SBCERA retirement benefits are funded through contributions paid by participating active employers, members, and earnings from SBCERA investments. Employer contribution requirements are determined by periodic actuarial valuations under state law, conducted by actuaries. The Board of Retirement reviews and sets contribution rate increases or decreases on the basis of these studies each fiscal year.
SBCERA’s Board of Retirement approved pay codes for use in calculating Tier 1 (Compensation Earnable) and Tier 2 (Pensionable Compensation) member and employer contributions. These approved pay codes are subject to retirement contributions.
SBCERA’s financial reports provide in-depth financial, investment, actuarial, and statistical information. The reports are prepared in accordance with accounting principles set forth by the Governmental Accounting Standards Board (GASB).