Fiduciary Funds

Description

Fiduciary Funds - Trust funds are used to account for assets held by the City as trustee or agent for other governmental units, private organizations or individuals. The financial activities of these funds are excluded from the City-wide financial statements, but are presented in separate Fiduciary financial statements. The City has two fiduciary funds.

  • City of Concord Retirement System Plan – The retirement system is a closed plan and is a single employer defined benefit pension plan covering all full-time employees of the City retired prior to June 28, 1999. The plan provides retirement and death benefits for general and police employees as well as disability benefits for police employees. General employees are eligible for retirement benefits at age 50, provided the employee has completed 20 years of service or has accumulated contributions in excess of $500 and was employed before June 30, 1990; or has completed 5 years of service and was terminated after July 1, 1991. Sworn police employees are eligible for retirement at age 50, provided the employee has completed 20 years of service or has accumulated contributions exceeding $500. Retirement benefits are determined based on the employee’s length of service, highest one-year compensation upon retirement, and age at retirement.

  • Successor Agency – The Redevelopment Agency of the City of Concord was dissolved on January 31, 2012 following State of California adoption of ABx1 26 and AB1484. The City will serve as the Successor Agency and it has assumed ownership and responsibility for all remaining assets, properties, contracts, leases and records of the Redevelopment Agency, and will be responsible for winding down the Agency’s contractual and legal obligations and affairs. The activities of the Successor Agency are subject to the review and approval of the Oversight Board.