SBCERA Snapshot

The SBCERA Snapshot provides key data about SBCERA's plan, finances and membership. The data listed is as of June 30, 2016, 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 Statute: California County Employees Retirement Law of 1937 (CERL) and California Public Employees' Pension Reform Act (PEPRA)
  • Mission Statement (View)
  • Plan Sponsors: 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: $3,331
  • Average Annual Retirement Benefit: $39,972
  • 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: 37,304
  • Active Members (still employed)

     

    VESTED

    NON-VESTED

    TOTAL

    General Members

    12,082

    6,083

    18,165

    Safety Members

    1,704

    669

    2,373

    Total Active Members

     

     

    20,538

    Retirees/Beneficiaries

    Service Retirement:

    8,542

    Disability Retirement:

    1,520

    Beneficiaries:

    1,568

    Total Retirees/Beneficiaries

    11,630

    • Deferred Members (no longer employed, vested and non-vested): 5,136

    Active Members by Employer

    Plan Sponsor

    Number of Members

    Percentage of Active Membership

    Barstow Fire Protection District

    18

    0.09%

    California Electronic Reporting Transaction Network Authority

    2

    0.01%

    California State Association of Counties

    94

    0.46%

    City of Big Bear Lake

    67

    0.33%

    City of Chino Hills

    153

    0.74%

    County of San Bernardino

    18,319

    89.19%

    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

    40

    0.19%

    Inland Library System

    1

    0.01%

    Law Library for San Bernardino County

    8

    0.04%

    Local Agency Formation Commission

    5

    0.02%

    Mojave Desert Air Quality Management District

    39

    0.19%

    San Bernardino Associated Governments

    55

    0.27%

    SBCERA

    55

    0.27%

    South Coast Air Quality Management District

    682

    3.32%

    Superior Court of California, County of San Bernardino

    950

    4.63%

    Total Active Members

    20,538

    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: 4.82%
  • 5-Year Annualized Return: 5.89%

Funding

  • Actuarial Value of Assets: $8,736,959,000
  • Actuarial Accrued Liability: $10,669,688,000
  • Unfunded Actuarial Accrued Liability: $1,932,729,000
  • Funded Ratio: 81.89%
  • Actuarial Assumed Rate of Return: 7.50% per year
  • Asset Smoothing Method: 5-year asset smoothing period, no market corridor
  • Amortization Period: See page 125 of CAFR for details

Contribution Rates (View the Latest Rates):

Tier 1

Employer Contribution Rates

Fiscal Year 2016-2017

Fiscal Year 2017-2018

County (General Members)

22.33%*

 22.41%*

County (Safety Members)

50.98%*

 50.20%*

SCAQMD

32.93%

34.93%

Superior Court

23.90%*

 24.70%*

Other General

33.05%

34.53%

Other Safety

72.31%

83.19%

* Note: Rates do not include any amount due to 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. 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 2016-2017

Fiscal Year 2017-2018

County (General Members)

19.20%*

 19.36%*

County (Safety Members)

42.91%*

 43.21%*

SCAQMD

28.90%

30.91%

Superior Court

20.77%*

 21.65%*

Other General

29.50%

30.09%

Other Safety

63.17%

73.73%

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

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. $142,530 for 2017).


Changes in Fiduciary Net Position

Additions/Income for Fiscal Year

  • Employer Contributions: $340,512,000
  • Plan Member Contributions: $139,132,000
  • Net Investment Loss: ($80,390,000)
  • Net Securities Lending Income: $362,000

Deductions/Expenses for Fiscal Year

  • Benefit and Refunds: $464,068,000
  • Administrative Expenses: $7,569,000
  • Other Expenses: $2,664,000

Leadership

  • Board of Retirement (View)
  • Chief Executive Officer, Gary Amelio (View)
  • Chief Investment Officer (CIO), Donald Pierce (View)
  • Chief Counsel, Michael Calabrese (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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