Upcoming SamCERA-sponsored classes and workshops
Listed
below are all the SamCERA-sponsored training opportunities through the
end of the calendar year.
To
attend the Ready to Retire workshop, please email samcera@samcera.org.
For
all other classes, sign up through the County’s Learning Management System -
Personal Health & Well Being (Private) site at https://sanmateocounty.cyberu.com/client/sanmateocounty/default.aspx. (Your user name is your nine-digit employee ID number
(example: x000012345).
September 24, 2009 Courses
MONEY
MANAGEMENT
(RECOMMENDED
FOR THOSE WHO DESIRE TO DEVELOP MORE EFFECTIVE WAYS TO BUDGET, SPEND, AND TAKE
BETTER CONTROL OF THEIR FINANCES)
Instructor: KENT KITCHEL
Date: 9/24,
2009 • Time: 8:30
AM-10:30 AM
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will learn how to make better spending decisions, get
out of debt, build and maintain a good credit record, and stay on track with
all financial goals. Each participant will receive a 40-plus page workbook,
which reviews each topic covered and provides resources and a glossary for
future use.
INVESTING
FOR THE CLUELESS!
(RECOMMENDED
FOR THOSE WHO DESIRE A GREATER ABILITY TO MAKE INFORMED INVESTMENT DECISIONS)
Instructor: KENT
KITCHEL
Date: 9/24,
2009 • Time: 11:30
AM-1:30 PM (BROWN BAG LUNCH SESSION)
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will gain a basic level of knowledge on investments and
investing strategies, which will enable them to build and better manage an
investment portfolio. Each participant will receive a 45-plus page workbook,
which reviews each topic covered, and provides resources and a glossary for
future use.
SMART
STRATEGIES FOR YOUR 401(k), 403(b) or 457 PLAN
(RECOMMENDED
FOR THOSE WHO DESIRE A GREATER ABILITY TO MAKE INFORMED INVESTMENT DECISIONS
WITH THEIR 401(k), 403(b), or 457 PLAN)
Instructor: KENT
KITCHEL
Date: 9/24,
2009 • Time: 2:30
PM-4:30 PM
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will gain an understanding of which 401(k), 403(b), or
457 plan investments and strategies are most appropriate for them to achieve
their financial goals. In addition, participants will develop confidence in
their ability to develop and modify their own 401(k), 403(b), or 457 plan
investment portfolios. Each participant will receive a 55-plus page workbook,
which reviews each topic covered and provides resources and a glossary for
future use.
September 30, 2009 Course
I'M
ELIGIBLE TO RETIRE: NOW WHAT?
(FOR
COUNTY OF SAN MATEO EMPLOYEES AGE 50 YEARS & OVER WITH 10 YEARS OF SERVICE)
Instructor:
PETER BASSETT (BENEFITS), PAM GIBSON (HEALTH & FITNESS), ELIZABETH LENGUYEN
(RETIREMENT) & SOCIAL SECURITY
Date: 9/30,
2009 • Time:
8:00
AM-12:00 PM
Session
Length: HALF-DAY
SESSION
Location: ROOM
101, 455 COUNTY CENTER, REDWOOD CITY
Do
you want to know if you are on the right track to retirement? Are you
maximizing your benefits? Are you taking care of yourself so you'll have
a long and healthy retirement? This half-day session will provide
employees with the knowledge to prepare for retirement. Participants will
learn basic knowledge about: 1) San Mateo County's retirement plan and
retirement process; b) Social Security; c) Health Benefits; and d) Health and
Fitness.
October 6, 2009 Courses
FINANCIAL
PLANNING FOR YOUR FUTURE (RETIREMENT PLANNING FOR YOUNG CAREER)
(RECOMMENDED
FOR THOSE WHO WANT TO TAKE CHARGE OF THEIR FINANCIAL FUTURE DURING THE EARLY
YEARS OF THEIR CAREER)
Instructor: KENT KITCHEL
Date: 10/6,
2009 • Time: 8:30
AM-10:30 AM
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will be able to set up a financial plan for all their
financial goals including paying off debts, building wealth, buying a home,
saving for children’s college, and retirement. Each participant receives a
40-plus page guide to be used in class and for future reference.
