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File #: 23-4766   
Type: Orange County Transportation Authority Item Status: Committee Ready - Consent
File created: 1/18/2023 In control: Finance and Administration Committee
On agenda: 11/15/2023 Final action:
Title: Orange County Employees Retirement System Early Payment for Fiscal Year 2024-25
Sponsors: Robert Davis, Andrew Oftelie
Attachments: 1. Transmittal, 2. Staff Report
Date Action ByActionResultAction DetailsMeeting DetailsVideo/Audio
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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.