County pension rates will go up Jan 1.



Meeting in closed cession at its Dec. 15 meeting, the county Board of Supervisors announced it would unilaterally raise the contribution rate to the county pension fund for county employees starting Jan 1, 2010. County employees will get a .92 percent rate increase in their pension contribution rate, thanks to the county’s effort to shore up a lagging pension fund.

The county will contribute $790,000 dollars to “help buy down the rate” said County Counsel Warren R. Jensen. He said the rate increase and the cash infusion was a cost-saving measure from the 1.88 percent rate the pension trust said was necessary to help get the fund fully funded. The pension trust is only 74 percent funded as of last estimate.

The board has pledged to negotiate with city worker unions to get employees to pay a higher share of their pension costs. Supervisors said in October the county had been paying too high of a share of the county employees’ pension contributions and the status quo is unacceptable.

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