Category: General

Compensation Limits for 2023

Posted on by planeteria

“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

Posted on by planeteria

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.

Coming Soon – The New MySamCERA Member Portal

Posted on by planeteria

We’re excited to announce the new MySamCERA member portal will be available beginning September 11, 2023.

The new member portal experience will make it easier for you to manage your pension from your computer or laptop with just a few clicks of your mouse. 

Getting started:

Computer: Log in to the member portal at www.mysamcera.org.

Mobile Phone or Tablet: Download the MySamCERA mobile app. Available for both iPhone and Android.

With MySamCERA, you will be able to:

Active Members

  • Run a retirement benefit estimate
  • View and print your member statement
  • Review and update your beneficiary information

Retired Members

  • View and print current and past 1099s
  • View and print your benefit statement
  • Review your tax withholdings
  • Generate pension income verification statements

How to register for MySamCERA

New Users – To access MySamCERA for the first time, you’ll need your SamCERA ID. Look for the MySamCERA announcement email that will include this information.

Existing Users – Already have a MySamCERA login? You’ll use the same information to log in to the new member portal.

Need help?

If you need assistance, you can always contact our office at samcera@samcera.org or (650) 599-1234.

Compensation Limits for 2025

Posted on by Natasha Jeong

“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 2025 compensation limits based on your plan and membership with SamCERA.

2025 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 2025, the annual pensionable compensation limits for PEPRA members are:

  • General Plan 7 Members (County & Court): $155,081
  • General Plan 7 Members (Mosquito & Vector Control District): $186,096
  • Safety & Probation Plan 7 Members (County): $186,096

2025 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 2025, the IRS annual compensation limit (for pension calculation purposes) is $350,000.

 

Questions? Please email samcera@samcera.org.

Request for Proposal: Actuarial Consulting Services

Posted on by planeteria

Overview

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.

EventDate
Release of RFPJanuary 3, 2024
Deadline for Written QuestionsJanuary 25, 2024
Release of Responses to Written Questions February 8, 2024
Proposal Due Date and TimeFebruary 22, 2024, by 12:00 p.m.
Notification of Presentations, if neededWeek of March 4, 2024
Finalist Presentation(s), if neededWeek of March 11, 2024
Selection by Board of RetirementMarch 26, 2024
Anticipated Contract Start DateApril 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.

Request for Proposal: Global Custody & Securities Lending Services

Posted on by planeteria

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

Posted on by planeteria

“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.

2025 Service Purchase Schedule

Posted on by Natasha Jeong

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 2025 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, 2025
  • Deadline to submit Purchase Request Form: April 30, 2025
  • Deadline for all money to be received by SamCERA with agreement: June 5, 2025

Second Period

  • SamCERA begins processing Purchase Request forms: August 1, 2025
  • Deadline to submit Purchase Request Form: October 31, 2025
  • Deadline for all money to be received by SamCERA with agreement: December 4, 2025

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 2025 deadlines to submit the Empower Plan-to-Plan Transfer form to San Mateo County Human Resources are:

  • May 22, 2025 by 12:00 PM (PST)
  • November 20, 2025 by 12:00 PM (PST)

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

2024 Service Purchase Schedule

Posted on by planeteria

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.

MySamCERA – Upcoming Scheduled Maintenance

Posted on by planeteria

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.)