The SBCERA Snapshot provides key data about our plan, finances and membership. The data listed is as of June 30, 2012, unless otherwise noted. Most information is also contained in the latest Comprehensive Annual Financial Report and/or Actuarial Valuation and Review. If you have any questions, please email us at Communications@SBCERA.org.

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Background

• Established: January 1, 1945

• Governing Statute: California County Employees' Retirement Law of 1937 (CERL) and California Public Employees' Pension Reform Act (PEPRA)

• Purpose Statement (View)

• Plan Sponsors: 21 Employers (View)

• Plan Type

  Tier 1 (Members with Membership Date Prior to January 1, 2013)

  • General Members: 2% @ 55 (GC Section 31676.15)

  • Safety Members: 3% @ 50 (GC Section 31664.1)

  Tier 2 (Members with Membership Date On or After January 1, 2013)

  • General Members: 2.5% @ 67 (PEPRA Section 7522.20(a))

  • Safety Members: 2.7% @ 57 (PEPRA Section 7522.25(d))

• Calculating Retirement Benefits

  Four Factors

  • Age

  • Years of Service Credit

  • Final Average Compensation

  • Benefit Formula (Plan Type Above)

  Benefit Formula % X Age Factor X Years of Service Credit X Final Average Compensation = Lifetime Monthly Benefit

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Average SBCERA Retirement Benefits

• Average Monthly Retirement Benefit: $2,909

• Average Annual Retirement Benefit: $34,904

• Cost-of-Living Adjustment (COLA): Up to 2%, based on the change in the Consumer Price Index (CPI). Effective April 1st. (View COLA FAQs)

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Membership By The Numbers

• Total Membership: 32,824

• Active Members (still employed)

  	Vested	Non-Vested	Total
  General Members:	12,302	4,853	17,155
  Safety Members:	1,795	356	2,151
  Total Active Members:			19,306

• Retirees/Beneficiaries

  Service Retirement:	6,957
  Disability Retirement:	1,397
  Beneficiaries:	1,382
  Total Retirees/Beneficiaries:	9,736

• Deferred Members (no longer employed, vested): 3,782

• Active Members by Employer

  Plan Sponsor	Number of Members	Percentage of Active Membership
  Barstow Fire Protection District	20	0.10%
  CERTNA	1	0.01%
  California State Association of Counties	105	0.54%
  City of Big Bear Lake	77	0.40%
  City of Chino Hills	168	0.87%
  County of San Bernardino	16,963	87.87%
  Crest Forest Fire Protection District	29	0.15%
  Crestline Sanitation District	20	0.10%
  Department of Water and Power of the City of Big Bear Lake	33	0.17%
  Hesperia Recreation and Park District	18	0.09%
  Inland Library System	1	0.01%
  Law Library for San Bernardino County	8	0.04%
  Local Agency Formation Commission	4	0.02%
  Mojave Desert Air Quality Management District	38	0.20%
  Rim of the World Recreation and Park District	1	0.01%
  San Bernardino Associated Governments	41	0.21%
  SBCERA	48	0.25%
  South Coast Air Quality Management District	740	3.83%
  Superior Court of California, County of San Bernardino	991	5.13%
  Total Active Members	19,306	100%

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Investment Results

• Current Fiscal Year Returns

• Prior Fiscal Year

  Net Assets Held in Trust for Pension Benefits as of June 30, 2012: $6,173,334,000

  Total Investment Portfolio Return: 0.46% for the fiscal year ended June 30, 2012

• Policy Asset Allocation

  Click Image To Enlarge

  

• Historic SBCERA Fair Value Growth of Plan Assets

  Click Image To Enlarge

  

• Historic SBCERA Investment Fund Performance

  Click Image To Enlarge

  

• Long-Term Investment Performance: 9.24% (annualized for the period July 1, 1982 to September 30, 2012)

• 5-Year Annualized Return: (0.41)%

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Funding

• Actuarial Value of Assets: $6,789,492,338

• Actuarial Accrued Liability: $8,606,576,657

• Unfunded Actuarial Accrued Liability: $1,817,084,319

• Funded Ratio: 78.89%

• Actuarial Assumed Rate of Return: 7.75% per year

• Asset Smoothing Method: 5-year asset smoothing period, no market corridor

• Amortization Period: 20 years

• Contribution Rates

  Tier 1

  Employer Contribution Rates	Fiscal Year 2012 – 2013	Fiscal Year 2013 – 2014
  County (General Members)	17.12%*	18.96%*
  County (Safety Members)	36.39%*	39.99%*
  SCAQMD	23.15%	25.22%
  Superior Court	18.56%*	19.87%*
  Other General	25.77%	27.69%
  Other Safety	51.73%	57.82%

  * Note: Rates do not include any amount due from employers for Pension Obligation Bonds.

  Member (i.e. Employee) Contribution Rates: Entry Age Based - Percentage of earnable compensation. Percentages vary based on entry age. Rates are subject to change each fiscal year. (View the Latest Rates)

  Tier 2

  Employer Contribution Rates	Fiscal Year 1/2013 – 6/2013	Fiscal Year 2013 – 2014
  County (General Members)	15.22%*	16.53%*
  County (Safety Members)	29.79%*	32.90%*
  SCAQMD	20.68%	22.86%
  Superior Court	16.66%*	17.44%*
  Other General	22.62%	23.83%
  Other Safety	44.02%	50.87%

  * Note: Rates do not include any amount due from employers for Pension Obligation Bonds.

  Member (i.e. Employee) Contribution Rates: Flat Rate - Fixed percentage of pensionable compensation.

  • General – 7.75%
  • Safety – 12.50%

  Contributions are not paid for pensionable compensation above the cap (i.e. $136,440 for 2013). Rates are subject to change each fiscal year.

• Changes in Plan Net Assets (Dollars in Thousands)

  Additions/Income for Fiscal Year

  • Employer Contributions: $278,091

  • Employee Contributions: $68,630

  • Net Investment Income: $39,179

  • Net Securities Lending Income: $607

  
  

  Deductions/Expenses for Fiscal Year

  • Benefit and Refunds: $341,728

  • Administrative Expenses: $6,205

  • Other Expenses: $1,814

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Leadership

• Board of Retirement (View)

• Chief Executive Officer (CEO), Norm Ruggles (View)

• Chief Investment Officer (CIO), Donald Pierce (View)

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Key Reference Documents

• Board Agendas & Minutes: Agendas are posted at least 72 hours prior to an upcoming Board meeting. Minutes are posted upon approval at the next regular Board meeting. (View)

• The Compass: SBCERA Summary Plan Description including all information related to its retirement benefits. (View)

• Comprehensive Annual Financial Report: Prepared each fiscal year and typically posted by the end of the calendar year. (View)

• Actuarial Valuation & Review: Conducted each fiscal year and presented to the Board in late fall. (View)

• Retirement 101 Flyers: Flyers created for the membership to provide a detailed explanation of key topics related to their retirement benefits. (View)

• Quarterly Review Newsletters: Distributed quarterly to active and retired SBCERA members. (View)

• Latest Quarterly Investment Report: Prepared by our pension consultant, NEPC. (View)

• SBCERA By-Laws (View)

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