Category: Retirement Benefits

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.

COLA Increase for 2024

Posted on by planeteria

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.

COLA Increase for 2025

Posted on by Natasha Jeong

At its January 28, 2025 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

2025 COLA %

COLA BANK %

Plan 1 – General and Safety

On or before 4/1/2025

3.0%

n/a

Plan 1 – Probation

On or before 4/1/2025

3.0%  

n/a
 

Plan 2 – All Members

On or before 4/1/2025

3.0%

n/a

Plan 3

n/a

n/a

n/a

Plan 4, 5, 6, 7 – All Members

On or before 4/1/2025

2.0%

n/a

This COLA applies to eligible retirees and beneficiaries who retire on or before April 1, 2025, and the amount of the COLA will vary depending on the retirement plan. 

The COLA for Plan 1 General, Safety, and Probation members is 3.0. The COLA for Plan 2 members is 3.0%, and the COLA for Plans 4, 5, 6 and 7 is 2.0%. Plan 3 members do not receive a cost-of-living increase.

All COLAs will be paid beginning with the April 30, 2025 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, 2025. 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 payment on April 30.

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.

COLA Increase for 2023

Posted on by planeteria

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.

Retiree Pay Dates

Posted on by planeteria

Benefits are paid at the end of the month (last business day) for the current month’s benefits.

First Benefit Payment

If you have recently retired, you will usually receive your first allowance payment by direct deposit at the end of the month following the month you retire (for example, if you retire any time in March, you will receive your first payment on the last business day in April). Also, due to processing time with your employer, it may be approximately 6-8 weeks before you receive your first retirement payment.

Benefit Statements

Monthly benefit statements are available to view and print on the MySamCERA member portal at www.mysamcera.org. 

Current Retiree Pay Dates

See the current schedule of retirement payment dates here. 

Retirees: 2020 Tax Forms Are Available Now

Posted on by planeteria
  • 1099-R tax forms were mailed on January 21, 2021 to the addresses we have on record for retirees. This form contains information about reportable income and taxable income from SamCERA for 2020. It will also reflect the amount of federal and California taxes that have been withheld, if any.

Access Your 1099-R Online

Beginning on January 22, 2021, you will be able to view and print your 1099-R online in the MySamCERA member portal.

After logging in, click on “My Documents” in the navigation menu, and from there you have the option to view or print a copy of current and past 1099-Rs.

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.

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.