Friday, 22 July 2011 06:52

Central Sierra Planning may owe $2 million in Pubic Retirement PERS

Written by 
Rate this item
(0 votes)

slide1-central_sierra_planning_may_owe_2_million_in_pubic_retirement_pers.pngAmador County – The Amador County Board of Supervisors at its first July meeting briefly discussed retirement payment refunds it may be due from the folded Central Sierra Planning and Development District, ranging up to $2 million, for county employees who worked for the District.

In matters not on the agenda, District 3 Supervisor Ted Novelli, who was the Board appointee to the District, said that the “Central Sierra Planning and Development District closed as of July 7,” and at the last meeting, it was discussed how much five Amador County employees have paid into the Public Employees Retirement System account, when they were working for the Central Sierra District, a Joint Power Authority (JPA), whose members dissolved the group.

Novelli said there might be “$1 million or $2 million that Central Sierra Planning might have to come up with” to repay that retirement of those five employees. He said there might also be others who paid into the retirement fund over the last 30 years, during the life of that JPA.

Supervisor Chairman John Plasse said he was worried about the PERS actuarial tables, and wondered if the Central Sierra Planning & Economic Development would become an “indenture of the JPA.” County Counsel Martha Shaver said Tuolumne County was the counsel for the JPA, and they were to meet July 14 with member entities to begin to address some of those questions.

Story by Jim Reece This email address is being protected from spambots. You need JavaScript enabled to view it.

Read 568 times Last modified on Monday, 25 July 2011 07:02
Tom