The SCERS Board of Retirement adopted new policies in April 2019 that clarify how compensation and service credit will be incorporated into pension calculations. SCERS will no longer include in Final Compensation any portion of allowances or pay incentives earned after April 27, 2019, as a result of overtime, expired compensatory time off (CTO), or CTO-over-max. SCERS also will limit service credit to one (1) year in a 12-month period. These policies provide for more consistency in pension calculations based on a better interpretation of law.
The latest edition of the SCERS newsletter has been published. The Spring 2019 newsletter includes a spotlight on SCERS’ new Chief Benefits Officer, a retirement checklist, FAQs regarding service credit purchases, fast facts regarding benefit recipients, and details on upcoming events.
The newsletter has been posted on the SCERS website in the Newsletters section and has been mailed out to all of our active and retired members.
At its meeting on March 20, 2019, the SCERS Board directed Staff to distribute a discussion draft of the Post-Retirement Employment Policy to stakeholders for comment and to bring the policy back to the Board for final approval at a future meeting.