Board of Retirement Meeting Information: September 10, 2021, 9:00 AM.
Materials: Meeting Agenda and Materials
Location: https://us02web.zoom.us/j/88918958128; or Call (669) 219-2599 or (669) 900-9128; Meeting ID 88918958128#
Alameda Decision (Updated 8/31/2021)
The California Supreme Court Alameda decision requires SJCERA to exclude from retirement benefit calculations stand-by pay, correctional briefing pay and employer contributions to deferred compensation. Because these earnings types are no longer used to calculate retirement benefits, SJCERA will return any eligible, overpaid contributions and interest to active members (current employees of a SJCERA employer).
Active members' returned contributions will be processed in groups. The first group of affected employees will receive their returned, overpaid contributions and interest in their October 1, 2021 paycheck. If you are part of this first group, SJCERA mailed you a letter dated August 27, 2021, informing you of the amount of the repayment. If you are part of one of the subsequent groups, SJCERA will mail a letter to your address on file in advance of the repayment. Please be sure your address on your paycheck is current or request your employer update it in their payroll system if needed.
For more information about the Alameda Decision, visit SJCERA's Alameda Decision Information page.
SJCERA's 2020 Financial Update
SJCERA provides retirement benefits to more than 14,000 current and former full-time, permanent employees of our participating employers. In 2020, and throughout our 75-year history, SJCERA has built retirement security for people, just like you, who invest their lifework in public service.
Highlights of SJCERA's 2020 performance include:
- Market value of assets reached an all-time high of $3.5 billion
- Exceeded our 7.0% investment return target
- 1-year return: 8.3% net of fees
- 5-year return: 7.4% net of fees
- Improved funded ratio
- 68.1% up from 64.7%
- Paid an average monthly benefit of $3,301 to 6,361 Retirees
Read more in the 2020 Popular Annual Financial Report (PAFR) or the more detailed 2020 Comprehensive Annual Financial Report (CAFR) on our Financials page.
Retiree Return to Work Restrictions Reinstated. Effective July 1, Retirees returning to work with an SJCERA-employer are once again limited to working 960 hours per fiscal year. For more information about working after retirement visit the Retired Members Working after Retirement page.