Important Information for Retirees in 2021
Changes to taxes and health plan premiums in 2021 could mean that you see a change in your monthly pension benefit in January.
Changes to taxes and health plan premiums in 2021 could mean that you see a change in your monthly pension benefit in January. Below are a few reminders:
Tax Tables & Withholding: The Internal
Revenue Service and the Franchise Tax Board revise their tax
tables annually, which may change your monthly pension benefit
from SamCERA. A licensed tax advisor can provide more
information about these changes and your tax withholding
options for 2021.
You can change your tax withholding election anytime throughout the year by completing a new Tax Withholding form (available on our website) or online at the MySamCERA member portal – www.mysamcera.org.
Tax Documents: 1099-R tax forms for 2020
were mailed last week, and they are now available
online! To view or print your 1099-R form online, login to your
Health Premium: If you pay for all or a
portion of your health plan premium via your SamCERA pension
benefit, changes to health plan premium rates in 2021 may
change the monthly benefit that you receive from SamCERA. For
more information about the new 2021 retiree health benefit
rates, contact the San Mateo County Benefits Division at
Direct Deposit Statements: Benefits
statements are available online in the MySamCERA member portal.
These statements provide the amount deposited in your account
each month, along with any itemized deductions.
Cost-of-Living Adjustment (COLA): An
annual Cost-of-Living Adjustment (COLA) is calculated by
SamCERA’s actuary, and the increase or decrease is set by the
Board of Retirement and certain plan limits. The COLA is
effective April 1, and any adjustments will appear on the April
benefit paid at the end of the month. More details will be
available on our website following the Board of Retirement’s