Member Contributions to Increase During Fiscal Year

 

The SamCERA deductions from your paycheck will get bigger starting July 4th.  The increases result from three major factors.

For County employees, member contribution rates will increase because of your new benefit formulas.

For all employees, contribution rates are also increasing because of your improved life expectancy and because of a reduction in expected future investment earnings.  Since members pay for a portion of their SamCERA benefits, life expectancy and expected investment returns are key ingredients in the calculation of your member contribution rates.  (Plan 3 members do not contribute to the cost of their limited SamCERA benefits.)

In simple terms, the County Employees’ Retirement Law of 1937 requires you to pay for 50% of your base defined benefit.  So if you are going to receive 2% of your final average compensation at age 55, then the actuary calculates your member contribution rate so that you will accumulate enough to purchase an annuity at age 55 equal to 1% of your projected final average compensation.  In addition, per our unions’ contracts, you pay a Member Cost-Sharing contribution to help defray the County’s costs for the new benefit formulas.  The Member Cost-Sharing rates will increase to their maximum level during the 2004-2005 fiscal year.  Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  (San Mateo County is one of a handful of County’s that pay for 100% of your post-retirement annual cost-of-living allowance.)

For General Members the increases will come in three stages:  July 4th, August 29th and March 13th.

For Probation Members, and Safety Members, the increase will come in two stages:  July 4th and January 2nd. 

For Mosquito Abatement employees, the increase will come once: July 4th.

Table of Contents

General Member Rates

Page

Plan 1 & Plan 2 (hired before July 13, 1997

2

Plan 4 (hired after July 12, 1997)

3

 

 

Safety Member Rates

 

Plan 1 & Plan 2 (hired before July 13, 1997

 

With more than 15 years of County service or Age 45 or older

4

With 5-15 years of County service

5

With 0-5 years of County service

6

Sergeants and Management

7

 

 

Plan 4 (hired after July 12, 1997)

 

With more than 15 years of County service or Age 45 or older

8

With 5-15 years of County service

9

With 0-5 years of County service

10

Sergeants and Management

11

 

 

Probation Member Rates

 

Plan 1 & Plan 2 (hired before July 13, 1997

12

Plan 4 (hired after July 12, 1997)

13

 

 

Mosquito Abatement District Rates

 

Plan 1 & Plan 2 (hired before July 13, 1997

14

Plan 4 (hired after July 12, 1997)

15

SamCERA 2004-2005 Member Contribution Rates

 

General Members—Plan 1 & Plan 2 (hired before July 13, 1997)

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.  It will increase again on March 13, 2005 to reflect the new 2% @ 55.5 benefit formula.

 

Your union-County negotiated Member Cost-Sharing Rate will be 1% from August 31, 2003 through August 28, 2004, 2% from August 29, 2004 through March 12, 2005 and 3% thereafter.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.  

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 2

SamCERA 2004-2005 Member Contribution Rates

 

General Members—Plan 4 (hired after July 12, 1997)

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.  It will increase again on March 13, 2005 to reflect the new 2% @ 55.5 benefit formula.

 

Your union-County negotiated Member Cost-Sharing Rate will be 1% from August 31, 2003 through August 28, 2004, 2% from August 29, 2004 through March 12, 2005 and 3% thereafter.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 3

SamCERA 2004-2005 Member Contribution Rates

 

Safety Members—Plan 1 & Plan 2 (hired before July 13, 1997)

With more than 15 years of County service or Age 45

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

Deputies and Correctional Officers Member Cost-Sharing Rates for members with more than 15 years of County service as of July 6, 2003 or who are age 45 or older as of July 6, 2003 will contribute 4.5%.  This contribution will be phased in with contributions of 2% effective July 6, 2003, an additional 1% effective January 4, 2004 and an additional 1.5% effective January 2, 2005.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 4

SamCERA 2004-2005 Member Contribution Rates

 

Safety Members—Plan 1 & Plan 2 (hired before July 13, 1997)

With 5-15 years of County service

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

Deputies and Correctional Officers Member Cost-Sharing Rates for members with 5 to 15 years of County service as of July 6, 2003 will contribute 3.5%.  This contribution will be phased in with contributions of 1.5% effective July 6, 2003, an additional 1% effective January 4, 2004 and an additional 1% effective January 2, 2005.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 5

SamCERA 2004-2005 Member Contribution Rates

 

