DATE: October 19, 2021
TO: Board of Supervisors
SUBMITTED BY: Paul Dictos, CPA, Assessor-Recorder
SUBJECT: Mutual Release and Satisfaction of Claims with California Electronic Recording Transaction Network Authority (CERTNA) and 9 Other Counties
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute a Mutual Release and Satisfaction of Claims with the California Electronic Recording Transaction Authority (CERTNA), and the counties of Santa Cruz, San Joaquin, El Dorado, Madera, Merced, Monterey, Santa Clara, Shasta, and Solano, relating to $2,525,121 in unfunded pension liability of CERTNA to the San Bernardino County Employees' Retirement Association as of June 30, 2021, and establishing $349,127 as the County's proportional share of CERTNA's unfunded pension liability, effective upon execution by all parties.
REPORT
Approval of the recommended action will establish the County's proportional share of CERTNA's liability for unfunded pension liability associated with CERTNA's withdrawal from the San Bernardino County Employees' Retirement Association (SBCERA) effective June 30, 2021, and provide for a mutual release by the County, CERTNA, and the other signatory counties of all claims, demands, liens, obligations, rights, actions, causes of action, loss of profits, and damages related to CERTNA's unfunded pension liability arising from CERTNA's withdrawal from SBCERA, and the counties' proportional shares of that liability. This item is countywide.
ALTERNATIVE ACTION(S):
If the recommended actions are not approved by your Board, the County will still be obligated under the joint exercise of powers agreement for CERTNA to pay the County's proportional share of CERTNA's unfunded pension liability arising from CERTNA's withdrawal from SBCERA, but would not be released from further such liability.
FISCAL IMPACT:
There is no increase in Net County Cost associated with the recommended action. The total cost under the Mutual Release and Sat...
Click here for full text