2/6/24 – The technical issues on MySamCERA have been resolved, and members should have normal access to the member portal and mobile app. Thank you for your patience!
1/31/24 – MySamCERA Currently Unavailable
MySamCERA is experiencing some technical issues, and this is impacting member account access. Please know that our team is aware of the issue and is working urgently to resolve the problem.
In the meantime, if there is anything we can do to help you, please email samcera@samcera.org or call 650-599-1234 for assistance.
At its meeting on January 23, 2024, the Board of Retirement approved a $60 million investment in the Eaton Vance Emerging Markets Debt Opportunities Strategy as part of SamCERA’s opportunistic credit portfolio under the Growth category.
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.
1099-R tax forms will be mailed by January 31, 2024 to the
addresses we have on record for retirees. This form contains
information about reportable income and taxable income from
SamCERA for 2023. 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 “Your Plan” in the navigation menu,
then click on 1099R Tax Information, and from there you have the
option to view or print a copy of current and past 1099-Rs.
SamCERA has issued a Request for Proposal to solicit proposals from qualified actuarial firms to serve as an independent actuary to perform actuarial consulting. Actuarial consulting services are described in detail in the RFP document. Services will include (but are not limited to):
An annual actuarial valuation and review of the Retirement Fund (commencing with the actuarial valuation for the fiscal year ending June 30, 2024;
An annual Disclosure Report pursuant to Governmental Accounting Standards Board (GASB) Statement No. 67 and GASB Statement No. 68 (commencing with the actuarial valuation for the fiscal year ending June 30, 2024);
Two Triennial Experience Studies (for the periods July 1, 2023-April 30, 2026 and July 1, 2026-April 30, 2029).
Firms wishing to submit a proposal must meet the following minimum experience requirements:
The firm must be a professional actuarial services firm whose primary line of business includes providing actuarial services to public pension plans, or similar entities of substantial size. At a minimum, the firm must have performed actuarial services for defined benefit pension plans with assets exceeding five billion dollars ($5,000,000,000);
All of the firm’s actuaries performing the work must meet the professional qualification standards of the American Academy of Actuaries;
The Primary Actuary (Lead) and any supporting actuary performing the work must be an Enrolled Actuary, a member of the American Academy of Actuaries Qualification Standards, and an Associate of the Society of Actuaries;
The Primary Actuary must have a minimum of ten years of experience as an actuary performing pension and consulting services experience analysis, valuation assignments and actuarial audit assignments for multi-employer retirement plans, GASB 67/68 disclosures, and other actuarial consulting services for public sector defined benefit retirement plans. In addition, the Primary Actuary must have experience with defined benefit pension plans falling under the County Employees Retirement Law of 1937 (CERL) and the California Public Employees’ Pension Reform Act (PEPRA);
The firm must have all necessary permits and licenses; and
The firm must provide its own work facilities, equipment, supplies and support staff to perform the required services.
Proposal Submission Process
Proposals must be received no later than 12:00 p.m. (PST) on February 22, 2024.
Proposals must be submitted electronically to: proposals@samcera.org and the original and three hard copies mailed/delivered to:
SamCERA
Attn: Gladys Smith, Assistant Executive Officer
100 Marine Parkway, Suite 125
Redwood City, CA 94065
Schedule of Events is set forth in the chart below and may be subject to change.
Event
Date
Release of RFP
January 3, 2024
Deadline for Written Questions
January 25, 2024
Release of Responses to Written Questions
February 8, 2024
Proposal Due Date and Time
February 22, 2024, by 12:00 p.m.
Notification of Presentations, if needed
Week of March 4, 2024
Finalist Presentation(s), if needed
Week of March 11, 2024
Selection by Board of Retirement
March 26, 2024
Anticipated Contract Start Date
April 1, 2024
More Information
The following information can be found under “Related Links” on the right side of this webpage:
For more information and details about this request for proposal, please read the full RFP, attached as a PDF.
The Proposer Questionnaire, attached as Word file.
San Mateo County Employees’ Retirement Association (SamCERA) is embarking on a custodian bank search to determine which firm can best fit SamCERA’s current needs. The objective of this Request for Proposal (RFP) is to solicit proposals from vendors that can provide requested services that include, but are not limited to asset safekeeping, accounting, securities settlement, cash management, corporate actions, class actions and proxy processing, securities lending, performance and risk analytics, and miscellaneous system queries and reporting requirements.
SamCERA is seeking proposals from organizations that can meet or exceed the following qualifications:
At least $1 billion in total market capitalization as of June 30, 2023;
At least $500 billion in total tax-exempt assets under trust/custody as of June 30, 2023;
Provided custody services for a minimum of ten (10) years; and
Provided securities lending services for a minimum of ten (10) years.
Proposal Submission Date and Location
Submit one (1) original and six (6) copies of the complete proposal in paper format and e-mail an electronic copy to Investments@SamCERA.org.
Proposals must be received by February 12, 2024, at 5:00 p.m. Pacific Time
Address or deliver proposals to:
Michael Coultrip
Chief Investment Officer
100 Marine Parkway, Suite 125
Redwood City, CA 94065
Investments@SamCERA.org
Schedule of Events
The dates below are approximate and are of the period up to the contract start date following award. SamCERA reserves the right to change the schedule events at any time.
