Your Contributions Are Deducted From Your Salary
The money you pay towards your SamCERA benefits is called your
“member contribution.” Your contributions are structured as a
percentage of your bi-weekly earnings (also called your
“contribution rate”), and are collected through automatic payroll
deductions.
In addition to these rates, certain members pay additional
contributions in the form of a “cost share” and a “COLA share.”
The cost share is a contribution which helps offset the plan
costs. The COLA share helps fund future cost of living
adjustments to your retirement benefits. Your pay stub will
reflect all of the contributions you are making to SamCERA.
Your Contributions Are Kept in a Separate Account
Your contributions are held in trust by SamCERA. A separate
account is created in your name and all the contributions that
you make (and any employer pick-ups of your contributions) are
deposited in this account. Interest is credited to your account
on June 30 and December 31 of each year at a rate determined by
the Board of Retirement.
You cannot borrow money from your account at any time, and you
cannot withdraw your employer’s contributions under any
circumstances. The only way you can take money out of SamCERA is
to terminate your employment and take a refund of your
contributions and interest. If you do that, you lose all rights
to your benefits.
The Amount of Your Contributions is Based on Your Contribution
Rate
Your contribution rate varies depending on your plan. The rates
are established by law, based in part on actuarial assumptions,
and are adjusted annually based upon recommendations by SamCERA’s
actuary. And, as described at the top of this page, in
addition to these rates, certain members also pay contributions
in the form of a “cost share” and a “COLA share.”
If you are among the small percentage of SamCERA members in Plan
3, there are no member contributions. This plan typically
provides the lowest retirement benefits, and is closed to new
members.
You can find the latest contribution rates below.
