February 2022

Volume 54

Highlights

ANNUAL MEMBERSHIP STATEMENTS

VIRTUAL POP UP APPOINTMENTS AVAILABLE

3% COLA APPROVED FOR MAY 1 PAYROLL

Also in this edition...

2022 COLA Results
January 2022 Investments Results
January 26 and February 23, 2022 Board of Retirement Meeting Highlights
Upcoming Board of Retirement Meetings
CareCounsel Information
RESBC Membership Information

ANNUAL MEMBERSHIP STATEMENTS

SBCERS has distributed Membership Statements to Active and Deferred Members, along with the SBCERS Popular Annual Financial Report. Active and Deferred Members can view their Membership Statement online at MySBCERS, by clicking “Statements” under “Communications.” Retired Members do not receive a Membership Statement.

Your SBCERS Membership Statement - Medium.png

Click here to learn 6 tips to being well informed and retirement ready!

To review or make changes to your account, schedule a virtual appointment or contact SBCERS:

Phone: 1-877-568-2940

Email: benefits@sbcers.org

VIRTUAL POP UP APPOINTMENTS AVAILABLE

Currently, all SBCERS appointments are being held virtually, either over the phone or on Zoom. Members may schedule their own appointment online by clicking the button below. All upcoming dates are updated at www.sbcers.org/pop-up.

Click Here to Book an Appointment

Members may choose between 20-minute or 60-minute appointments.

Example 20-Minute Topics:

Service purchase of medical leave or extra help time
Divorce
Tax withholding changes
Health reimbursement claims
Direct deposit changes
Insurance questions

Example 60-Minute Topics:

Pre-retirement or retirement counseling sessions
Death benefit claims
Continuance onboarding

3% COLA APPROVED FOR MAY 1 PAYROLL

A 3.0% Cost-of-Living Adjustment (COLA) was approved by the Santa Barbara County Board of Retirement at its February 23, 2022 meeting. The COLA will take effect on benefit payments beginning May 1, 2022.

Los Angeles Area Inflation averaged 3.83% over calendar year 2021. Cost-of-Living Adjustments are rounded to the nearest half percent (4.0%), however retirement law limits increases to 3.0%.

When the change is more than 3.0%, the excess amount (1.0%) is accumulated, or banked, for most retirees*. The excess amount of COLA can be applied in future years when the approved COLA level is below 3.0%.

*All Safety Plan members, General Plan 5 members, and APCD Plan 1 & 2 members receive a 3% COLA with 1% banked. General Plan 7 & 8 members and APCD Plan 8 members receive a 2% COLA with 2% banked. General Plan 2 members do not receive a COLA.

2022 COLA Results

For January 2022, Los Angeles Area Inflation (year over year) was 7.51%.

View monthly inflation figures compared to last year.

Want to track the COLA on your own? On the 15th of each month, the U.S. Department of Labor, Bureau of Labor statistics releases CPI data for Los Angeles.

Read the current Bureau of Labor Statistics report.

January 2022 Investment Results

The Total Fund returned -1.90% for the month of January 2022.

Since July 1, 2021, the portfolio has returned 4.43%, generating over $171 million for our beneficiaries.

Read the full January 2022 Investment Flash Report.

January 26 and February 23, 2022 Board of Retirement Meeting Highlights

At the January 26, 2022 Board of Retirement meeting, Michael Daly was sworn in to the office of General 2nd Member, and Trustees Vidal, Lavagnino, and Zhang-King were nominated to Chair, Vice Chair, and Secretary of the Board, respectively. The Board received the June 30, 2021 Other Post-Employment Benefits (OPEB) Valuation, the June 30, 2021 Annual Comprehensive Financial Report, the December 31, 2021 Investments Performance Report, and a Mid-Year Budget Review. The Board also received education on the Private Credit Program, as well as a presentation on Community Property and Domestic Relations Orders (DROs).

Read the January 26, 2022 Minutes.

At the February 23, 2022 Board of Retirement meeting, Trustee Vidal appointed Trustees Sten, Cholmondeley, Hagen, and Blair to the Operations Committee. The Board received public markets, private equity, and private real return quarterly investment reports and strategic plans. The Board approved the investment of $20 million to the Atalaya Asset Income Fund Evergreen and authorized the CEO to negotiate and execute an agreement in writing with Atalaya Capital Management. The Board also authorized the CEO to issue a request for qualifications for the acquisition of insurance brokerage services, change orders for construction services on the SBCERS office building, and a 3% COLA to take effect April 1, 2022 (May 1, 2022 benefit payment) for existing retirees and beneficiaries. A draft of the February 23, 2022 Minutes will be available to view on March 24, 2022.

Upcoming Board of Retirement Meetings

A Special Board of Retirement Meeting is scheduled for March 9, 2022 to approve Board teleconferencing for an additional 30 calendar days. The next Regular Board of Retirement meeting will be held virtually on March 30, 2022. You can watch Board of Retirement meetings via YouTube live stream at https://www.sbcers.org/board-of-retirement/watch-live/.

Members of the public who would like to make a public comment may do so via Zoom. Please email clerkoftheboard@sbcers.org for instructions.

Click HERE to access agendas and board materials on our agenda management website.

WANT HELP WITH YOUR HEALTH CARE INQUIRIES & CONCERNS?

Looking for a stress-free solution to your healthcare inquiries and, or concerns? CareCounsel is our health advocacy partner and is a service offered as part of your benefit package. CareCounsel works independently from your insurance carrier and is a completely confidential resource.

It’s easy, call: (888-227-3334), or email staff@carecounsel.com Monday through Friday 6:30 am to 5:00 pm PST. After hours, you can leave a message and they will get back to you the next business day.

A few examples of why you should contact CareCounsel:

Education
Making Sense of Medicare
Benefits and Coverage Questions
Claims and Billing Assistance
Eligibility Status
Quality Concerns
Grievances and Appeals
Assistance with Locating Healthcare Providers

RETIRED EMPLOYEES OF SANTA BARBARA COUNTY (RESBC)

RESBC is a non-profit organization dedicated to improving the lives of county retirees by providing information on critical retirement issues and offering educational/cultural social opportunities. Membership in RESBC is $2.50 monthly. Dues are deducted from the member’s Santa Barbara County pension payment. County employees may join RESBC by completing the RESBC Membership Deduction Authorization form at the time of their retirement exit conference.

Retirees may join at any time by requesting a membership form from SBCERS, 130 Robin Hill Road, Suite 100, Goleta, CA 93117, 1-877-568-2940 or, by clicking HERE and sending the completed form to benefits@sbcers.org.

RESBC Membership benefits include:

4 issues of the RESBC newsletter per year.
4 subsidized luncheon meetings per year held at various county locations.
Opportunities to participate in subsidized day trips and special events.
Attendance at special presentations on critical issues such as health insurance, pension litigation, pension-related court decisions, etc.
Opportunity to socialize and have fun with former co-workers and friends.

Have a question about an item in this newsletter?

Call a Benefit Representative at 1-877-568-2940. We are ready to help you!

Want to look at prior newsletters?

Click HERE to visit the SBCERS Newsletter Archive.