Author: planeteria

Board of Retirement Investment Information

Posted on by planeteria

At its meeting on May 25, 2021, the Board of Retirement approved a $15 million capital commitment to ABRY Senior Equity VI, LP, as part of SamCERA’s Debt-Related/Special Situations portfolio within Private Equity.

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. 

2021 SamCERA Board of Retirement Election Results

Posted on by planeteria

The nomination period for the 2021 Board of Retirement election closed on May 3, 2021, at 5:00 p.m. Katherine O’Malley ran unopposed and deemed elected to the Board while an election was held on Monday, June 14, 2021 for the Seventh (Safety) Seat.

Katherine O’Malley was reelected to the General Member Second Seat, and she is currently a Principal Appraiser with the Assessor-County Clerk-Recorder & Elections Department. Robert Raw, a Sergeant with the Sheriff’s Department, was reelected to the Safety Member Seventh Seat, and Susan Lee, a Deputy Probation Officer with the Probation Department, was reelected as the Alternate Safety Member.

Elected Board Member Profiles

  • Katherine O’Malley was hired in 2012 by the Assessor-County Clerk-Recorder & Elections Department, and this is her second term on the Board of Retirement. She was first elected to the Board in 2018, and most recently served as Board Secretary.
  • Robert Raw has been with the Sheriff’s Department since 2012, and this is his second term on the Board of Retirement. Robert served as Vice Chair on the Board over the past year.
  • Susan Lee has been with the Probation Department since 2002, and this will be her third term on the Board of Retirement. She was first elected to serve as Safety Alternate in 2015, and she was reelected in 2018. In this role, she substitutes in the absence of the Second, Third, or Seventh Member. Additionally, if the Eighth Member and Retiree Alternate are absent, she substitutes for the Eighth Member.

Additional Information

The elected Board Members will serve a 3-year term commencing July 1, 2021 and ending June 30, 2024. The next scheduled SamCERA Board of Retirement election will be in 2022, when the General Member Third Seat, the Retired Member Eighth Seat, and the Retired Member Alternate Seat will be up for election.

Board vacancies and election information are posted at www.samcera.org, and general information about the Board of Retirement can be found at www.samcera.org/board-retirement. 

Board of Retirement Investment Information

Posted on by planeteria

At its meeting on July 27, 2021, the Board of Retirement approved a $30 million capital commitment to Angelo Gordon Credit Solutions Fund II, LP, as part of SamCERA’s growth risk-bucket within opportunistic credit (fixed income asset class).

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. 

Manage your pension with MySamCERA

Posted on by planeteria

MySamCERA is a secure, members-only portal for retirement benefits information, available online at: mysamcera.org.

Active and Deferred members can perform retirement benefit estimates, get member statements, check beneficiary information—and more. Retirees can print 1099s, print benefit statements, view deductions and change withholdings, and generate Pension Income Verifications. 

How to Register for MySamCERA

To access MySamCERA for the first time, you’ll need your SamCERA ID, which is a special number created for each member.

If you haven’t received your SamCERA ID, email samcera@samcera.org for assistance.

Follow the instructions on these Quick Reference Guides to learn how to register and get started with your MySamCERA account.

Need help?

If you need assistance, you can always call our office at (650) 599-1234 or send an email to samcera@samcera.org.  

Road to Retirement Video Presentation

Posted on by planeteria

Like most, you probably have dreams of retiring, but are not sure where to start or if you’re making the right choices. Whether you’re early in your career or thinking about retiring soon, it’s important to start planning now.

Normally part of the Road to Retirement seminar, this presentation from the SamCERA Retirement Benefits team will help you get on the road to retirement and have a better understanding of your pension retirement benefit.

Board of Retirement Investment Information

Posted on by planeteria

At its meeting on August 24, 2021, the Board of Retirement approved a $10 million to Summit Partners Growth Equity Fund XI, LP, as part of SamCERA’s Venture Capital portfolio within Private Equity.

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. 

