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When planning for retirement, many members factor in the annual cost-of-living adjustment (COLA) when choosing their retirement date. When you retire, your monthly retirement benefit will be adjusted annually each April based on changes in the Consumer Price Index (CPI) for the prior year, the COLA limit for your plan, and your retirement date. COLAs can increase or decrease depending on the economy, but your pension will never go below the initial benefit payment you receive when you first retire. Below are details for this year's COLA:
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At it's January 23, 2024 meeting, the Board of Retirement approved a cost-of-living adjustment for most retirees and beneficiaries that will begin with the April 2024 benefit payment.
The COLA applies to eligible retirees and beneficiaries who retire on or before April 1, 2024, and the amount of the COLA will vary depending on your retirement plan.
April 1 vs. April 2
When you're ready to select a retirement date, keep in mind that the date you choose may impact whether or not you are eligible to receive the COLA for that year. Even one day can make a big difference. If your retirement date is on or before April 1, 2024 your COLA would be based on the CPI for 2023 and you would receive your first COLA beginning with your April 2024 benefit payment. If you retire on April 2, instead, that single day's difference can delay your eligibility to receive a COLA for at least one year, which means that you wouldn't receive your first COLA until April 2025 - if one is approved by the Board of Retirement that year.
More information about COLAs can be found on our website and the Guide to Your SamCERA Benefits.
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Join us for these upcoming, online, financial planning classes available for free to all SamCERA members and their spouses/partners. Visit our website to see the full schedule of classes and start taking hold of your financial future!
The Modern Employee's Guide to Financial Literacy
Tuesday, 4/9 - 10:00 AM - 12:00 PM
Getting Out of Debt
Thursday, 4/11 - 2:00 PM - 2:30 PM
Elevate Your Legacy - Exploring Wills & Trusts
Monday, 4/15 - 10:00 AM - 12:00 PM
SamCERA has partnered with Financial Knowledge for over ten years to provide our members with comprehensive, unbiased financial education. Each course provides you with a 40+ page workbook that includes content, exercises, and additional resources to further your education on the topic. All of your Financial Knowledge instructors have their CFP designation and at least 15 years of experience working in the financial service industry. |
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You can view and print your member statement anytime online at MySamCERA.org or on the MySamCERA mobile app. Your member statement provides a snapshot of your account information, including your total amount of SamCERA service credit and the amount of contributions and interest in your account. After logging into MySamCERA, click on "Your Plan" then "Member Statements." On the next screen, click on the "Request Member Statement" button to view your current statement.
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It's important to keep your member account information up to date with us. If you have had any major life changes, let us know! You may want to update the beneficiary(ies) on your SamCERA retirement account for changes such as:
- Marriage
- Divorce
- Death of a spouse, partner, or child
- Birth or adoption of a child
Remember -- changing beneficiaries with your employer will not update your retirement account with SamCERA. Be sure to check who you have listed as your beneficiary(ies) on MySamCERA, and if needed, make an official request to change beneficiaries by submitting a Beneficiary Designation form.
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Did you know that you can get a personalized estimate of your pension benefit on the MySamCERA member portal and mobile app? The retirement estimate tool uses your account information including your age, years of service, and average income to provide a more accurate estimate of your future benefits. An estimate is a great resource to help you plan for retirement early and decide if you should invest more in other retirement accounts, such as deferred compensation, to have enough financial security to retire according to your plans.
Log in to MySamCERA to start planning today!
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ADDITIONAL INFORMATION
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Want to learn more about your SamCERA pension benefit?
Our member guides and website provide detailed information about your pension. Learn about service purchases, reciprocity, vesting, important deadlines, and more! www.samcera.org |
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Office Hours
Monday - Thursday
7:30 a.m. - 5:30 p.m.
Address
100 Marine Parkway, Suite 125
Redwood City, CA 94065
Phone
650-599-1234 or 800-339-0761
Website & Member Portal
www.samcera.org
www.mysamcera.org
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SamCERA Times is published for members of the San Mateo County Employees' Retirement Association. SamCERA benefits are governed by the County Employees Retirement Law of 1937 and the California Public Employees' Pension Reform Act of 2013; therefore, any discrepancies between the law and the information in this newsletter will be resolved in accordance with the law.
The material contained in this newsletter is for informational purposes only and does not constitute legal advice.
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SamCERA Times, Spring 2024
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