Safety Members—Plan 1 & Plan 2 (hired before July 13, 1997)

With 0-5 years of County service

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

Deputies and Correctional Officers Member Cost-Sharing Rates for members with 0 to 5 years of County service as of July 6, 2003 will contribute 3%.  This contribution will be phased in with contributions of 1% effective July 6, 2003, an additional 1% effective January 4, 2004 and an additional 1% effective January 2, 2005.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 6

 

SamCERA 2004-2005 Member Contribution Rates

 

Safety Members—Plan 1 & Plan 2 (hired before July 13, 1997)

Sheriff’s Sergeants & Safety Management

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

Sheriff’s Sergeants & Safety Management Member Cost-Sharing Rates will be 2% of pay effective July 6, 2003; 3% of pay effective January 4, 2004 and 5% of pay effective January 2, 2005

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 7

SamCERA 2004-2005 Member Contribution Rates

 

Safety Members—Plan 4 (hired after July 12, 1997)

With more than 15 years of County service or Age 45 or older

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

Deputies and Correctional Officers Member Cost-Sharing Rates for members with more than 15 years of County service as of July 6, 2003 or who are age 45 or older as of July 6, 2003 will contribute 4.5%.  This contribution will be phased in with contributions of 2% effective July 6, 2003, an additional 1% effective January 4, 2004 and an additional 1.5% effective January 2, 2005.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 8

SamCERA 2004-2005 Member Contribution Rates

 

Safety Members—Plan 4 (hired after July 12, 1997)

With 5-15 years of County service

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

Deputies and Correctional Officers Member Cost-Sharing Rates for members with 5 to 15 years of County service as of July 6, 2003 will contribute 3.5%.  This contribution will be phased in with contributions of 1.5% effective July 6, 2003, an additional 1% effective January 4, 2004 and an additional 1% effective January 2, 2005.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 9

SamCERA 2004-2005 Member Contribution Rates

 

Safety Members—Plan 4 (hired after July 12, 1997)

With 0-5 years of County service

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

Deputies and Correctional Officers Member Cost-Sharing Rates for members with 0 to 5 years of County service as of July 6, 2003 will contribute 3%.  This contribution will be phased in with contributions of 1% effective July 6, 2003, an additional 1% effective January 4, 2004 and an additional 1% effective January 2, 2005.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 10

 

SamCERA 2004-2005 Member Contribution Rates

 

Safety Members—Plan 4 (hired after July 12, 1997)

Sheriff’s Sergeants & Safety Management

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

Your union-County negotiated Member Cost-Sharing rate varies, depending on your bargaining unit.  All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

Sheriff’s Sergeants & Safety Management Member Cost-Sharing Rates will be 2% of pay effective July 6, 2003; 3% of pay effective January 4, 2004 and 5% of pay effective January 2, 2005

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 11

 

SamCERA 2004-2005 Member Contribution Rates

 

Probation Members—Plan 1 & Plan 2 (hired before July 13, 1997)

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions..

 

Your union-County negotiated Member Cost-Sharing Rate will be 1.5% of pay effective October 12, 2003; 2.5% of pay effective January 4, 2004; and 3.5% of pay effective January 2, 2005.   All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 12

SamCERA 2004-2005 Member Contribution Rates

 

Probation Members—Plan 4 (hired after July 12, 1997)

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions..

 

Your union-County negotiated Member Cost-Sharing Rate will be 1.5% of pay effective October 12, 2003; 2.5% of pay effective January 4, 2004; and 3.5% of pay effective January 2, 2005.   All members must pay the Member Cost-Sharing Rate regardless of the employer pick-up provision of their contracts or their years of service.

 

The following table reflects the total combined contribution rates for the fiscal year:

 

Combined Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 13

SamCERA 2004-2005 Member Contribution Rates

 

Mosquito Abatement Members—Plan 1 & Plan 2
(hired before July 13, 1997)

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

 

Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 14

SamCERA 2004-2005 Member Contribution Rates

 

Mosquito Abatement Members —Plan 4
(hired after July 12, 1997)

 

Your Base Benefit Member Contribution Rate will increase on July 4th based on the changes in the actuarial assumptions.

 

 

Member Contribution Rates as a Percentage of Pensionable Compensation

 

 

 

*Entry Age equals your age when you entered SamCERA or reciprocal agency membership.

 

Page 15