Month: January 2023

Notice of Special Election

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SAN MATEO COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION (SamCERA)

NOTICE OF SPECIAL ELECTION TO ELECT A SAFETY ALTERNATE TO THE BOARD OF RETIREMENT

Notice is hereby given that one PROBATION MEMBER is to be elected to fill the unexpired term for the Alternate Safety Member seat on SamCERA’s Board of Retirement at a special election to be held on March 6, 2023. 

Alternate Safety Member Eligibility: Candidates must be active SamCERA Probation members. Each candidate for the Alternate Safety Member position shall be nominated by a petition signed by not less than ten (10) active SamCERA Probation members.

Member Term: The Probation Member elected to fill the Alternate Safety member seat shall serve the remaining term, expiring June 30, 2024.

Required Nomination Petitions & Declarations of Candidacy: These forms will be available and can be circulated beginning January 9 through January 23. Qualified Candidates may obtain petitions in person at: 

Registration & Elections Division Office of the Chief Elections Officer & Assessor-County Clerk-Recorder County of San Mateo 40 TOWER ROAD, SAN MATEO, CA 94402

Completed Nomination Petition & Declaration of Candidacy: These completed forms must be filed in person with the Registration & Elections Division no later than 5:00 p.m. on January 23.

Please contact the Elections Office at (650) 655-6245, if you have any questions or wish to make an appointment to take out Candidacy Papers.

The election will be held on MONDAY, March 6, 2023 and in all other respects will be conducted in accordance with Article 4 of the Regulations of the Board of Retirement. These regulations are available at the Elections Office or SamCERA’s website at: www.samcera.org.

 

____________________________________________ MARK CHURCH  Chief Elections Officer & Assessor-County Clerk-Recorder 

Compensation Limits for 2023

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“Compensation limits” do not refer to restrictions on the amount of salary your employer can pay you.  Rather, this term refers the maximum amount of compensation SamCERA can take into account when determining your contributions and calculating your monthly pension benefit under your retirement plan. The two primary “compensation limits” that impact SamCERA members are:  1) Limits set forth In the Public Employees’ Pension Reform Act (PEPRA) which establish the maximum amount of compensation that can be used to calculate the pension benefits for Plan 7 members; and 2) Limits set forth in the United States Internal Revenue Code regarding the maximum amount of compensation that can be used to calculate the pension benefits of any SamCERA member, regardless of their plan.

Both of these compensation limits are adjusted each year pursuant to the provisions of the above-referenced statutes.  See below for the relevant 2023 compensation limits based on your plan and membership with SamCERA.

2023 Pensionable Compensation Limits for Plan 7 Members

Under PEPRA, SamCERA’s “Plan 7″ members are subject to pensionable compensation limits that are set by statute.

In 2023, the annual pensionable compensation limits for PEPRA members are:

  • General Plan 7 Members (County & Court): $146,042
  • General Plan 7 Members (Mosquito & Vector Control District): $175,250
  • Safety & Probation Plan 7 Members (County): $175,250

2023 IRS Compensation Limit

Regardless of your plan, the IRS sets a limit each year on the amount of compensation which can be used to calculate your monthly pension benefit.  This limit applies to all SamCERA members hired after July 1, 1996.  In 2023, the IRS annual compensation limit (for pension calculation purposes) is $330,000.

 

Questions? Please email samcera@samcera.org.

Retirees: 2022 Tax Forms Are Available Now

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1099-R tax forms were mailed on January 11, 2023 to the addresses we have on record for retirees. This form contains information about reportable income and taxable income from SamCERA for 2022. It will also reflect the amount of federal and California taxes that have been withheld, if any.

Access Your 1099-R Online

Your 1099-R is available online to view and print in the MySamCERA member portal.

After logging in, click on “My 1099R’s” in the navigation menu, and from there you have the option to view or print a copy of current and past 1099-Rs.

COLA Increase for 2023

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At its January 24, 2023 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

2023 COLA %

COLA BANK %

Plan 1 – General and Safety

On or before 4/1/2023

5.0%

0.5%

Plan 1 – Probation

On or before 4/1/2023

3.0%
 

2.5%
 

Plan 2 – All Members

On or before 4/1/2023

3.0%

n/a

Plan 3

n/a

n/a

n/a

Plan 4, 5, 6, 7 – All Members

On or before 4/1/2023

2.0%

n/a

This COLA applies to eligible retirees and beneficiaries who retire on or before April 1, 2023, and the amount of the COLA will vary depending on the retirement plan. 

The COLA for Plan 1 General and Safety members is 5.0% with a 0.5% COLA bank. Plan 1 Probation members will receive a 3.0% COLA with a 2.5% COLA bank. The COLA for Plan 2 members is 3.0%, and the COLA for Plans 4, 5, 6 and 7 is 2.0%. Plan 3 does not provide a COLA.

All COLAs will be paid beginning with the April 28, 2023 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, 2023. 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 28.

Board of Retirement Investment Information – January 2023

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At its meeting on January 24, 2023, the Board of Retirement approved the implementation of a dynamic currency hedge program with Record Currency Management Limited.

The Board also approved a $20 million commitment to KSL Capital Partners VI LP, as part of SamCERA’s Infrastructure portfolio within Private Real Assets.

No further board 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.