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News and Developments
SCERS Nominated for aiCIO’s Industry Innovation Award for Pension Plans with Under $15 billion in Assets
The aiCIO Industry Innovation Awards recognize the world’s leading institutional investors in ten categories, including foundations, endowments, corporate plans, sovereign wealth funds, and public pension plans of various asset levels. The nominees come from around the globe, and SCERS is one of six nominees in the category of public pension funds with $15 Billion or less in assets. Last year the winner in this category was the CERN Pension Fund, which is the Switzerland-based pension fund for the European nuclear regulatory agency.
The other nominees for the under $15 Billion category are:
While this is clearly stiff competition, and regardless of the outcome, SCERS believes this nomination reflects and validates that SCERS’ investment program is in the top ranks of public pension funds.
The California Public Employees' Pension Reform Act of 2013
The California Public Employees’ Pension Reform Act of 2013 (CalPEPRA) was adopted in August 2012 and went into effect on January 1, 2013. While a definitive interpretation of the 38-page bill is still evolving, SCERS has developed an impact analysis to help SCERS' members, retirees, and participating employers to assess how the new law will affect them.
Please bear in mind, however, that while the comments in this May 29, 2013 analysis reflect SCERS’ current assessment of the law, it is possible that SCERS’ interpretation could change based on subsequent information, action, or legislation. Accordingly, please continue to check back with this website to see additional updates as we assess all of the implications of the new law.
Contribution Rates Effective July 2013
As it does every year, SCERS receives a report that discusses the system’s financial condition, which includes recommended contribution rates for the next fiscal year. At its meeting on November 8, 2012, the Retirement Board accepted the report and approved the recommended contribution rates, which will result in contribution rate increases effective July 2013. Employees will see a small rate change, and retirees and beneficiaries who are currently receiving a benefit will not be impacted.
SCERS remains in excellent financial condition, with a strong 83% funded ratio, which is one of the highest in California.
Notice to Retirees
SCERS Benefits Remain Secure
Review of Past Market Cycles
No statement in this electronic document is considered a legally binding interpretation, enlargement, or amendment of the provisions contained in the County Employees' Retirement Law of 1937 or By-Laws of the Board of Retirement. Those provisions control all rights and benefits provided for each member, retiree, and qualified beneficiary.
Board of Retirement
James A. Diepenbrock
John B. Kelly
Richard B. Fowler II
Chris A. Pittman
Kathryn T. Regalia
John W. Gobel, Sr.
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