Category: Active Members

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 Returning SamCERA members can also make a Purchase Request for a redeposit of withdrawn funds.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.

Road to Retirement Video Presentation

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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.

COLA Increase for 2022

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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.

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.

COLA Increase for 2021

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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.

The Road to Retirement

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Date: Coming Soon Location: –

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, this seminar will help you plan ahead and provide resources to help you prepare for retirement.

Presentations from SamCERA, San Mateo County Benefits, Empower (formerly known as Mass Mutual), and Financial Knowledge will provide you with valuable insight for planning your retirement at any stage of your career and help you successfully navigate your future.

This seminar will cover topics such as:

  • How service purchases and upgrades may enhance your benefit
  • What to do when life changes happen, such as divorce, beneficiary changes, leaving employment, etc.
  • How to calculate your SamCERA retirement benefit
  • Understanding your medical, dental and vision insurance options
  • Taking advantage of your deferred compensation account and use it to plan ahead
  • Learn about the estate planning process with an introduction to one of our most popular financial planning classes

How to Register

County & Court Employees: Register on LMS via OKTA.

Library & Mosquito District Employees: Register on LMS or email your request to samcera@samcera.org.

Please note: Members must have at least 5 years of service to participate.

COLA Increase for 2020

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At its January 28, 2020 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 Type2020 COLA %COLA BANK %
Plan 1 – General and Safety3.5%n/a
Plan 1 – Probation3%0.5%
Plan 2 – All Members3%n/a
Plan 3n/an/a
Plan 4, 5, 6, 7 – All Members2%n/a

The COLA applies to eligible retirees and beneficiaries retired on or before April 1, 2020, and the amount of the COLA will depend on the retirement plan. The COLA for General and Safety Plan 1 is 3.5% and Probation Plan 1 is 3% with a 0.5% COLA bank. All Plan 2 members will receive 3.0%, while 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 2020 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.

COLA Increase for 2019

Posted on by planeteria

At its January 29, 2019 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 Type2019 COLA %COLA BANK %
Plan 1 – General and Safety4%n/a
Plan 1 – Probation3%1%
Plan 2 – All Members3%n/a
Plan 3n/an/a
Plan 4, 5, 6, 7 – All Members2%n/a

The COLA applies to eligible retirees and beneficiaries retired on or before April 1, 2019, and the amount of the COLA will depend on the retirement plan. The COLA for General and Safety Plan 1 is 4% and Probation Plan 1 is 3% with a 1% COLA bank. All Plan 2 members will receive 3.0%, while 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 2019 benefit payments.

Current employees considering retirement: If you want to take advantage of this year’s COLA rate, 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.

COLA Increase for 2018

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At its January 23, 2018 meeting, the Board of Retirement approved the following 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 TypeCOLA %
Plan 1  General, Probation, and Safety3%
Plan 2 All Members3%
Plan 3N/A
Plan 4, 5, 6, 7  General Members2%

Please refer to the chart above to find your plan’s COLA. The COLA applies to eligible retirees and beneficiaries retired on or before April 1, 2018, and the amount of the COLA will depend on the retirement plan. All COLAs will be paid beginning with the April 2018 benefit payments.

Current employees and deferred members considering retirement: If you want to take advantage of this year’s COLA rate, 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.