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File #: 22-4270   
Type: Orange County Transportation Authority Item Status: Passed
File created: 6/7/2022 In control: Finance and Administration Committee
On agenda: 11/30/2022 Final action: 12/12/2022
Title: Orange County Employees Retirement System Early Payment for Fiscal Year 2023-24
Sponsors: Robert Davis, Andrew Oftelie
Attachments: 1. Transmittal, 2. Staff Report

Title

Orange County Employees Retirement System Early Payment for Fiscal Year 2023-24

Overview

Overview

 

The Orange County Employees Retirement System has offered an early payment discount to member agencies of 5.8 percent if they elect to prepay their contributions for fiscal year 2023-24. Advance payments must be received before January 13, 2023. The estimated savings for the Orange County Transportation Authority over the next year and a half under this payment option will total approximately $300,000.  Board of Directors’ authorization is requested for the early payment option.

 

Recommendation(s)

Recommendation

 

Authorize the early payment of approximately $30.6 million by January 13, 2023, to the Orange County Employees Retirement System for member contributions for fiscal year 2023-24.