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r1 <br />must be a nonelective managerial or policymaking position. Participation in the SMSC is compulsory <br />for the County Administrator, and the only other County positions that meet all three criteria and <br />qualify for participation in the SMSC are the County Attorney and Executive Aide to the Board. <br />Secondly, in order to enroll the County Attorney and Executive Aide to the Board in the SMSC, the <br />following steps must be taken: <br />1. The County must publish a notice of intent once a week for two consecu 've weeks in a <br />newspaper of general circulation before designating a position to be included in the SMSC; <br />2. The County must complete Form SMSD-1, Senior Management Service Class Designated <br />Position Form. and submit it to the Division of Retirement. <br />3. The County Attorney and Executive Aide to the Board must complete Form SMS -3, Senior <br />Management Service Class Ballot/Enrollment Form for local agency employees. <br />Lastly, the following is a comparison of the benefits provided in the Regular Class and the Senior <br />Management Service Class (SMSC): <br />REGULAR CLASS <br />10 -year vesting period <br />Employer contribution is currently 16.45% of salary, which includes a health insuran subsidy* rate <br />of .94%. <br />Retirement percentage value: <br />Age 62 or 30 years of service is 1.60% <br />Age 63 or 31 years of service is 1.63% <br />SMSC UNDER FRS <br />7 -year vesting period <br />OR <br />Age 64 or 32 years of service is 1165% <br />Age 65 or 33 years of service is 1.68% <br />10 -year vesting period with a combination of creditable service <br />(Note: The 10 -year vesting period applies only if the member has less than 7 years of <br />creditable service with SMSC. In addition, the retirement benefit will be calculated using the <br />percentage value of the respective class and the number of years served in tha class.) <br />Employer contribution is currently 24.04% of salary, which includes a health insurance subsidy* rate <br />of .94%. <br />Retirement percentage value: 2% <br />SMSC OPTIONAL LOCAL ANNUITY PROGRAM <br />No vesting requirement <br />Employer contribution is 23.10%; 12.491/6 is allocated to the local annuity program and 10.61% is <br />paid to the FRS Trust Fund for the unfunded actuarial liability portion of the SMSC contributions. <br />APRIL 27, 1999 <br />25 <br />• <br />{ <br />Q i P�,GE;,� <br />