Incorrect Reporting Information for Certain February 29, 2016 Retirement Benefit Payments
Please note that the February 29, 2016 ‘payment advice’ received by certain retirees and beneficiaries regarding the direct deposit of their monthly benefit payment may have contained some incorrect information. The problem is limited to those retirees and beneficiaries whose monthly benefit payment includes a separate deposit or deduction for the Sacramento Credit Union (SCU). Instead of showing the amount of the SCU direct deposit and the amount(s) deposited into another bank account, the payment advice only reported the amount of the SCU direct deposit. This was a reporting error only. The full benefit payment was made and was correctly allocated to and deposited into all the proper bank accounts.
SCERS apologizes to the approximately 400 retirees and beneficiaries impacted by this reporting error and wants to assure those individuals that their full benefit payment was paid into the correct accounts. Corrected notices will be mailed to the affected individuals shortly.
If a retiree or beneficiary has any questions about this matter, please feel free to contact SCERS at (916) 874-9119 and ask to speak with a member of the pension payroll staff.
The SCERS Board of Directors initiated a strategic planning process to make sure that SCERS can sustain and build upon the success it has been able to achieve in keeping retirement benefits secure with manageable cost. Work has begun on implementing strategic initiatives designed to provide the highest level of quality and professionalism in meeting SCERS’ duties to its members, retirees and beneficiaries, participating employers, and other stakeholders in an environment of increasing investment and operational complexity. Review SCERS’ key goals for the next five years in the following critical areas:
• Funding Policies and Practices
• Investment Program
• Service Delivery
• Fiscal Responsibility
• Risk Management
• Aligning Authority with Responsibility
Check back for updates on implementation of these strategic initiatives.
The international financial publication Chief Investment Officer announced that the Sacramento County Employees’ Retirement System (SCERS) has been named the 2014 Industry Innovation Award winner in the category of public pension funds with up to $15 billion in assets.
Pictured from left: Deputy Chief Investment Officer Steve Davis,
Chief Investment Officer Scott Chan, and Chief Executive Officer Richard Stensrud
• SCERS Nominated for aiCIO’s 2014 Industry Innovation Award for Pension Plans with Under $15 billion in Assets
• SCERS Recognized for Investment Management Success
• SCERS Chief Investment Officer Recognized by Investment Industry
• SCERS' Stakeholders Benefit from Strong Investment Performance
• SCERS Nominated for aiCIO’s 2013 Industry Innovation Award for Pension Plans with Under $15 billion in Assets