Changes to taxes and health plan premiums in 2021 could mean that you see a change in your monthly pension benefit in January. Below are a few reminders:

• Tax Tables & Withholding: The Internal Revenue Service and the Franchise Tax Board revise their tax tables annually, which may change your monthly pension benefit from SamCERA. A licensed tax advisor can provide more information about these changes and your tax withholding options for 2021.
  
  You can change your tax withholding election anytime throughout the year by completing a new Tax Withholding form (available on our website) or online at the MySamCERA member portal – www.mysamcera.org.
   
• Tax Documents: 1099-R tax forms for 2020 were mailed last week, and they are now available online! To view or print your 1099-R form online, login to your MySamCERA account.
   
• Health Premium: If you pay for all or a portion of your health plan premium via your SamCERA pension benefit, changes to health plan premium rates in 2021 may change the monthly benefit that you receive from SamCERA. For more information about the new 2021 retiree health benefit rates, contact the San Mateo County Benefits Division at benefits@smcgov.org or (650) 363-1919.
   
• Direct Deposit Statements: Benefits statements are available online in the MySamCERA member portal. These statements provide the amount deposited in your account each month, along with any itemized deductions.
   
• Cost-of-Living Adjustment (COLA): An annual Cost-of-Living Adjustment (COLA) is calculated by SamCERA’s actuary, and the increase or decrease is set by the Board of Retirement and certain plan limits. The COLA is effective April 1, and any adjustments will appear on the April benefit paid at the end of the month. More details will be available on our website following the Board of Retirement’s decision.
  
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