On February 21, 2023, the SCERS Board adopted the following
cost-of-living adjustments (COLA), effective April 1, 2024, for
members with retirement dates on or before March 31, 2024:
SCERS has been made aware of a data breach involving Keenan, the
County’s broker for health insurance and other cafeteria plan
benefits, that affects County retirees. SCERS is not involved in
this matter and no SCERS data was impacted.
Employer and employee contribution rates to SCERS are both set to
decrease slightly next year, based on an actuarial analysis being
presented to the Board of Retirement on December 6.
As global markets rebounded in the first half of 2023, SCERS
finished its fiscal year that ended June 30, 2023, with a 6.3%
investment return (6.1% net of fees).
SCERS announces the addition of a new member of its executive
team: Chief Technology Officer Timothy Taylor, who will assume
overall responsibility for the implementation of SCERS’s IT
modernization program.
Recent news has alerted the public to a major hacking incident
affecting a death-audit service provider for pension systems such
as CalPERS and CalSTRS.
The Sacramento County Employees’ Retirement System (SCERS) has
provided notice to approximately 400 retirees regarding
adjustments to their pensions effective in the March 2023 pension
payment, in compliance with the California Supreme Court’s
“Alameda” decision.
SCERS has changed its approach regarding the recovery of overpaid pension benefits subject to reductions under the “Alameda” decision, and will not collect overpaid pension benefits directly from retirees.
On February 15, 2023, the SCERS Board adopted the following
cost-of-living adjustments, effective April 1, 2023, for members
with retirement dates on or before March 31, 2023:
4% = Miscellaneous Tier 1 and Safety Tier 1
2% = Miscellaneous Tiers 3, 4, and 5 and Safety Tiers 2, 3,
and 4
At the February 15th Board of Retirement meeting, SCERS will
consider changing its approach regarding the recovery of overpaid
pension benefits subject to reductions under the Alameda
decision, and not collect overpaid pension benefits directly from
retirees.