StanCERA will be hosting a Pre-Retirement Webinar on Friday, June 23, 2023, at 10:00 a.m. The webinar is designed for those who plan to retire within the next five years.
Topics include:
StanCERA is pleased to announce the launch of its Member Portal. There are many features available for members. Information and instructions on how to register may be found on our Forms and Publications page.
Questions regarding the Member Portal may be directed to: memberportal@stancera.org.
StanCERA Board of Retirement Board Grants 2022 Cost-of-Living Adjustment
On February 22, 2022, the StanCERA Board of Retirement approved the Cost-of-Living Adjustment (COLA) for retirees and survivor beneficiaries. Members that are retired prior to April 2, 2022, in Tiers 1, 2, 4, 5 and 6, will receive a 3% COLA beginning April 1, 2022, with an additional 1% deposited into the COLA bank.
StanCERA will be hosting a Pre-Retirement Webinar on Friday, June 23, 2023, at 10:00 a.m. The webinar is designed for those who plan to retire within the next five years.
Topics include:
In late July, the California State Supreme Court issued its decision in a case generally referred to as the “Alameda Decision”. The case combined several outstanding issues brought by various labor associations around the State regarding the inclusion of certain types of pay elements in the calculation of final average salary. Final average salary ultimately determines the size of a member’s retirement benefit and, the larger the final average salary, the larger the retirement benefit. The issue at hand here is whether these pay elements should have been included in the calculation of final average salary at retirement for certain StanCERA members.
Continue Reading Resolution Regarding the “Alameda Decision 2020“
To All StanCERA Active and Deferred Members Regarding the Alameda Decision:
In late July, the California State Supreme Court handed down its decision in now what is commonly referred to as the “Alameda Decision”. Essentially, the Court has disallowed the use of elements of pay associated with “on-call” duty to be used in the calculation of a member’s final average compensation at retirement. As such, StanCERA will no longer be accepting member contributions on pay elements associated with on-call duty beginning with the first full payroll period in September. The Decision affects all StanCERA members who were active at any point in time between January 1, 2013 and August 31, 2020 and who had on-call pay elements reported in their salary to StanCERA during that period. Accordingly, from this point forward, we will no longer be using these elements in the calculation of final average compensation which ultimately determines a member’s retirement benefit or benefit estimate.
It is also anticipated that StanCERA will be refunding active member contributions made to StanCERA on on-call pay elements between January 1, 2013 and August 31, 2020. The timing of the refunds most likely will not be made until early 2021 and should include refundable interest earnings earned on those contributions through June 30, 2020.
Thank you in advance for your patience in this matter. Please refer back to StanCERA’s website at www.stancera.org for additional information should it become available.
Rick Santos, CFA, ASA, MAAA
Executive Director, StanCERA
On February 28, 2023, the Board of Retirement approved the 2023 Cost of Living Adjustment (COLA). StanCERA bases its COLA increases on the Consumer Price Index (CPI) for All Urban Consumers in the San Francisco-Oakland-Hayward area. The 2023 COLA for retirees is based on the change in CPI from December 2021 and December 2022. The CPI increased by 4.882% resulting in a 5% total COLA. 3% will be granted and 2% will be deposited into the member’s COLA bank.
Based on Government Code Section 31870.1, retirees, other than members of Tier 3, are limited to 3% COLA increases annually. All retirees, with the exclusion of Tier 3, should receive an increase in benefits by 3%. The remaining 2% will be deposited into COLA banks for future granting (with the exclusion of Tier 3).
Cost of Living Adjustments will be reflected for benefits payable in April 2023, which will be paid on May 1, 2023.
As a reminder, Tier 3 members are not eligible for COLA increases.
StanCERA Board of Retirement Approves Triannual Actuarial Experience Study – Changes to Member Rates July 1, 2022
The StanCERA Board of Retirement approved the Triannual Actuarial Experience Study on February 22, 2022. This study accounts for demographic changes and economic factors. Due to assumption rate changes, member rates will be changing July 1, 2022. for additional information visit: https://www.stancera.org/wp-content/uploads/2022/03/2018-2021-Experience-Study-StanCERA.pdf
Refunds are currently being processed for Active Members affected by the Alameda Decision. If you are an active member in this group, you will be notified by U.S. Mail at the time your refund is being processed. Due to the large number of refunds being processed, status of refunds or updates cannot be given over the phone.
