County’s pension reform efforts to date. The committee was charged with producing a written report deliverable addressing three specific areas: 1) evaluating the County’s progress towards achieving its stated pension reform goals; 2) developing a brief summary of the County’s pension system and the roles and responsibilities of governing bodies; and 3) proposing additional pension reform recommendations for the Board’s consideration.
April 21, 2015, Agenda Item #33 Summary Report (PDF: 133 kB)
January 27, 2015, Item #30
This item provided an update on the County’s pension reform efforts initiated by the Board of Supervisors in late 2011. This report communicated the significant progress made to date, and requested approval to modify FY 2015-16 pension contribution rates to allow for making a $3.5 million advanced payment towards the County’s unfunded pension liabilities above and beyond regular annual payments.
January 27, 2015, Agenda Item #30 Summary Report (PDF: 136 kB)
November 8, 2011, Item #23
This item presented the final report of the Board’s 2011 Pension Ad Hoc Committee. The report requested that the Board adopt three over-arching policy goals for pension reform: (1) contain costs; (2) maintain labor market competitiveness and workforce stability; and (3) improve accountability and transparency.
November 8, 2011, Agenda Item #23 Summary Report (PDF: 94 kB)
November 8, 2011 Agenda Item 23 Full Report (PDF: 1.82 MB)