Category: News

StanCERA received the following questions regarding actuarial auditing services RFP.

1)  General: When was the last actuarial audit completed for StanCERA? If it is not the actuarial audit that was completed in 2017, can you provide a copy of that report?

StanCERA Response:

The last actuarial audit report completed in 2017 can be found at the StanCERA website: https://www.stancera.org/investments-finance/actuarial-reports

2) Section 1.4 on page 3: What was the fee paid for the previous actuarial audit?

StanCERA Response:

The fee paid for the 2017 actuarial audit was $47,960.

3)  Section Five, item 4 on page 17: There is a listed requirement that the Actuary preparing the work be a Fellow of the Society of Actuaries. Would it be acceptable for someone who is an Associate of the Society of Actuaries and an enrolled actuary with 30 years of experience providing consulting to large public retirement systems to be the lead actuary, provided that the team would also include Fellows of the Society of Actuaries.

StanCERA Response:

This would be acceptable if the Fellow participates in preparation of the audit. 

The Request for Proposal (“RFP”) is issued by the Stanislaus County Employees’ Retirement Association (“StanCERA”) for the purpose of soliciting proposals from qualified actuarial firms (“ACTUARY”) to provide actuarial auditing services to the StanCERA Board and StanCERA staff. It is StanCERA’s intent to obtain the services of one firm for actuarial audit services. StanCERA has engaged Cheiron, Inc. for actuarial consulting services through March 31, 2026.

Respondents shall submit the proposal via email to retireops@stancera.org no later than Feb 10, 2025 and prior to 2:00 p.m. PST. Proposals received after the submission deadline will not be considered.

Declaration of Election Results for Seat 3

Pursuant to the Retirement Board Bylaws Section 1.6, a Board Member Election was held for Seat # 3, General Representative.  

A Notice of Election was distributed to General members on December 8, 2024. The deadline for nomination papers was December 23, 2024 . 

Only one general member, Delilah Vasquez submitted a nomination paper. Therefore, Delilah Vasquez is declared the winner for Retirement Board Seat #3, General Representative, by unanimous ballot pursuant to Government Code Section 31523. Delilah Vasquez will begin a new three-year term on January 27, 2025 -January 27, 2028.

Declaration made by:

Tom Stadelmaier
Executive Director

This Request for Proposal (RFP) is issued by the Stanislaus County Employees’ Retirement Association (StanCERA) for the purpose of soliciting proposals from qualified companies to provide comprehensive private markets investment consultant search services. The selected company will demonstrate extensive experience and superior capability in providing private markets investment consultant search services for institutional investors.

Deadline for submission of proposals: November 28, 2024

Please submit one complete electronic copy of the proposal to:

Stan Conwell
Investment Officer
Stanislaus County Employees’ Retirement Association
832 12th Street, Suite 600
Modesto, CA 95354
retireops@stancera.org

In conjunction with California County Employees’ Retirement Law (CERL), StanCERA’s Board of Retirement policy limits the use of vacation cash-out pay for purposes of determining compensation earnable for pension calculations.  

As of July 1, 2024, vacation cash-out pay for pension calculations is limited to the total amount allowed annually by the employer for non-management Legacy Tier members.  PEPRA membership is not affected by this change.

The StanCERA Actuaries have provided an Interactive AVR report on how they have completed the June 30, 2023 Valuation.  Please click on the link provided to view.

StanCERA Board of Retirement Board Grants 2024 Cost-of-Living Adjustment

On February 27, 2024, the StanCERA Board of Retirement approved the Cost-of-Living Adjustment (COLA) for retirees and survivor beneficiaries.  Members that are retired between April 2, 2023 to April 2, 2024, in Tiers 1, 2, 4, 5 and 6, will receive a 2.5% COLA beginning April 1, 2024. Members that were retired prior April 2, 2023, in Tiers 1, 2, 4, 5 and 6, will receive a 3% COLA.