Commission keeps county retirement matching at 2.5% after URS actuarial-rate update

County staff summarized the Utah Retirement System actuarial results and recommended adopting the URS renewal rates for the coming fiscal year. Mike Wilkins told the commission the required county contribution rates change modestly: overall required contributions for rank-and-file (tier 1) employees fall by 1%, and public-safety required contributions fall by 0.5%. Wilkins said the tier-2 rank-and-file employee share rose from 0.70% to 0.81% (a 0.11 percentage-point increase) for employees hired after July 1, 2011.

Wilkins provided several combined rates used by the county: the tier-1 total rate (fund 15) will be 15.97%, the tier-1 public-safety noncontributory rate 33.04%, and the tier-2 hybrid (pension/401k) total rate 14.19% (employee portion 0.81%). He noted the county has been picking up 2.59 percentage points of employee contribution for several years. Wilkins proposed the commission consider using some of the savings from the reduced required contribution to increase the county's match, presenting three options: keep the current match at 2.5% (option A), increase to 3% (option B), or increase to 3.5% (option C).

After brief discussion, a commissioner moved to approve the URS renewal rates and a second motion to retain the county's employer match at the current 2.5% level. Commissioners voted in favor of both motions by voice vote.

The presenter estimated about 68% of county employees currently participate in the 401(k)-type match and anticipated that mandatory auto-enrollment being implemented July 1 could raise participation to about 75%.

Votes at a glance: - URS renewal rates as presented by county staff ' Approved (voice: Aye, Aye). - Employer match level retained at 2.5% ' Approved (voice: Aye, Nay recorded then motion carried).