HOW
TO INVEST $25 A PAYCHECK
(RECOMMENDED
FOR THOSE WHO WOULD LIKE GREATER KNOWLEDGE AND ABILITY TO SET UP AND STICK TO
AN INVESTMENT PLAN FOR ANY AND ALL FINANCIAL GOALS)
Instructor: KENT
KITCHEL
Date: 10/6,
2009 • Time: 11:30
AM-1:30 PM (BROWN BAG LUNCH SESSION)
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
will gain important skills in analyzing their current financial resources,
discover many ways small amounts can be invested in stocks, bonds, and mutual
funds, and set up a plan of action for achieving all their financial goals.
Each participant will receive a 45-plus page workbook, which reviews each topic
covered, and provides resources and a glossary for future use.
ESTATE
PLANNING: UNDERSTANDING THE BASICS
(RECOMMENDED
FOR THOSE WHO WANT TO BETTER PREPARE NOW FOR THEIR FUTURE)
Instructor: KENT
KITCHEL
Date: 10/6,
2009 • Time: 2:30
PM-4:30 PM
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will have a greater understanding of the estate planning
process in general. Participants will learn about an easy 3-step process to
set up an estate plan. In addition, this course will help simplify the
terminology and jargon used by the financial planning and legal profession.
Each participant will receive a 50-plus page workbook, which reviews each topic
covered and provides resources and a glossary for future use.
October 29, 2009 Courses
HOW
TO RESEARCH AND SELECT STOCKS
(RECOMMENDED
FOR THOSE WHO DESIRE DETAILED KNOWLEDGE ON HOW TO MAKE MORE INFORMED STOCK
SELECTIONS)
Instructor: JOHN KLEIN
Date: 10/29,
2009 • Time: 8:30
AM-10:30 AM
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Through
real life exercises and interactive discussion, participants who attend this
course will gain a more in-depth understanding of how to research, study, and
invest in stocks. Each participant receives a 50-plus page stock selection
guide, which reviews each topic covered and provides resources and a glossary
for future use.
SELECTING
MUTUAL FUNDS FOR YOUR PORTFOLIO
(RECOMMENDED
FOR THOSE WHO DESIRE A GREATER UNDERSTANDING OF HOW TO SELECT MUTUAL FUNDS)
Instructor: JOHN
KLEIN
Date: 10/29,
2009 • Time: 11:30
AM-1:30 PM (BROWN BAG LUNCH SESSION)
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
attending this course will gain more in-depth knowledge of important factors
when selecting mutual fund investments. By using real life examples and
exercises, participants will attain important skills for future investment
selections. Each participant will receive a 55-page workbook, which reviews
each topic covered, and provides resources and a glossary for future use.
MANAGING
YOUR INVESTMENT PROFOLIO
(RECOMMENDED
FOR THOSE WHO DESIRE BROADER KNOWLEDGE ON HOW TO MANAGE THEIR INVESTMENT
PORTFOLIO)
Instructor: JOHN
KLEIN
Date: 10/29,
2009 • Time: 2:30
PM-4:30 PM
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will learn how to structure, build, and monitor an
investment portfolio to achieve their financial goals while minimizing risk.
Each participant receives a 50-plus page workbook, which reviews each topic
covered and provides resources and a glossary for future use.
November 3, 2009 Course
RETIREMENT
WORKSHOP
(RECOMMENDED
FOR THOSE EMPLOYEES WITHIN 1 YEAR OF RETIREMENT)
Instructor: ELIZABETH LENGUYEN
Date: 11/3,
2009 • Time: 10:00 AM-11:00
AM
Session
Length: 1 HOUR
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
If
you are thinking of retiring within a year, then make plans to attend this workshop.
We will discuss retirement pension estimates and the retirement application
process. A representative from the Benefits Department will also be
present to answer any questions regarding retiree health benefits.
December 8, 2009 Courses
BUILDING
YOUR WEALTH (RETIREMENT PLANNING FOR MID CAREER)
(RECOMMENDED
FOR THOSE WHO WANT TO TAKE CHARGE OF THEIR FINANCIAL FUTURE DURING THE EARLY TO
MIDDLE YEARS OF THEIR CAREER)
Instructor: BILL OAKES
Date: 12/8,
2009 • Time: 8:30
AM-10:30 AM
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will be able to set up a plan and stay on track for
retirement without short-changing other financial goals, evaluate tax implications
of various investments, and consider the option of early retirement. Each
participant receives a 50-plus page guide to be used in class and for future
reference.
