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File #: 17-783   
Type: Orange County Transportation Authority Item Status: Passed
File created: 10/3/2017 In control: Finance and Administration Committee
On agenda: 11/8/2017 Final action: 11/13/2017
Title: Orange County Employees Retirement System Early Payment For Fiscal Year 2018-19
Sponsors: Rodney Johnson, Andrew Oftelie
Attachments: 1. Transmittal, 2. Staff Report

Title

Orange County Employees Retirement System Early Payment For Fiscal Year 2018-19

 

Overview

The Orange County Employees Retirement System has offered an early payment discount to member agencies of 4.5 percent if they elect to prepay their contributions for fiscal year 2019.  Advance payments must be received before January 16, 2018. The Orange County Transportation Authority has estimated the savings over the next year and a half under this payment option will total approximately $885,000.

 

Recommendation(s)

Authorize the early payment of approximately $23.3 million by January 16, 2018, to the Orange County Employees Retirement System, for member contributions for fiscal year 2018-19.