1099-R tax forms were mailed on January 21, 2021 to the addresses we have on record for retirees. This form contains information about reportable income and taxable income from SamCERA for 2020. It will also reflect the amount of federal and California taxes that have been withheld, if any.
Access Your 1099-R Online
Beginning on January 22, 2021, you will be able to view and print your 1099-R online in the MySamCERA member portal.
After logging in, click on “My Documents” in the navigation menu, and from there you have the option to view or print a copy of current and past 1099-Rs.
Changes to taxes and health plan premiums in 2021 could mean that you see a change in your monthly pension benefit in January. Below are a few reminders:
Tax Tables & Withholding: The Internal Revenue Service and the Franchise Tax Board revise their tax tables annually, which may change your monthly pension benefit from SamCERA. A licensed tax advisor can provide more information about these changes and your tax withholding options for 2021.
You can change your tax withholding election anytime throughout the year by completing a new Tax Withholding form (available on our website) or online at the MySamCERA member portal – www.mysamcera.org.
Tax Documents: 1099-R tax forms for 2020 were mailed last week, and they are now available online! To view or print your 1099-R form online, login to your MySamCERA account.
Health Premium: If you pay for all or a portion of your health plan premium via your SamCERA pension benefit, changes to health plan premium rates in 2021 may change the monthly benefit that you receive from SamCERA. For more information about the new 2021 retiree health benefit rates, contact the San Mateo County Benefits Division at benefits@smcgov.org or (650) 363-1919.
Direct Deposit Statements: Benefits statements are available online in the MySamCERA member portal. These statements provide the amount deposited in your account each month, along with any itemized deductions.
Cost-of-Living Adjustment (COLA): An annual Cost-of-Living Adjustment (COLA) is calculated by SamCERA’s actuary, and the increase or decrease is set by the Board of Retirement and certain plan limits. The COLA is effective April 1, and any adjustments will appear on the April benefit paid at the end of the month. More details will be available on our website following the Board of Retirement’s decision.
At its meeting on January 26, 2021, the Board approved a new asset allocation policy. The changes include a 2% increase to Growth assets, a 2% reduction in Diversifying assets, and no change to the exposure to Inflation Hedge assets.
No action was taken related to SamCERA’s investment commitments or hires.
More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting and will be posted shortly thereafter.
At its January 26, 2021 meeting, the Board of Retirement approved a cost-of-living adjustment (COLA) for retirees and beneficiaries in accordance with each plan as shown on the chart below:
Retiree or Beneficiary’s Plan Type
Date of Retirement
2021 COLA %
COLA BANK %
Plan 1 – General and Safety
On or before 4/1/2021
1.5%
n/a
Plan 1 – Probation
On or before 4/1/2019
4/2/2019 – 4/1/2020
4/2/2020 – 4/1/2021
3.0%
2.0%
1.5%
1.5% decrease
0.5% decrease
n/a
Plan 2 – All Members
On or before 4/1/2021
1.5%
n/a
Plan 3
n/a
n/a
n/a
Plan 4, 5, 6, 7 – All Members
On or before 4/1/2021
1.5%
n/a
This COLA applies to eligible retirees and beneficiaries who retired on or before April 1, 2021, and the amount of the COLA will depend on the retirement plan.
The COLA for General and Safety Plan 1 is 1.5%.
The COLA for Probation Plan 1 varies depending on the date of retirement. For those that retired on or before 4/1/2019, the COLA will be 3%. Those that retired between 4/2/2019 – 4/1/2020 will receive a 2% COLA. Those that retire(d) between 4/2/2020 – 4/1/2021 will receive a 1.5% COLA. Probation Plan 1 members receiving more than 1.5% are utilizing the remaining balance in their COLA Bank and now have a zero COLA Bank balance.
All Plan 2 members will receive 1.5%, and the COLA for Plans 4, 5, 6 and 7 is also 1.5%. Plan 3 does not provide a COLA.
All COLAs will be paid beginning with the April 30, 2021 benefit payment.
Current employees considering retirement: If you want to take advantage of this year’s COLA, you must retire on or before April 1. If you’re thinking about retirement, contact SamCERA as soon as possible so your paperwork can be processed in time for you to receive your first retirement benefit check on April 30.
