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SCERS’ Investment Returns on Par

As global markets rebounded in the first half of 2023, SCERS finished its fiscal year that ended June 30, 2023, with a 6.3% investment return (6.1% net of fees). 

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SCERS Welcomes New Executive Staff Member

SCERS announces the addition of a new member of its executive team: Chief Technology Officer Timothy Taylor, who will assume overall responsibility for the implementation of SCERS’s IT modernization program.

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SCERS Safe from Pension System Data Breach

Recent news has alerted the public to a major hacking incident affecting a death-audit service provider for pension systems such as CalPERS and CalSTRS.

This data breach has not affected SCERS members.

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Court-Mandated Pension Reductions Underway

The Sacramento County Employees’ Retirement System (SCERS) has provided notice to approximately 400 retirees regarding adjustments to their pensions effective in the March 2023 pension payment, in compliance with the California Supreme Court’s “Alameda” decision.

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COLA Approved

On February 15, 2023, the SCERS Board adopted the following cost-of-living adjustments, effective April 1, 2023, for members with retirement dates on or before March 31, 2023:

  • 4% = Miscellaneous Tier 1 and Safety Tier 1
  • 2% = Miscellaneous Tiers 3, 4, and 5 and Safety Tiers 2, 3, and 4

For more information, go to: https://www.scers.org/retiree-cola-tracker

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Alameda Update: Recovery of Pension Overpayments

At the February 15th Board of Retirement meeting, SCERS will consider changing its approach regarding the recovery of overpaid pension benefits subject to reductions under the Alameda decision, and not collect overpaid pension benefits directly from retirees.

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SCERS Welcomes New Board Members

The swearing-in ceremony for M. Tepa Banda took place during the December meeting of the SCERS Board, where he began to serve as the newly-elected Miscellaneous trustee. Dave Irish, the new Alternate Retiree member of the Board, and Martha Hoover, the existing Retiree trustee, will be sworn in at our January 18th meeting.

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Alameda Refund Update

SCERS is now distributing overpaid retirement contributions to current and former County employees for pay elements that can no longer be included in pension calculations.

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Next Phase for Alameda Correction Refunds

SCERS is conducting the next phase of the Alameda correction project and is sending notices to approximately 400 retired members who are owed refunds on overpaid contributions but do not require a further adjustment to their pension allowance. 

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SCERS Board Election Results Have Been Posted

The final results of the election of one Miscellaneous representative, one Retiree representative, and one Alternate Retiree representative to the SCERS Board have been published on the Sacramento County Voter Registration and Elections website.

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Alameda Correction Refunds Coming Soon

On August 31, 2022, SCERS mailed approximately 4,200 letters to active and deferred members regarding refunds and distribution options of overpaid retirement contributions. SCERS will begin processing refunds in approximately 30 days.

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Alameda-Related Refund Mailings Require Address Updates

SCERS is finalizing its analysis of compensation and pay records and is preparing to issue refunds of overpaid contributions in the coming months in accordance with the Alameda decision. Before mailings go out, SCERS is asking for address updates.