Other Retirement Options & Considerations
SBCERA only administers your retirement benefit. We do not manage retiree medical or insurance benefits. However, there are a few deduction options that exist for SBCERA retirees and beneficiaries. Below is a list of options that can be deducted from your benefit including the organizations you should contact for additional information:
SBCERA Members* do not participate in Social Security. In other words, your earnings from your SBCERA-covered employment are not covered under Social Security.
Most SBCERA Members do participate in Medicare. Medicare is our country’s health insurance program for people age 65 or older. SBCERA will generally notify you to apply for Medicare before you reach age 65. You should apply even if you do not intend to retire yet.
Determining the COLA
Cost-of-Living Adjustments (COLA), up to a 2 percent increase, are given on April 1st of each year based on the increase or decrease in the Bureau of Labor Statistics’ Consumer Price Index (CPI) as of January 1st of each year (Government Code section 31870). The COLA is always rounded to the nearest one-half percent and will never exceed 2 percent. For example, if the CPI goes up by 1.34 percent, SBCERA’s retirees and eligible beneficiaries receive a 1.5 percent COLA.