Tier 1 and Tier 3 retirees who retire: Between 04/02/19 and 04/01/20 will receive a 2.5% COLA increase to their retirement allowances. There should be no concern whatsoever of SDCERA's ability to pay retired Members and beneficiaries their monthly retirement benefits. The San Diego County Employees Retirement Association (SDCERA) is an independent association established by the County Employees Retirement Law of 1937. The COLA is based on the Consumer Price Index (CPI) for the San Diego area, which increased by 1.62% over the previous year. The COLA does compound each year. SDCERA's Trust Fund has $11 billion in total assets. Cost-of-Living Adjustment (COLA) Information for 2020. If you are eligible to receive a Fiscal Year 2020 COLA, the applicable increase will be reflected in your July 2019 retirement check. The CPI is rounded to the nearest one-half of one percent, resulting in a 1.5% COLA increase for 2016.
Coverage will be effective January 1, 2020.The office will re-open at 8 a.m. on Tuesday, January 21.In observance of Martin Luther King, Jr. Day, SDCERA's office will be closed on Monday, January 20, 2020. Visit our coronavirus (COVID-19) resource page for more information.Cost-of-living adjustments are applied on April 1st of each year based on the increase or decrease in the Consumer Price Index (CPI) as of January 1st of that year, pursuant to Government Code section 31870.
The remaining 90% of Trust Fund assets continue to be prudently invested in well-diversified financial markets and positioned to take advantage of market dislocations.This schedule is subject to change at any time.We regret any inconvenience this may cause our Members, but in light of current health concerns, these prudent steps are in the best interests of SDCERA Members and staff.If you have any questions about SDCERA-sponsored health or dental insurance coverage, please call the Health Plans Service Center at (866) 751-0256.In order to comply with Governor Newsom's Executive Order to "Shelter in Place," SDCERA has made the following operational changes:The Retiree Health Insurance Program's calendar year 2020 Open Enrollment closed on November 15, 2019. Using just 10% of these assets and with regular contributions by the plan sponsors and employees, SDCERA can pay retired Members and beneficiaries for well over a decade. A cost-of-living adjustment is provided up to a maximum of 2.00% per year.On Thursday, February 6, 2020, the SBCERA Board of Retirement approved a 2.00% cost-of-living adjustment (COLA) for all SBCERA retirees and eligible beneficiaries.Typically, each year the Board of Retirement reviews and approves any applicable COLA at its February Board meeting.
2020 Cost of Living Adjustment and Pay Schedule Based on the increase in the Consumer Price Index, there will be a 1.6 percent Cost of Living Adjustment (COLA) for most retired pay and Survivor Benefit Plan annuities, and the Special Survivor Indemnity Allowance (SSIA), effective December 1, 2019. Your 2020 COLA Increase is Reflected in Your April 30, 2020 Retirement Check Tier 1 and Tier 3 retirees who retired: On or before 04/01/19 will receive a 3.0% COLA increase to their retirement allowances. 2020 cola On Thursday, February 6, 2020, the SBCERA Board of Retirement approved a 2.00% cost-of-living adjustment (COLA) for all SBCERA retirees and eligible beneficiaries. New Retirees 2019-2020 City Retiree Health Open Enrollment Help Day. Tier 2 and 4 members will bank a 0.5% COLA percentage on April 1, 2020. SDCERA administers retirement and associated benefits for eligible employees of the County of San Diego and other participating employers, and is responsible for collecting, depositing, investing and managing the retirement funds. Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020. The 1.6 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 63 million Social Security beneficiaries in January 2020. 2275 Rio Bonito Way, Suite 100, San Diego, CA 92108-1685 • www.sdcera.org • 619.515.6800 . Pension payments are on schedule and we are processing retirements.
The banked percentage is used in years when the COLA is less than the maximum. No CPI decrease will ever reduce your monthly retirement benefit below the base amount received as of your effective retirement date.Our office is currently closed to the public, but we're working and available to assist you. With the COLA applied, the maximum amount of SSIA payable is $323. Therefore, these excess amounts can be applied in future years when the CPI change is below 2 percent. For eligible City retirees, Health Open Enrollment for 2019-2020 will run from June 3 to June 28, 2019. Since members can only receive a maximum of a 2 percent increase, when the change is more than 2 percent or it goes down, the change is accumulated or “banked” to be met by the increases or decreases in future years.
2020 cola On Thursday, February 6, 2020, the SBCERA Board of Retirement approved a 2.00% cost-of-living adjustment (COLA) for all SBCERA retirees and eligible beneficiaries. For example, Tier 1 and 3 members who retired on or before April 1, 2019 will get the 2.5% CPI increase for 2020 plus 0.5% from their COLA banks, for a total of a 3.0% COLA.