Highlights

2023 COLA RECOMMENDATION FOR BOARD OF RETIREMENT

QUESTIONS TO ASK ABOUT YOUR PENSION BENEFITS

ACTIVE & DEFERRED MEMBERS: HOW TO READ YOUR ANNUAL MEMBERSHIP STATEMENT

RETIRED MEMBERS: TAX YEAR 2023 1099-R WAS MAILED AND AVAILABLE ON MYSBCERS

2023 COLA RECOMMENDATION FOR BOARD OF RETIREMENT

We estimate that the Los Angeles Area Inflation has averaged 3.49% over calendar year 2023.

County Employees Retirement Law provides that inflation should be rounded to the nearest half percent, but limits COLA increases to 3.0% annually. As a result, a 3.0% COLA is anticipated to be considered by the Santa Barbara County Board of Retirement at its February 28, 2024 meeting. The approved COLA will take effect on May 1, 2024.

When the COLA is more than the plan permits, the excess amount 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%. For 2023, 0.5% will be banked for most retirees*.

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

QUESTIONS TO ASK ABOUT YOUR PENSION BENEFITS

Have you registered your SBCERS Member Portal (MySBCERS) account?

• In MySBCERS, you can view and confirm the contact information SBCERS has on file, check your beneficiary, and even run retirement benefit estimates specific to your own account. Those estimates will remain in your account for future reference.
• You can also view what retirement plan you are in, how much service credit you have earned, and view the contributions you have made to your account.
• Lastly, you can view the electronic version of the member statement that is sent to you at the beginning of every year. When you receive your member statement, you should confirm your marital status is up-to-date, your hire date(s) are accurate, and that your reciprocal service is included if applicable.
• Sign up for or log in to your MySBCERS account at mysbcers.org. When you request a PIN to set up your MySBCERS account, the PIN will be mailed to your address of record. This extra security step helps ensure the safety of your data. Once your PIN letter arrives in 2 days, you will be able to complete your account set up. If you have any difficulties, please give us a call at 1-877-568-2940 and we’ll assist you.

When was the last time you updated your beneficiary?

• A beneficiary is the person or people who may receive any benefits from the System in the event of a member’s death. A beneficiary can be a surviving spouse, minor child(ren) or any other person having an insurable interest in the life of the member.
• DID YOU KNOW... Members who are married or have a registered domestic partner have an “automatic” beneficiary under community property laws in California. If a member wishes to designate someone other than a spouse or domestic partner as their beneficiary, SBCERS requires the member to obtain the spouse’s/domestic partner’s written, notarized consent and waiver of rights.

Is Your Marital Status Up-to-Date?

• When an SBCERS member (active, deferred, or retired) is divorced or legally separated, the spouse’s community property interest in the member’s retirement account or pension benefit must be addressed in the court judgment allocating the community property accrued during the marriage. In order to implement that judgment, it is generally required for the parties to join SBCERS as a party to the court case and obtain a domestic relations order (“DRO”) from the court dividing the parties’ interest in the SBCERS retirement account or pension benefit.
• In cases where the divorce or dissolution occurs prior to retirement, the member and non-member (the spouse) cannot begin receiving SBCERS benefits or update their beneficiaries until the DRO is finalized. If you are currently going through a dissolution process, please contact an SBCERS member services representative.

ACTIVE & DEFERRED MEMBERS: HOW TO READ YOUR ANNUAL MEMBERSHIP STATEMENT

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.

Step 1 - Confirm your demographic and employment information.

• Is your marital status up-to-date?
• Have you claimed reciprocity with a previous employer?
• Are the retirement plans correct?
• Are your hire dates correct?

Step 2 - Understanding the value of your personal contributions and confirm your service credit.

• Employee contributions are the amount refundable if you leave employment.
• Certain kinds of leave time can be purchased, such as medical leave and extra help.
• Sick leave for up to 2,087 hours accrues towards your service credit for retirement.

Step 3 - Make sure your beneficiary information is accurate.

• A best practice is to have both a primary and secondary beneficiary.

If you need to update your account or have questions about your retirement benefits, you can schedule an appointment with an SBCERS representative at https://www.sbcers.org/appointments. You may also contact SBCERS via email at [email protected] or via phone at 1-877-568-2940.

RETIRED MEMBERS: TAX YEAR 2023 1099-R WAS MAILED AND AVAILABLE ON MYSBCERS

SBCERS payees were sent a 3-copy version of their 1099-R in the first week of February. Instructions were included on the back of the page, similar to last year's format. Click HERE to view a sample 1099-R.

Members may also view their 1099-R online at MySBCERS. Login or enroll at https://mysbcers.org/.

If necessary, please contact an SBCERS Member Services Representative to make updates to your form. Payees have until March 31, 2024 to review before SBCERS submits to the IRS.

Phone: 1-877-568-2940

Email: [email protected]