Investments

The SBCERA Snapshot provides key data about SBCERA's plan, finances and membership. The data listed is as of June 30, 2017, 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 SBCERA at Communications@SBCERA.org.


Background

  • Established: January 1, 1945
  • Governing Statutes: California County Employees Retirement Law of 1937 (CERL) and California Public Employees' Pension Reform Act (PEPRA)
  • Mission Statement (View)
  • Participating Active Employers: 17 (View)
  • Plan Type

    • Tier 1 (Members with Membership Date Prior to January 1, 2013)
      • General Members: 2% @ 55 (CERL Section 31676.15)
      • Safety Members: 3% @ 50 (CERL 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))
  • Eligibility for Retirement (View)
  • Calculating Retirement Benefits

    • Four Factors (View)
      • Age
      • Years of Service Credit
      • Final Average Compensation
      • Benefit Formula
    • Benefit Formula % X Age Factor X Years of Service Credit X Final Average Compensation = Lifetime Monthly Benefit

Average SBCERA Retirement Benefits

  • Average Monthly Retirement Benefit: $3,459
  • Average Annual Retirement Benefit: $41,503
  • Cost-of-Living Adjustment (COLA): Up to 2%, based on the change in the Consumer Price Index (CPI). Effective April 1st. (View COLA Information)

Membership By The Numbers

  • Total Membership: 38,836
  • Active Members (still employed)

     

    VESTED

    NON-VESTED

    TOTAL

    General Members

    11,887

    6,732

    18,619

    Safety Members

    1,684

    807

    2,491

    Total Active Members

     

     

    21,110

    Retirees/Beneficiaries

    Service Retirement:

    8,983

    Disability Retirement:

    1,570

    Beneficiaries:

    1,626

    Total Retirees/Beneficiaries

    12,179

    • Deferred Members (no longer employed, vested and non-vested): 5,547

    Active Members by Employer

    Plan Sponsor

    Number of Members

    Percentage of Active Membership

    Barstow Fire Protection District

    20

    0.09%

    California Electronic Reporting Transaction Network Authority

    2

    0.01%

    California State Association of Counties

    100

    0.47%

    City of Big Bear Lake

    67

    0.32%

    City of Chino Hills

    153

    0.72%

    County of San Bernardino

    18,797

    89.05%

    Crestline Sanitation District

    19

    0.09%

    Department of Water and Power of the City of Big Bear Lake

    31

    0.15%

    Hesperia Recreation and Park District

    24

    0.11%

    Inland Library System

    1

    0.01%

    Law Library for San Bernardino County

    6

    0.03%

    Local Agency Formation Commission

    5

    0.02%

    Mojave Desert Air Quality Management District

    39

    0.18%

    San Bernardino Associated Governments

    60

    0.28%

    SBCERA

    64

    0.30%

    South Coast Air Quality Management District

    702

    3.33%

    Superior Court of California, County of San Bernardino

    1,020

    4.84%

    Total Active Members

    21,110

    100%

Investment Results

Click to Enlarge

  • Historic SBCERA Fair Value Growth of Plan Assets

Click to Enlarge

  • Historic SBCERA Investment Fund Performance

Click to Enlarge

  • 3-year Annualized Return: 5.46%
  • 5-Year Annualized Return: 8.52%

Funding

  • Actuarial Value of Assets: $9,385,977,000
  • Actuarial Accrued Liability: $11,928,310,000
  • Unfunded Actuarial Accrued Liability: $2,542,333,000
  • Funded Ratio: 78.69%
  • Actuarial Assumed Rate of Return: 7.25% per year

Contribution Rates (View the Latest Rates):

Tier 1

Employer Contribution Rates

Fiscal Year 2017-2018

Fiscal Year 2018-2019

County (General Members)

22.41%*

 25.27%*

County (Safety Members)

50.20%*

 55.57%*

SCAQMD

34.93%

40.34%

Superior Court

24.70%*

 28.17%*

Other General

34.53%

37.03%

Other Safety

83.19%

**

* Note: Rates do not include any amount due to employers for Pension Obligation Bonds.
** Note: Members in the Other Safety cost group transferred to the County Safety cost group.

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. Member contributions (except for Survivor Benefit) are not paid for compensation earnable above an annual cap (i.e. $270,000 for 2017) or when they have reached 30 or more years of service credit.

Tier 2

Employer Contribution Rates

Fiscal Year 2017-2018

Fiscal Year 2018-2019

County (General Members)

19.36%*

 22.73%*

County (Safety Members)

43.21%*

 50.30%*

SCAQMD

30.91%

36.89%

Superior Court

21.65%*

 25.63%*

Other General

30.09%

34.30%

Other Safety

73.73%

**

* Note: Rates do not include any amount due to for Pension Obligation Bonds.
** Note: Members in the Other Safety cost group transferred to the County Safety cost group.

Member (i.e. Employee) Contribution Rates: Flat Rate - Fixed percentage of pensionable compensation. Rates are subject to change each fiscal year. Contributions (except for Survivor Benefit) are not paid for pensionable compensation above an annual cap (i.e. $145,666 for 2018).


Changes in Fiduciary Net Position

Additions/Income for Fiscal Year

  • Employer Contributions: $360,478,000
  • Plan Member Contributions: $143,858,000
  • Net Investment Loss: 1,097,783
  • Net Securities Lending Income: $415,000

Deductions/Expenses for Fiscal Year

  • Benefit and Refunds: $497,904,000
  • Administrative Expenses: $9,961,000
  • Other Expenses: $3,202,000

Leadership

  • Board of Retirement (View)
  • Executive Management (View)

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)
  • Popular Annual Financial Report: The PAFR is prepared each fiscal year and provides a summary of the CAFR. It is 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 SBCERA's pension consultant, NEPC. (View)
  • SBCERA By-Laws: (View)

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