At its meeting on December 7, 2021, the Board of Retirement approved a $25 million commitment to Great Hill Equity Partners VIII, as part of SamCERA’s Buyout/Venture Capital portfolios within Private Equity.
The board also approved a commitment of $25 million to Tiger Infrastructure III, 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.
At its meeting on October 26, 2021, no 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.
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 December 8, 2020, the Board of Retirement approved a $20 million capital commitment to Endeavour Fund VIII L.P., as part of SamCERA’s private equity portfolio.
The Board then approved an additional commitment of $10 million to Blackrock Direct Lending Fund IX, as part of the private credit portion of SamCERA’s opportunistic credit portfolio.
It was also reported that SamCERA made a $15 million capital commitment to Canvas Ventures 3 L.P., as part of SamCERA’s private equity portfolio.
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.
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 meeting on October 27, 2020, the Board of Retirement approved a $25 million capital commitment to EQT Infrastructure V L.P. 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.
At its meeting on August 25, 2020, the Board of Retirement approved a $30 million capital commitment to Stockbridge Value IV Fund, L.P., as part of SamCERA’s real estate portfolio.
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.
At its meeting on September 29, 2020, the Board of Retirement approved a $30 million capital commitment to Clayton, Dubilier & Rice Fund XI LP, as part of SamCERA’s private equity portfolio.
The Board also approved a re-up commitment of $35 million to White Oak Yield Spectrum Fund V, as part of SamCERA’s growth risk-bucket (fixed income asset class) within opportunistic credit.
The Board then approved an initial investment of $30 million in the CFM Systematic Global Macro strategy, as part of the diversifying risk-bucket (alternative asset class composite) within the absolute return portfolio.
Lastly, the Board approved an initial investment of $45 million in the Acadian Multi-Asset Absolute Return Strategy, as part of the diversifying risk-bucket (alternatives asset class composite) within the absolute return portfolio.
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.
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.
At its meeting on July 28, 2020, no 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.