CREATING
AND MANAGING WILLS & TRUSTS
(RECOMMENDED
FOR THOSE WHO WANT TO BETTER UNDERSTAND HOW TO CREATE AND MANAGE WILLS AND
TRUSTS)
Instructor: BILL
OAKES
Date: 12/8,
2009 • Time: 11:30
AM-1:30 PM (BROWN BAG LUNCH SESSION)
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will gain important skills to better understand the
importance of estate planning and understanding probate and estate taxation in
order to set up and manage trusts more effectively. Each participant will
receive a 50-page workbook, which reviews each topic covered and provides
resources and a glossary for future use.
TAX
PLANNING FOR 2010 & BEYOND
(RECOMMENDED
FOR THOSE WHO DESIRE BROADER KNOWLEDGE OF CURRENT TAX LAWS AND HOW TO MINIMIZE
THEIR TAXES)
Instructor: BILL
OAKES
Date: 12/8,
2009 • Time: 2:30
PM-4:30 PM
Session
Length: 2
HOURS
Location: SAMCERA BOARD ROOM,
100 MARINE PARKWAY, REDWOOD SHORES
Participants
who attend this course will be better able to understand key provisions of the
current tax law through relevant, real-life illustrations, and workbook
exercises. Participants will learn the tax implications affecting retirement,
investments, homes, charitable giving, estate planning, education, and
children. Each participant will receive a 70-page workbook, which reviews each
topic covered and provides a resource guide for assisting with tax preparation.
Board of Retirement elects 2009-10 officers
In addition to the
election of trustees to the retirement board (see article above), each year the
board elects officers. For the 2009-2010 fiscal year the board elected Margaret
Jadallah to serve as chair, Al David to serve as vice chair, and Sandra
Arnott (for County Treasurer Lee Buffington) to serve as board
treasurer.
As
one of her first acts in office, Ms. Jadallah appointed members of the
Investment Committee. The committee members are Chair, Ben Bowler; Al
David, Sandra Arnott and Margaret Jadallah.
Margaret Jadallah |
Sandra Arnott |
Ben Bowler |
Ms. Jadallah is a
Senior Vice President with Bivium Capital Partners.
Al David is an
Information Services Dept. IMS-Health Relationship Manager for San Mateo
County.
Sandra Arnott is the
San Mateo County Deputy Treasurer.
Ben Bowler is the
Assistant Treasurer of Finance and Planning at Con-Way, Inc.
65 years old and planning
65 more
Without fanfare and no party, a 65th birthday
occurred on July 1, 2009. It was the 65th birthday of SamCERA, which
was first established by the Board of Supervisors on July 1, 1944.
But considering that age 65 is somewhat of a
milestone in the retirement arena, we thought we should at least mark the
occasion by summarizing SamCERA’s history. Here are some of the
important changes that have taken place over the last six and a half decades:
July 1, 1944: Board
of Supervisors establishes SamCERA annuity for all full-time
permanent employees. A fact sheet provided prior to adoption states, “Thus, a
member entering service at 30 years of age and with an annual compensation of
$220.00 (if not increased by the time of his retirement) will at the age of 55
yrs. (25 yrs. continuous service) be entitled to an annual retirement allowance
of $1,100.00.” That’s $91.67 per month!
1958: County
Supervisors implement Safety Member provisions of the Retirement Law.
1967: County
Supervisors implement §31676.1 defined benefit formula provisions of the
Retirement Law, thereby establishing what we now know as Plan 1. The
Supervisors also lower Safety Member minimum retirement age from 55 to 50 after
10 years of service.
1971: County
Supervisors lower the General Member minimum retirement age to 50 after 10
years of service.
1972: County
Supervisors approve use of highest year of compensation for use in
calculating retirement benefit.
1975: County
Supervisors raise maximum annual cost-of-living increase to 5%,
effective April 1, 1975.
1980: County
Supervisors establish what we now know as Plan 2, with no COLA.
1983: County
Supervisors offer a non-contributory Plan 3 to all General members.
1989: County
Supervisors provide for the payment of member contributions on a pre-tax (tax
deferred) basis.
