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Subject
title
Orange County Employees Retirement System Early Payment for Fiscal Year 2024-25
overview
Overview
The Orange County Employees Retirement System has offered an early payment discount to member agencies of seven percent if they elect to prepay their contributions for fiscal year 2024-25. Advance payments must be received by January 11, 2024. The estimated savings for the Orange County Transportation Authority over the next year and a half under this payment option will total approximately $345,000. Board of Directors’ authorization is requested for the early payment option.
recommendation
Recommendation
Authorize the early payment of approximately $34.8 million by January 11, 2024, to the Orange County Employees Retirement System, for employer contributions for fiscal year 2024-25.