COLA Increase for 2022

Posted on by planeteria

At its January 25, 2022 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 TypeDate of Retirement2022 COLA %
Plan 1 & 2 – All MembersOn or before 4/1/20223.0%
Plan 3n/an/a
Plan 4, 5, 6, & 7 – All MembersOn or before 4/1/20222.0%

The COLA applies to eligible retirees and beneficiaries retired on or before April 1, 2022, and the amount of the COLA may vary depending on the retirement plan.

The COLA for Plan 1 and Plan 2 members is 3.0%. 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 29, 2022 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 29.

SamCERA’s Reopening Plans – June 15, 2021

Posted on by planeteria

(Updated on October 12, 2021.)

The past year has been challenging for everyone, and we hope that you are all safe and healthy amid the COVID-19 pandemic. We are excited to announce that we will be reopening our office to members on June 15, 2021.

While we look forward to seeing our members, we encourage everyone to utilize our remote services whenever possible. We’ve seen the great value in remote services over the past year, not only keeping members and employees safe, but also saving travel time and minimizing our carbon footprint.

As the state of this public health emergency evolves, we will remain focused on keeping our employees and members safe, healthy, and informed. Please read below for more detailed information about what reopening will look like at SamCERA. Feel free to contact us if you have any questions or concerns and be sure to visit www.samcera.org for the most up-to-date information about our current services.

Remote Member Services

We strongly encourage members to continue taking advantage of our remote services, as we will continue to offer the following:

  • Phone and Video Appointments
  • Virtual Financial Planning Classes
  • Virtual Retirement Seminars
  • Submitting Forms and Documents by email, fax, or on the MySamCERA Member Portal

To access your account 24/7 from the comfort of your home, log in to the MySamCERA member portal at www.mysamcera.org. You can also send messages and submit documents in the member portal. Contact us if you need assistance logging into your account.

Visiting Our Office In-Person

Due to a limited number of staff returning to the office, all members requiring assistance in-person need to make an appointment prior to arriving. Appointments can be requested by emailing samcera@samcera.org or calling 650-599-1234 or 800-339-0761.

If you have an in-person appointment scheduled, we ask that you read and follow the guidelines below:

  • Visitors and clients are required to wear a face covering indoors, per the San Mateo County Health Officer’s Order. If you don’t have a mask, call us ahead of time, and we’ll bring one to the door for you.
  • Save time and submit documents safely on the MySamCERA member portal or email them to samcera@samcera.org before your appointment.
  • We’ve placed sanitizing stations at the entrance to our office and encourage all visitors and employees to sanitize their hands upon entry and exit.
  • If you or anyone in your household has been ill within the past two weeks, please let us know so we can reschedule your appointment. As an alternative, a telephone or video appointment can be scheduled, as well.
Office Hours

As of June 15th our office hours are:

Monday – Thursday
7:30 a.m. to 5:30 p.m.

Contact Us
  • Phone: (650) 599-1234 or (800) 339-0761
  • Fax: (650) 591-1488
  • Email: samcera@samcera.org 
  • Address: 100 Marine Parkway, Suite 125, Redwood City, CA 94065

Compensation Limits for 2022

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Compensation limits do not limit the salary your employer can pay, but rather limits the amount of compensation SamCERA can take into account when determining your contributions and calculating your monthly pension benefit under your retirement plan. See below for new compensation limits in 2022 based on your plan and membership with SamCERA.

2022 Pensionable Compensation Limits for Plan 7 Members

Under the Public Employees’ Pension Reform Act (PEPRA), Plan 7 members are subject to pensionable compensation limits that are set by statute.

In 2022, the annual pensionable compensation limits for PEPRA members are:

  • General Plan 7 Members (County & Court): $134,974
  • General Plan 7 Members (Mosquito & Vector Control District): $161,969
  • Safety & Probation Plan 7 Members (County): $161,969

2022 IRS Compensation Limit

Every year, the IRS sets an annual compensation limit that applies to all SamCERA members (regardless of your plan) who were hired after July 1, 1996.

In 2022, the annual compensation limit for members hired after July 1, 1996 is $305,000.

 

Questions? Please email samcera@samcera.org.