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Title
Orange County Employees Retirement System Early Payment for Fiscal Year 2022-23
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 2022-23. Advance payments must be received before January 14, 2022. The estimated savings for the Orange County Transportation Authority over the next year and a half under this payment option will total approximately $1.6 million. Board of Directors’ authorization is requested for the early payment option.
Recommendation(s)
Authorize the early payment of approximately $28.9 million by January 14, 2022, to the Orange County Employees Retirement System, for member contributions for fiscal year 2022-23.