Category: Retirement Benefits

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.

Important Information for Retirees in 2021

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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.
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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.

Important Information for Retirees in 2019

Posted on by planeteria

Changes to taxes and health plan premiums in 2019 could mean that you see a change in your monthly pension benefit in January. Below are a few reminders:

  • Taxes 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 2019.
  • Tax Documents: 2018 1099-R tax forms were mailed last week, and they are now available online! To view or print your 1099-R form online, login to your MySamCERA account at www.mysamcera.org.
  • Health Premium: If you pay for all or a portion of your health plan premium via your SamCERA pension benefit, changes to the health plan premium rates in 2019 may change the monthly benefit that you receive from SamCERA. For more information about the new 2019 retiree health benefit rates, contact the San Mateo County Benefits Division at (650) 363-1919.

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.