Orange County Board of Supervisors challenges benefit enhancements
PostedApril 2008
In 2001, the Orange County Board of Supervisors approved retirement benefit enhancements (the 3% at age 50 benefit formula) for deputy sheriffs. The enhanced benefits applied to eligible members’ total years of service credit, including service credit earned prior to the adoption of the enhanced benefits. On February 1, 2008, the current Orange County Board of Supervisors filed a lawsuit against the Board of Retirement of the Orange County Employees Retirement System (OCERS) challenging the constitutionality of the retroactive portion of the benefit enhancement. To learn more read the Orange County Benefit Enhancement Litigation summary.
Mid-Career Seminars have much to offer for members
PostedApril 2008
Active and deferred members who are five to 19 years from retirement have a great opportunity to plan and “track” their retirement by participating in a SDCERA Mid-Career Seminar. The comprehensive seminar includes an overview of SDCERA’s defined benefit plan and a personalized retirement estimate. A presenter from the County’s Deferred Compensation Office talks about building an additional retirement income through a 457 defined contribution plan. The seminar also features an overall planning segment presented by a certified financial educator.
Talk to an SDCERA Call Center representative to enroll. Available dates are found on the seminars calendar.
Run for a seat on the Board of Retirement
PostedFebruary 2008
Active, General (non-Safety) members and retired members have an opportunity to run for a seat on the Board of Retirement. Members interested in running may pick up a petition at SDCERA beginning March 25. Petitions must be returned no later than noon on April 21. The term of office is for three years, beginning July 1.
The Board of Retirement makes many important decisions that affect the administration of benefits and retirement fund investments. To learn more about the responsibilities and time commitment, go to the Responsibilities of the Board page.
SDCERA 2008 Board of Retirement Election Calendar
General 2nd Seat, Retired 8th Seat and Alternate Retired
Tuesday, March 25
Candidate petitions available
Monday, April 21 by noon
Petition filing deadline
Tuesday, May 20
Election day
Friday, May 23
Election winner certified
Tuesday, July 1
Board members begin term
SDCERA receives high marks on actuarial audit
PostedJanuary 2008
SDCERA received high marks from independent actuary, Milliman, Inc, who performed an actuarial audit of the June 30, 2007 Valuation and the 2006 Experience Study, which were performed by SDCERA’s retained actuary, The Segal Company. Reliable, accurate actuarial information is the foundation that enables the Board of Retirement to make sound decisions and properly fund the plan. To learn more, read the press release.
SDCERA awarded highest rating from Standard & Poor’s
PostedJanuary 2008
Standard & Poor’s Ratings Services assigned its highest issuer credit rating of AAA to SDCERA. Standard & Poor’s issuer credit rating is an assessment of the organization’s overall capacity to pay its financial obligations. To learn more, read the press release.
New income exclusion for public safety officers
PostedDecember 2007
Beginning with the 2007 tax year, certain retired safety officers (as defined by the IRS) can elect to exclude up to $3,000 from income distributions made from SDCERA directly to an insurance provider to pay premiums for accident or health insurance, or long-term care insurance. For more information, refer to the 1040 instruction booklet or IRS publication 575, which are both available at www.irs.gov/formspubs. SDCERA cannot give tax advice; members should discuss this new exclusion with a tax professional.