1993: County
Supervisors grant Plan 2 annual cost-of-living increase of up to
3%.
County Supervisors permit Plan 3 members with five years of service to switch
to Plan 2. Retirement Board and Supervisors vote to establish SamCERA as
independent agency, effective March 31, 1994.
1996: County
Supervisors & unions agree to Plan 4 for employees hired after July
12, 1997, with a maximum 2% cost-of-living increase and 3-year final average
compensation.
2001: Board
of Supervisors grants service credit for all county service reported as
Voluntary Time Off (VTO), retroactive to the inception of the VTO program in
1977. In order to receive the credit a member must have been an active county
employee on March 27, 2001.
2005: California
law was amended to extend the rights and duties of marriage to persons
registered with California’s Secretary of State as domestic partners, effective
January 1st, 2005. Retirement formulas §31664.1 for Safety Members (3% at 50)
and §31761.16 for General Members (2% @ 55 1/2) become effective.
2007: Board
of Supervisors adopts Additional Retirement Credit (ARC) effective July 1st.
For
a complete listing of important SamCERA historic dates, visit us at www.samcera.org.
SamCERA 101 – Basic information about your retirement benefits
-- Beneficiaries
The California law that contains the rules for SamCERA benefits
(the 1937 Act) had 159,076 words at last count. So one of SamCERA’s biggest
jobs is to help you understand your benefits. This article is one of a series
containing basic information about your retirement benefits. For more
information see all SamCERA’s member publications on our website at www.samcera.org,
email us at samcera@samcera.org, or call us at 650-599-1234 or (toll free)
1-800-339-0761.
Do you have a beneficiary on file?
Is your beneficiary information current?
Having your SamCERA beneficiary record
current and up-to-date may save time and additional grief to your loved ones if
something were to happen to you.
The three types of beneficiary options:
Primary Beneficiary:
A person or persons who will receive the money from your account or death
benefit if something were to happen to you.
Contingent Beneficiary:
A person or persons who will receive the money from your account if something
were to happen to both you and your primary beneficiary (ies).
Alternate Contingent Beneficiary: A person or persons who will receive the money from your account if something
were to happen to you, your primary beneficiary (ies), and your contingent
benefiary(ies).
When completing your beneficiary form, please make
sure that the total percentage of benefit for your primary beneficiary (ies)
equals 100%. Your contingent and alternate contingent beneficiary section
should also equal 100%.
What may be
some of the reasons why you would need to change your beneficiary (ies)?
Ø If you were to
get married or enter into a domestic partnership.
Ø If you were to
have a child, adopt one or add a domestic partner’s child.
Ø If you were to
get a divorce. Please contact SamCERA and provide us a copy of your
Dissolution of Marriage paperwork. Please note that California is a common law
state, which entitles your spouse/domestic partner to half your retirement
unless specified in the divorce papers. Not notifying and taking care of a
divorce can delay you receiving your retirement benefit if it has not been
resolved. In addition, if you remarry you will be unable to add your new
spouse/domestic partner as your primary beneficiary until SamCERA has
all the appropriate paperwork.
Ø If a
beneficiary has passed away. If your beneficiary was your spouse/domestic
partner, please provide SamCERA a copy of the death certificate.
Ø If your
beneficiary is a friend and you want to change him or her, you may make the
change at any time.
To view your account information at any time, visit
our website at www.samcera.org and under Member Services click on Web Member Services. If you do not have a
Personal Identification Number (PIN) for this site, send us an email via
Groupwise to samcera@samcera.org and
one will be provided to you.
If you need a new Beneficiary Update Form, it can
be found on our website under Forms or just go to this link: http://www.samcera.org/forms/BeneficiaryDesignation.pdf.
The completed original form may be submitted to SamCERA by
pony or mail. Please note that if you are sending an updated beneficiary form,
it must also be signed by your spouse or domestic partner.
If you have any questions or need assistance on
updating your beneficiary information, please contact our office at (650)
599-1234.
Member Account
Statements Coming –What is the most
important information on your statement?
Your Annual Member Account Statement should arrive at
your home in September. The statement shows the contributions you made to your
account during the last fiscal year, any interest credited, and the value of
your member account as of June 30, 2009. The statement also shows the persons
you have on file as beneficiaries to receive the distribution of your account
in the event of your death.