Event
Date
Release of RFP
January 8, 2024
Deadline for Written Questions
January 22, 2024
Release of Responses to Written Questions
January 29, 2024
Proposal Due Date and Time
February 12, 2024, 5:00 p.m. Pacific Time
Presentations if Requested
February 2024
Announcement of Recommendation
March 2024
Last date to submit protest
March 2024
Contract Negotiations
March-April 2024
Board Approval of Contract
April 23, 2024
Anticipated Contract Start Date
July 1, 2024
More Information
For more information and details about this request for proposal, please read the full RFP, attached as a PDF to this webpage under “Related Links.”
“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 2024 compensation limits based on your plan and membership with SamCERA.
2024 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 2024, the annual pensionable compensation limits for PEPRA members are:
General Plan 7 Members (County & Court): $151,446
General Plan 7 Members (Mosquito & Vector Control District): $181,734
Safety & Probation Plan 7 Members (County): $181,734
2024 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 2024, the IRS annual compensation limit (for pension calculation purposes) is $345,000.
At its January 23, 2024 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
2024 COLA %
COLA BANK %
Plan 1 – General and Safety
On or before 4/1/2024
4.0%
0.5% decrease
Plan 1 – Probation
On or before 4/1/2024
3.0%
0.5% increase
Plan 2 – All Members
On or before 4/1/2024
3.0%
n/a
Plan 3
n/a
n/a
n/a
Plan 4, 5, 6, 7 – All Members
On or before 4/1/2024
2.0%
n/a
This COLA applies to eligible retirees and beneficiaries who retire on or before April 1, 2024, and the amount of the COLA will vary depending on the retirement plan.
The COLA for Plan 1 General and Safety members is 4.0%, which includes 3.5% based on the Consumer Price Index in addition to 0.5% from their COLA bank. These members will now have a zero COLA bank balance.
Plan 1 Probation members will receive a 3.0% COLA with a 0.5% 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 30, 2024 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, 2024. 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.
San Mateo County Employees’ Retirement Association (SamCERA), a
public pension system, administers a defined benefit pension plan
with net assets of $6 billion. SamCERA issues this Request for
Proposal (RFP) to solicit proposals from qualified independent
certified public accounting firms to (1) audit and render an
opinion on its annual financial statements and other information
and (2) issue a report on compliance and internal controls. A
detailed description of services is in Section V. The anticipated
initial term of the contract will be for five years, with a start
date of May 1, 2024.
SamCERA is seeking proposals from organizations that can meet or
exceed the following qualifications:
The firm must meet all minimum qualifications set forth in
the State Controller Guidelines.
The firm must be an independent public accounting firm
licensed by the State of California under the Accountancy
Act, Article 4, Section 5070.
The firm must have conducted, within the last five years, at
least two audits of defined benefit pension plans of public
agencies falling under California’s County Employees
Retirement Law (CERL) of 1937 (California Government Code
Section 31450 et seq., “the CERL”) with assets exceeding $1
billion.
The firm must have experience in auditing different types of
investments including the following: equity securities
(domestic, global & international), public market commingled
funds, fixed income securities/bonds, real assets, private
real assets including private real estate, alternative
investments (private equity, private credit funds, hedge
funds), and securities lending.
The Engagement Partner responsible for the SamCERA audit, and
the partner who signs the audit report (if different), must
have at least ten years of experience in public accounting.
Such experience must include audits of defined benefit
pension plans. This person must be a Certified Public
Accountant licensed by and in good standing with the
California Board of Accountancy.
The Engagement Audit Manager responsible for the SamCERA
audit must have at least five years of experience in public
accounting. Such experience must include audits of defined
benefit pension plans. This person must be a Certified Public
Accountant licensed by and in good standing with the State of
California.
The Engagement On-Site Audit Supervisor responsible for the
SamCERA audit must have at least three years of experience in
public accounting. Such experience must include audits of
defined benefit pension plans. This person must be a
Certified Public Accountant licensed by and in good standing
with the State of California.
The Engagement Audit Manager and On-Site Audit Supervisor
must be available for consultations throughout the year.
The firm must have all necessary permits and licenses.
The firm must provide its own work facilities, equipment,
supplies, and support staff to perform the required services.
Proposal Submission Process
Proposals must be received no later than 12:00 p.m. (PST)
on March 7, 2024.
Proposals must be submitted electronically to:
proposals@samcera.org and three hard copies mailed/delivered
to:
SamCERA
Attn: Tat-Ling Chow, Finance Officer
100 Marine Parkway, Suite 125
Redwood City, CA 94065
Schedule of RFP Events is set forth in the chart below and may be
subject to change:
EVENT
DATE
Release of RFP
January 25, 2024
Deadline for Written Questions
February 8, 2024
Release of Responses to Written Questions
February 22, 2024
Proposal Due Date and Time
March 7, 2024 by 12:00 p.m.
Notification of Presentation
Week of March 25, 2024
Finalist Presentation(s)
Week of April 1, 2024
Approval to Enter into Contract
by Board of Retirement
April 23, 2024
Anticipated Contract Start Date
May 1, 2024
More Information
The following information can be found under “Related Links” on
the right side of this webpage:
For more information and details about this request for
proposal, please read the full RFP, attached as a PDF.
The Proposer Questionnaire, attached as Word file.
