Frequently Asked Questions

For a regular service retirement, your benefit amount will be based upon:

• your plan formula (i.e. Plan 1, 2, 3, 4, 5, 6,or 7);
• your years of service;
• your final average compensation;
• your age at retirement.

The most accurate way to estimate your future retirement pension benefit is to run an estimate on the MySamCERA member portal or mobile app. Disability retirements are calculated differently than regular service retirements. Please refer to the “Disability Retirement” guide for more information.

No, you cannot borrow money from your account at any time, and you cannot withdraw your employer’s contributions under any circumstances.

The only way you can take money out of SamCERA is to terminate your employment and take a refund of your contributions and interest. If you do that, you lose all rights to your benefits.

The Board of Retirement invests the money in the retirement fund in accordance with its Investment Policy that sets forth the diversification of the investments. The Board works with professional pension fund investment management firms to carry out the investment functions and manage the assets.

SamCERA’s assets are generally invested in things like stocks, bonds, private equities and private real assets.

Your service retirement benefit is based on your total years of service credit, benefit factor, age at retirement, and final compensation.  Although service credit is normally determined by your number of hours worked, in certain circumstances members may purchase service credit for service that would otherwise be uncredited.

Active members, for example, may be eligible to purchase uncredited service (such as Extra Help, Unpaid Medical Leave, Unpaid Parental Leave, and Military Leave) if certain requirements are met. Learn more about these requirements in the Guide to Your SamCERA Benefits and important deadlines on the Service Purchases page on our website.

For those members who participate in VTO, your service credit will not be affected by VTO. However, because VTO will reduce your salary, it would reduce your Final Average Compensation (FAC) if you participate in VTO during the time period used to calculate your FAC — In which case your benefit will be affected.

Your contributions are structured as a percentage of your bi-weekly earnings (also called your “contribution rate”), and are collected through automatic payroll deductions.

In addition to these rates, certain members pay additional contributions in the form of a “cost share” and a “COLA share.” The cost share is a contribution which helps offset the plan costs. The COLA share helps fund future cost of living adjustments to your retirement benefits.

Your pay stub will reflect all of the contributions you are making to SamCERA.

Your contributions are held in trust by SamCERA. A separate account is created in your name and all the contributions that you make (and any employer pick-ups of your contributions) are deposited in this account.

Interest is credited to your account on June 30th and December 31st of each year at a rate determined by the Board of Retirement.

If you leave employment, you may withdraw your contributions and interest. (You cannot withdraw your employer’s contributions. Your employer’s contributions are only used to fund your pension benefits.) If you withdraw your contributions, you waive all rights to SamCERA pension and disability benefits.

SamCERA does not offer or administer deferred compensation plans. You need to contact your employer’s benefits division for information regarding deferred compensation plans.

SamCERA is a “defined benefit” retirement plan. Under a defined benefit plan, qualified members are eligible for a monthly benefit, also called a “pension.”

SamCERA also offers monthly disability retirement benefits for eligible members who can no longer substantially perform their job duties.

Your Final Average Compensation (FAC) is an important factor in determining your retirement pension, but it’s just one part of the formula used to calculate your monthly benefit. The full formula is:

Years of Service x FAC x Age Factor = Monthly Pension Benefit

FAC is calculated differently depending on the plan you are in:

• Plans 1 & 2: FAC is your highest year of salary, divided by 12.
• Plans 3, 4, 5 & 6: FAC is the sum of your highest 3 years of salary, divided by 36 (these years don’t need to be consecutive).
• Plan 7: FAC is the average of your highest 36 consecutive months of salary.

A salary increase will affect your FAC differently, depending on your plan, as well. To use the higher salary when calculating your monthly pension benefit:

• For Plans 1 & 2: You need the higher salary for at least 1 year.
• For Plans 3-6: You need the higher salary for at least 3 years.
• For Plan 7: You need the higher salary over 36 consecutive months.

Key Points:

• Your salary is just one part of the formula used to determine your monthly pension benefit. The full formula also includes your years of service and age factor at the time of retirement.
• If you will be receiving a salary increase and want to maximize its impact on your monthly pension benefit, you’ll need to maintain the higher salary for 1 year, 3 years, or 36 consecutive months, depending on your plan.
• The more years you work and the higher your FAC, the higher your monthly pension benefit.

SamCERA has no role in health benefits, life insurance, or deferred compensation programs.

It is important for you to understand your health care, life insurance and deferred compensation options before you retire. Please contact your employer’s benefit division for information about your health benefits, life insurance and deferred compensation programs.

There are certain restrictions for post-retirement employment with a SamCERA employer.  If you are considering returning to work in any capacity (permanent position, extra help, or as a contractor), please read the Guide to Your SamCERA Benefits and visit the Post Retirement Employment page.

Preparing for retirement doesn’t happen overnight. It’s a process that should start well in advance of your anticipated retirement date.

To jump-start the retirement planning process and help you understand your SamCERA retirement benefits, read the Guide to Your SamCERA Benefits. It will help you understand the retirement process. It includes step-by-step instructions on the forms you will need to complete and when you need to get them submitted to SamCERA. It also provides an overview of what you need to do to get ready for retirement. You should also visit our Retirement Planning page for additional ideas.

Completed forms or documents that you would like to submit to SamCERA can be mailed, uploaded to MySamCERA, or faxed to our office.

Mail:
San Mateo County Employees’ Retirement Association
100 Marine Parkway, Suite 125
Redwood City, CA 94065

Online:
www.mysamcera.gov

Fax:
(650) 591-1488

MFA is a secure login process that requires you to verify your identity using two steps instead of just a password. This extra layer of protection makes it much more difficult for unauthorized individuals to access your account – even if your password has been stolen or guessed.

Learn more about MFA and how it works here.