What's new

 

Audit Committee Meeting: May 17, 2022, 1:00 PM.
Materials: Meeting Agenda
Location 1: SJCERA Board Room, 6 S. El Dorado Street, Suite 400, Stockton, California.
Location 2: 1201 Cameron Road, Elk, California. (via teleconference)

Members with Valley Strong Accounts - No Action Needed
SJCERA is working directly with Valley Strong Credit Union during this transitional period to minimize the effect on our members. Valley Strong has advised monthly benefit payments will be deposited into accounts using the new account numbers without disruption and no action is needed by the member at this time.

Chanda Bassett to Continue as Elected Safety Member Trustee
Chanda Bassett ran unopposed for the Safety Member Seventh Seat. Trustee Bassett has served on the Board of Retirement since July 1, 2016. Her new three-year term begins July 1, 2022.

Alameda Decision Implementation Complete (Updated 4/8/2022)
On July 30, 2020, the California Supreme Court determined pay hours "in excess of normal working hours" could not be included in calculating retirement benefits as of January 1, 2013. To comply with the Court's decision, (commonly known as the Alameda Decision), SJCERA staff and the Board of Retirement immediately began to coordinate and implement the Court's ruling.

Over the course of the last 21 months, SJCERA staff has worked diligently to ensure accurate adjustments were processed for all affected members. On April 15, the remaining active members who are entitled to a return of contributions and interest will receive it in their paycheck. All other adjustments have been implemented.

3% COLA Approved for Retirees
Eligible retired members receive an annual cost of living adjustment (COLA) based on the change in the Consumer Price Index (if any). SJCERA's actuary has calculated the applicable COLA to be three percent (3%). SJCERA's Board of Retirement approved the actuary's recommended COLA at its February 11, 2022 meeting. COLAs are applied to retirees' May 1 benefit payments.