March 2022

Volume 55

Highlights

WORKING AFTER RETIREMENT

VIRTUAL POP UP APPOINTMENTS AVAILABLE

Also in this edition...

2022 COLA Results
February 2022 Investments Results
February 23, 2022 Board of Retirement Meeting and March 9, 2022 Special Board of Retirement Meeting Highlights
March 30, 2022 Board of Retirement Meeting Agenda Available
CareCounsel Information
RESBC Membership Information

WORKING AFTER RETIREMENT

Most employees look forward to retirement with eagerness and grand expectations. However, many ask us, “Can I work after I retire?” The general answer is “Yes”, but the better question is, “How will working affect my SBCERS retirement?” Retirees should be aware that working for an SBCERS-covered employer during retirement may lead to suspension of their SBCERS benefits for part or all of their re-employment period.

Click here to learn more about Post-Retirement Employment.

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

2022 COLA Results

For February 2022, Los Angeles Area Inflation (year over year) was 7.40%. The average monthly increase for 2022 to date is 7.45%.

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.

February 2022 Investment Results

The Total Fund returned -0.71% for the month of February 2022.

Since July 1, 2021, the portfolio has returned 3.77%, generating over $145 million for our beneficiaries.

Read the full February 2022 Investment Flash Report.

February 23, 2022 Board of Retirement Meeting & March 9, 2022 Special Board of Retirement Meeting Highlights

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.

Read the Feburary 23, 2022 Minutes.

At the March 9, 2022 Special Board of Retirement meeting, the Board voted to return to in-person meetings. Consultants, staff, and members of the public are still able to participate in the meeting by Zoom and the meetings will continue to be livestreamed on Youtube.

Read the draft March 9, 2022 Minutes.

March 30, 2022 Board of Retirement Meeting Agenda Available

The next Regular Board of Retirement meeting will be held in the Riviera Ballroom at the Canary Hotel on March 30, 2022.

Members of the public who would like to make a public comment may do so via Zoom or in-person at the meeting location. Please email clerkoftheboard@sbcers.org for instructions. The Board of Retirement meeting will also be livestreamed via YouTube at https://www.sbcers.org/board-of-retirement/watch-live/.

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.