SamCERA
SamCERA, founded in 1944 by the San Mateo County Board of Supervisors, administers benefits for permanent employees of the County of San Mateo and related entities, operating under the '37 Act and governed by various California laws and regulations.
Founders
SamCERA was founded in 1944 by the San Mateo County Board of Supervisors. The establishment aimed at providing a structured and effective retirement benefits system for employees associated with the County of San Mateo.
Services
SamCERA administers benefits for all permanent employees of the County of San Mateo, the San Mateo County Superior Court, and the San Mateo County Mosquito and Vector Control District. Its services include managing pension accounts via the MySamCERA member portal and mobile app, offering financial planning classes, and providing educational resources such as retirement seminars. SamCERA also offers a Replacement Benefit Plan for members whose pensions exceed IRS Section 415 limits. Its retirees and beneficiaries receive payments one month in arrears and receive an IRS 1099-R Form each January with reportable and taxable income information.
Regulations and Governance
SamCERA operates under the authority granted by the County Employees Retirement Law of 1937, commonly known as the '37 Act. It is also governed by the California Constitution, the California Public Employees’ Pension Reform Act of 2013 (PEPRA), and the policies adopted by the SamCERA Board of Retirement. The Board of Retirement meets regularly at 10:00 a.m. on the fourth Tuesday of every month to discuss and set policies and practices for the retirement system.
Investment Program
SamCERA's investment program includes commitments to various funds as part of its opportunistic credit portfolio and buyout portfolio, categorized under the Growth risk category within Private Equity. This diversified investment strategy aims to ensure the prudent administration and financial stability of the retirement system for its members.
Educational Resources
SamCERA offers a wide array of educational resources to assist members with financial planning and retirement preparation. These resources include free financial planning classes covering topics like taxes and retirement, as well as a video library and various retirement seminars designed to provide comprehensive knowledge and support for its members.