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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.
SCERS Election Ballots are in the Mail
Ballots have been mailed out for the SCERS Board Member election to take place during the period of September 19 through September 30, 2022.
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.
Negative Investment Return in a Volatile Market Environment
With a -3.5% return, net of fees, for the 12-month period ending June 30, 2022, SCERS experienced a rare loss since the global financial crisis of 2009, and puts SCERS’ assets at $11.8 billion.
Robert Aguallo, Jr. Joins SCERS Board
SCERS welcomes the appointment of Robert Aguallo, Jr. to the SCERS Board, who will be sworn in at the August 17th meeting.
Nomination Period for Board Seats Closes Aug. 5
Nominations to fill three Retirement Board seats began in July for one Miscellaneous Representative, one Retiree Representative, and one Alternate Retiree Representative. The filing deadline is Aug. 5 at 5 p.m.
Alameda-Related Refund Mailings Require Address Updates
SCERS is finalizing its analysis of compensation and pay records and is preparing to issue refunds of overpaid contributions in the coming months in accordance with the Alameda decision. Before mailings go out, SCERS is asking for address updates.
Ronald Suter Returns to the SCERS Board
SCERS welcomes the appointment of former Regional Parks director Ronald Suter to the SCERS Board, on which he previously served as an elected trustee from 1994 to 2006.
Change Coming to Post-Retirement Employment Limits
California state rules restricting post-retirement employment (i.e. 960-hour limit and 180-day sit-out period) are back in effect April 1, 2022.
SCERS Board to Approve COLA for 2022
UPDATED FEBRUARY 17, 2022–
At the February 16, 2022 Board of Retirement meeting, the SCERS
Board approved the following Cost of Living Adjustment
(COLA) levels effective April 2022, as recommended by the
system’s actuary:
COLA Video Added to SCERS Library
A new animated video offering a brief explanation of how the retiree cost-of-living adjustment (COLA) is calculated has been added to our Videos page.