San Bernardino County Employees’ Retirement Association (SBCERA) will ask the Board of Supervisors to approve adjustments to the Retirement Contribution rates on April 2, 2019. If approved, these new rates will be effective June 22, 2019.
The new contribution rates were determined based on a report on the actuarial valuation of the Plan, which was prepared by SBCERA’s actuary and completed as of June 30, 2018.
The assumption changes resulted in the average Tier 1 General Member and Tier 1 Safety Member contribution rates remaining virtually unchanged (See attached chart showing current rates and the proposed new rates). For Tier 2 General Members the contribution rate will decrease from 9.16% to 9.10%, and for Tier 2 Safety Members the contribution rate will decrease from 16.54% to 16.19%.
While the Board of Supervisors is not the governing body for SBCERA, SBCERA is required to request Board approval of these rate adjustments in accordance with applicable law.
Additionally, you may also be interested to know that the Survivors Benefit amount will decrease from $1.36 per pay period to $1.35 per pay period.