Author: planeteria

Request for Proposal: Global Custody & Securities Lending Services

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Overview

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.

EventDate
Release of RFPJanuary 8, 2024
Deadline for Written QuestionsJanuary 22, 2024
Release of Responses to Written Questions January 29, 2024
Proposal Due Date and TimeFebruary 12, 2024, 5:00 p.m. Pacific Time
Presentations if RequestedFebruary 2024
Announcement of RecommendationMarch 2024
Last date to submit protestMarch 2024
Contract NegotiationsMarch-April 2024
Board Approval of ContractApril 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 for 2024

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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 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.

 

Questions? Please email samcera@samcera.org.

COLA Increase for 2024

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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.

Board of Retirement Investment Information – July 2023

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At its meeting on July 25, 2023, it was reported that SamCERA made a $25 million commitment to Gridiron Capital Fund V L.P. and a $20 million commitment to Charlesbank Technology Opportunities Fund II L.P, both as part of SamCERA’s buyout portfolio within Private Equity 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. 

2024 Service Purchase Schedule

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Depending on your circumstances, you may be eligible to purchase service credit that can count toward your total years of service and may increase your retirement benefit. 

Purchase Request forms may be submitted for the purchase of Extra Help time, Plan 3 and Plan 5 service upgrades, certain military leave, unpaid sick leave, and parental leave. Returning SamCERA members can also make a Purchase Request for a redeposit of withdrawn funds. 

SamCERA members have two separate periods of time during 2024 to make service purchases. The process starts when the member submits a Purchase Request form. 

First Period

  • SamCERA begins processing Purchase Request forms: February 1, 2024
  • Deadline to submit Purchase Request Form: April 30, 2024
  • Deadline for all money to be received by SamCERA with agreement: June 6, 2024

Second Period

  • SamCERA begins processing Purchase Request forms: August 1, 2024
  • Deadline to submit Purchase Request Form: October 31, 2024
  • Deadline for all money to be received by SamCERA with agreement: December 5, 2024

You can find a copy of the SamCERA Purchase Request form on the SamCERA forms page.

Contact SamCERA for more information about service purchases.

Empower (formerly known as Mass Mutual) Plan-to-Plan Transfer

If you wish to use your 457 funds to purchase service credits, the 2024 deadlines to submit the Empower Plan-to-Plan Transfer form to San Mateo County Human Resources are:

  • May 23, 2024 by 12:00 PM (PST)
  • November 21, 2024 by 12:00 PM (PST)

For more information about an Empower Plan-to-Plan transfer, please contact benefits@smcgov.org.

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. 

Board of Retirement Investment Information – February 2023

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At its meeting on February 28, 2023, the Board approved a new asset allocation policy. The changes include a 2% increase to Growth assets, a 1% reduction in Diversifying assets and a 1% reduction in Inflation Hedge assets. The new policy has a target allocation of 59% to Growth assets, 18.5% to Diversifying assets, 17% to Inflation Hedge assets and 5.5% to Liquidity assets.

The Board of Retirement then approved a re-up commitment of $10 million to Eclipse Fund V L.P., as part of SamCERA’s Venture Capital portfolio within Private Equity.

The Board also approved a re-up commitment of $30 million to Clayton Dubilier & Rice XII L.P., as part of SamCERA’s Buyout portfolio within Private Equity.

Lastly, the Board also approved a re-up commitment of $30 million to Stockbridge Value Fund V L.P., as part of SamCERA’s Value-Add portfolio within Real Estate.

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. 

MySamCERA – Upcoming Scheduled Maintenance

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Due to scheduled maintenance, the following features and services will be unavailable on MySamCERA from Friday, 3/31 at 8:00 p.m. to Monday, 4/3 at 8:00 a.m.:

  • Reset password
  • Username lookup
  • Email notifications

We apologize for any inconvenience and appreciate your patience during this time. If you have questions please email samcera@samcera.org or call during normal business hours: 800-339-0761 (Monday-Thursday, 7:30 a.m. – 5:30 p.m.)