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Alameda Corrections Update
SCERS is on track toward the completion of all necessary pension recalculations.
Contribution Rates Set to Decrease in 2024
Employer and employee contribution rates to SCERS are both set to decrease slightly next year, based on an actuarial analysis being presented to the Board of Retirement on December 6.
2024 Retiree Health Care Premiums to be Reflected in December
Retirees’ December 29 benefit payment for January will reflect the new 2024 healthcare premium deductions.
SCERS’ Investment Returns on Par
As global markets rebounded in the first half of 2023, SCERS finished its fiscal year that ended June 30, 2023, with a 6.3% investment return (6.1% net of fees).
New Contribution Rates Effective July 2023
New contribution rates for employees and employers took effect July 1, 2023, remaining relatively stable over the prior fiscal year.
SCERS Welcomes New Executive Staff Member
SCERS announces the addition of a new member of its executive team: Chief Technology Officer Timothy Taylor, who will assume overall responsibility for the implementation of SCERS’s IT modernization program.
SCERS Safe from Pension System Data Breach
Recent news has alerted the public to a major hacking incident affecting a death-audit service provider for pension systems such as CalPERS and CalSTRS.
This data breach has not affected SCERS members.
SCERS Welcomes New Executive Staff
SCERS announces the addition of two new executive staff members this week: Chief Benefits Officer Keith Riddle, and General Counsel Jason Morrish.
Late Summer Target for Next Round of Alameda Pension Adjustments
SCERS is targeting the August 31 payment date for the next round of pension adjustments for retirees impacted by the Supreme Court’s Alameda decision.
Court-Mandated Pension Reductions Underway
The Sacramento County Employees’ Retirement System (SCERS) has provided notice to approximately 400 retirees regarding adjustments to their pensions effective in the March 2023 pension payment, in compliance with the California Supreme Court’s “Alameda” decision.
Alameda Update: Board Approves Change to Pension Overpayments
SCERS has changed its approach regarding the recovery of overpaid pension benefits subject to reductions under the “Alameda” decision, and will not collect overpaid pension benefits directly from retirees.
COLA Approved
On February 15, 2023, the SCERS Board adopted the following cost-of-living adjustments, effective April 1, 2023, for members with retirement dates on or before March 31, 2023:
- 4% = Miscellaneous Tier 1 and Safety Tier 1
- 2% = Miscellaneous Tiers 3, 4, and 5 and Safety Tiers 2, 3, and 4
For more information, go to: https://www.scers.org/retiree-cola-tracker
Alameda Update: Recovery of Pension Overpayments
At the February 15th Board of Retirement meeting, SCERS will consider changing its approach regarding the recovery of overpaid pension benefits subject to reductions under the Alameda decision, and not collect overpaid pension benefits directly from retirees.
Your 1099-R Tax Forms Will Soon be in the Mail
Your 1099-R forms will be mailed by Tuesday, January 31st, 2023. Refer to the following information to learn more about the 1099-R form.
SCERS Welcomes New Board Members
The swearing-in ceremony for M. Tepa Banda took place during the December meeting of the SCERS Board, where he began to serve as the newly-elected Miscellaneous trustee. Dave Irish, the new Alternate Retiree member of the Board, and Martha Hoover, the existing Retiree trustee, will be sworn in at our January 18th meeting.
Alameda Refund Update
SCERS is now distributing overpaid retirement contributions to current and former County employees for pay elements that can no longer be included in pension calculations.
Next Phase for Alameda Correction Refunds
SCERS is conducting the next phase of the Alameda correction project and is sending notices to approximately 400 retired members who are owed refunds on overpaid contributions but do not require a further adjustment to their pension allowance.
James Diepenbrock Returns to the SCERS Board
SCERS welcomes back James Diepenbrock to the SCERS Board, on which he previously served from 1997 to 2021, including 11 years as the SCERS Board president. The Board of Supervisors appointed Mr. Diepenbrock to the Board in September.
SCERS Board Election Results Have Been Posted
The final results of the election of one Miscellaneous representative, one Retiree representative, and one Alternate Retiree representative to the SCERS Board have been published on the Sacramento County Voter Registration and Elections website.
Alameda Correction Refunds Coming Soon
On August 31, 2022, SCERS mailed approximately 4,200 letters to active and deferred members regarding refunds and distribution options of overpaid retirement contributions. SCERS will begin processing refunds in approximately 30 days.