SCERS has completed its analysis of compensation and payroll records and is preparing to issue refunds of overpaid contributions and interest to approximately 4,800 active and deferred members in accordance with the Alameda decision.
In August 2022, SCERS will be sending refund notices and Special Distribution Request Form to active and deferred members. Members have the option to receive the refund as a direct payment, less taxes, or they can elect to roll over the refund to a qualified plan, such as an Individual Retirement Account (IRA) or an eligible employer plan such as a 457(b) plan.
For retired members, SCERS is finalizing its analysis of pension calculations and anticipates adjustments to monthly pensions for approximately 2,000 impacted members to begin in the last quarter of 2022. SCERS is targeting October 2022 to send retired members detailed notices about the adjustments, which may include overpayments that may need to be recovered. SCERS will be providing extended timeframes to recover overpayments through monthly pension warrants.
Please continue to keep your addresses and contact information up to date, we will be mailing information packets to all affected members.