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With less than two months left in 2023, it's a great time to perform a retirement review for your SamCERA account on the MySamCERA member portal. Log in to your account at www.mysamcera.org to review the important information listed below:
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Check Your Beneficiary Designations
View your beneficiaries to make sure that you have the correct beneficiary(ies) listed - even if you're not retiring any time soon. If you've had a life change recently, such as the birth of a child or if you got married, it's very important to update your SamCERA account because changes that you've made with your employer do not automatically update with SamCERA.
Run a Retirement Estimate
A retirement estimate gives you an idea of what you may receive as your monthly benefit when you retire. The retirement estimate tool on MySamCERA allows you to create different scenarios and change factors like your age at retirement and final average compensation.
Getting an idea of what you can expect from your retirement pension benefit from SamCERA will help you determine when you might be able to retire, if you're on track for your target retirement date, and if you should consider supplementing your pension with another retirement income source.
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Review Your Member Statement
Reviewing your member statement is a great way to check the information on your SamCERA account. We suggest that you do this at least once a year on the MySamCERA member portal to make sure that everything looks right, such as your service credit and account balance. See the "View Your Member Statement" section below for more information.
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SamCERA's Board of Retirement recently approved our 2023 Annual Comprehensive Financial Report (ACFR) - a detailed report of SamCERA's financial standing for the fiscal year ending June 30, 2023.
ACFR Highlights
13,690 -
Our member population - this includes active, retired, inactive, and beneficiary members of SamCERA.
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88.3%
- Funded Status as of 6/30/23. The funded status measures the fund's financial status when comparing assets to liabilities.
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$6.0B
- The net position (total assets minus total liabilities) at fiscal year-end, reflecting an increase of $355.4 million from the previous year.
More Information
The ACFR is a great way to learn about the financial health of your retirement fund. To learn more about the fund, see the full 2023 Annual Comprehensive Financial Report, now available online.
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Financial planning classes with SamCERA are a great way to better understand your finances and plan for retirement.
Each class provides a 40+ page workbook with resources and information, and you’ll have access to a certified financial planner that can answer your questions. Instructors from Financial Knowledge Network are not affiliated with any financial institutions or products in order to provide you with pure, unbiased education.
Learn more and sign up for a class today!
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Did you miss the half day "Road to Retirement" seminar earlier this year, and you want to learn more about your pension? Watch the video version of the SamCERA presentation when it's convenient for you any time online.
This presentation from the SamCERA Retirement Benefits team will help you get on the road to retirement and have a better understanding of your pension retirement benefit.
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You can view and print your member statement anytime online at MySamCERA.org. It's important to review your member statement because it provides a snapshot of your account information, including the total amount of SamCERA service credit you have earned and the amount of contributions and interest on your account. After logging into MySamCERA, click on "Your Plan" then "Member Statements" and "Request Member Statement."
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Your SamCERA retirement benefit is considered a community property asset. Therefore, if you had a marital or domestic partner separation during your membership, your former spouse or partner may be entitled to a portion of your benefit. If you get divorced, please notify SamCERA well in advance of submitting your retirement application. Division of this asset must be resolved before SamCERA can pay a retirement benefit or refund your contributions. Read the "Divorce and Your Benefits" member guide for more information.
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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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SEASON'S GREETINGS!
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As the end of the year draws near, we'd like to take this opportunity to extend a heartfelt thank you to all of our members. It's an honor to serve all of you that work so hard for our community, and we wish you all a wonderful holiday season and happy new year!
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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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