The Board of Retirement approved a 1.50% cost-of-living adjustment (COLA) for retired members at their March 6 meeting. Members retiring on or before March 31 are eligible for this year’s cost-of-living adjustment (COLA) beginning in the April 30 benefit payment. If your retirement date is March 29, 30, or 31, SDCERA must receive your application by 5 p.m. on March 28.
The COLA is based on the Consumer Price Index (CPI) for the San Diego area, which increased by 1.31% over the previous year. The COLA is determined by rounding the CPI to the nearest one-half of one percent, resulting in a 1.50% increase.
Members who are already retired may receive more than a 1.50% increase, based on having a positive COLA bank. The maximum COLA varies by tier – up to 3% for retired Tier I, Tier II and Tier A members, and up to 2% for retired Tier B and Tier C members. Refer to the chart below to determine your COLA amount based on your retirement date and tier.
COLA increase effective April 1, 2014
and Tier A
and Tier C
On or before March 31, 2000
April 1, 2000 - March 31, 2001
April 1, 2001 - March 31, 2002
April 1, 2002 - March 31, 2010
April 1, 2010 - March 31, 2011
April 1, 2011 - March 31, 2012
April 1, 2012 - March 31, 2013
April 1, 2013 - March 31, 2014
Run for a seat on the Board of Retirement
Active General and retired members may run for one of three seats on the Board of Retirement this spring. The open seats include the second seat for active General members, and the eighth and alternate eighth seat for retired members. The elected candidates will serve three-year terms beginning July 1, 2014.
Do you want to serve on the Board of Retirement? Pick up a petition in person from the Registrar of Voters (ROV) office beginning Friday, March 7, 2014. Completed petitions and candidate statements must be returned to the ROV by Friday, April 4. The ROV office is located at 5600 Overland Ave., San Diego.
The Board of Retirement makes decisions in a variety of areas, such as how the pension fund is invested, and sets SDCERA’s strategic direction. Read more about the role of the Board on the Board of Retirement page.
Health insurance cards will be mailed by carriers in January
Health insurance identification cards will be mailed by insurance carriers in mid-January to retired members and their dependents who enrolled in an SDCERA-sponsored health plan for the first time in November. This year, new identification cards will also be sent to all members enrolled in HealthNet Medicare HMO and UnitedHealthcare Signature Value HMO.
If you do not receive your identification card by February 1, contact your plan carrier. Contact information for carriers can be found on Page 6 of the 2014 Health Insurance Plans booklet.
Myers and Hancock re-elected to Board of Retirement
The Registrar of Voters has certified that active Safety members have re-elected incumbents David A. Myers and Tim Hancock to the Board of Retirement. This will be Myers’ fifth term in the seventh seat on the Board, and Hancock will serve a second term in the alternate Safety seat. Their new three-year terms begin January 1, 2014.
Active Safety Member elected candidates certified Friday
The elected candidates for the active Safety member election will be certified by the Registrar of Voters on Friday, November 22.
This election also determines the Safety member appointed to the alternate seat.
Three active Safety members ran in this election: Carl H. Gregory Jr. from the Sheriff's department; Timothy Hancock from the Probation department; and David A. Myers from the Sheriff's department.
The elected candidates will serve a three-year term beginning on January 1, 2014.
SDCERA's 2013 fiscal year outperforms benchmark with 8.3% investment returns
Fund's emphasis on diversification and fiduciary prudence leads to outperformance of fund’s policy benchmark and typical public retirement plans
SAN DIEGO — The San Diego County Employees Retirement Association (SDCERA) reported today that the $9.1 billion pension fund achieved a year-end investment return of 8.3% for the fiscal year that ended June 30, 2013.
SDCERA's long-term investment strategy, which involves identifying assets that maintain low correlations to each other in evolving market conditions, enabled the pension fund to surpass its policy benchmark's return of 7.0% during the 2013 fiscal year.
SDCERA's portfolio generated stronger long-term results with three-year annualized returns of 11.9% as of June 30, 2013. A typical public retirement plan holding 60% of the portfolio in stocks and 40% in bonds (60/40 portfolio) earned a three-year 9.9% annualized return for the same period. A one-year comparison showed the 60/40 portfolio achieved a return of 10.6% for the fiscal year that ended June 30, 2013 primarily driven by short-term U.S. equity market performance.