For most members, the information of highest importance
on the statement will be the names of your beneficiaries. Make sure it is
correct.
Plans 1, 2, and 4 members will receive statements. Plan
3 members will not receive statements because they do not contribute and,
therefore, do not have member accounts.
Your beneficiary is the person or persons to whom you want
your account distributed in the event of your death as an active member.
Accidents and illnesses do happen. To make sure your funds will go to those
you love, be sure to look at the beneficiary listed on this year’s annual
member statement.
The beneficiary box on the statement will either list the
name of your primary beneficiary (you may have more than one beneficiary, but
only one primary beneficiary can be listed on the statement), or it will read,
“Please update this information.”
If your statement has the latter wording, it will mean
that you either don’t have a beneficiary listed with SamCERA or that SamCERA has the name of your beneficiary but no Social Security Number for them.
Having your beneficiary’s SSN will make it much easier for SamCERA to
confirm their identity and distribute your funds to them.
Of course, the statement will also show you the dollar
value of your account as of June 30, 2009, (the end of the last fiscal year).
While it is always interesting to see how much you have contributed and earned
in interest, the value of your SamCERA benefit in retirement will
normally be much greater than the value of your account. That’s because your
benefit is not based on your account balance. Your benefit is based on your years
of service, your final average compensation and your age at retirement. Your
account will help pay for your benefit, but a much greater amount of money from
your employer is contributed to support your benefit. Vested members who
terminate employment and take a refund of their account balances are giving up
a retirement benefit that will normally equal more than twice the value of
their member accounts.
Your statement will also list the service time SamCERA has on record for you, as well as whether or not you are vested, your age,
your plan, your current final average compensation and the maximum cost of
living allowance you will be eligible for once you retire.
Check this information carefully and let SamCERA know
immediately if anything appears incorrect.
Want
to purchase or upgrade service?
Here
are the processing deadlines for the latter half of 2009
Would you
like to purchase your extra help time, redeposit withdrawn contributions or
upgrade your Plan 3 service?
SamCERA’s open enrollment for these actions is now underway. Open enrollments for
purchases and upgrades occur twice each year. So if you don’t make a purchase
now you can make it later. But the earlier you pay for a purchase or upgrade
the less it is likely to cost, since interest is part of the cost calculation.
Please also
note that California law and IRS rules place restrictions on the timing and the
payment methods for purchases and upgrades of service. Please pay close
attention to the deadlines as noted in the box at the right.
Payments for
purchases and upgrades can be made in the form of an ongoing bi-weekly payroll
deduction plan (pre-tax) or a check from a personal account. Service purchases can also be paid for with a rollover/transfer from a deferred compensation
(457) or other tax-deferred account. Service upgrades (such as the
upgrade of Plan 3 time) cannot be paid for with tax-deferred funds (based on
IRS rules.)
Important Dates — Service Purchases or
Upgrades
If you plan to
use PARS funds for a purchase, you must submit your request no later than 5
p.m. on October 8, 2009.
For
purchases made with other than PARS funds, SamCERA must receive your
request by 5 p.m., November 16, 2009. [Any requests for purchase
agreements received after that date will be put on the list for the next
purchase cycle beginning in February 2010.]
To start
the purchase process, complete either the Plan 3 upgrade, Extra Help or
Redeposit form located on SamCERA’s website: www.samcera.org or call 650-599-1234 to have a form sent to
you.
Once you have completed
the request, please return it to:
SamCERA
100
Marine Parkway, Suite 125
Redwood
Shores, CA 94065
Or Pony: RET141, Or Email: sthompson@samcera.org
All members
who meet the above deadlines will receive their cost quotes from SamCERA by December 1, 2009.
Signed
purchase agreements and payments must be received in SamCERA’s office by
5 p.m. on December 10, 2009.
Avoid the rush! Send your
forms in early!
NOTE: These deadlines do
not apply for Additional Retirement Credit (ARC) purchases. Deadlines for ARC are
set separately for each member who applies.
Fill Out Survey For Chance At A SamCERA Planner
SamCERA will soon send
out its annual survey to ask members how we are doing providing member
services.
This
year all members who fill out the survey will have a chance to win a SamCERA Monthly Planner.
See
the photo below and please fill out the survey.
Newsletter End ###
