January 2024

Volume 77

Photo Credit: "Oak on San Marcos Foothills, June 2023" by Susan Horne, SBCERS Retired Member

Highlights

TAX YEAR 2023 1099-R WILL BE MAILED JANUARY 31

SURVEY: WHAT QUESTIONS DO YOU HAVE ABOUT SBCERS INVESTMENTS?

Also in this edition...


  • 2023 COLA Results
  • December 2023 Investments Results
  • December 13, 2023 Board of Retirement Meeting Highlights
  • January 24, 2024 Board of Retirement Meeting Agenda Available
  • CareCounsel Information
  • RESBC Membership Information

TAX YEAR 2023 1099-R WILL BE MAILED JANUARY 31


SBCERS payees will receive a 3-copy version of their 1099-R in the first week of February. Instructions are included on the back of the page, similar to last year's format. Click HERE to view a sample 1099-R.


Members may also view their 1099-R online at MySBCERS. Login or enroll at https://mysbcers.org/.

 

If necessary, please contact an SBCERS Member Services Representative to make updates to your form. Payees have until March 31, 2024 to review before SBCERS submits to the IRS.


Phone: 1-877-568-2940

Email: benefits@sbcers.org

SURVEY: WHAT QUESTIONS DO YOU HAVE ABOUT SBCERS INVESTMENTS?


We want to know! What questions do you have about SBCERS investments? Click the button below to submit your questions to SBCERS anonymously. We will respond to your most Frequently Asked Questions in an upcoming newsletter.

Submit Your SBCERS Investments Questions Here

2023 COLA Results


We estimate that the Los Angeles Area Inflation has averaged 3.49% over calendar year 2023.


County Employees Retirement Law provides that inflation should be rounded to the nearest half percent, but limits COLA increases to 3.0% annually. As a result, a 3.0% COLA is anticipated to be considered by the Santa Barbara County Board of Retirement at its February 28, 2024 meeting. The approved COLA will take effect on May 1, 2024.


When the COLA is more than the plan permits, the excess amount is accumulated, or banked, for most retirees*. The excess amount of COLA can be applied in future years when the approved COLA level is below 3.0%. For 2023, 0.5% will be banked for most retirees*.

 

*All Safety Plan members, General Plan 5 members, and APCD Plan 1 & 2 members receive a 3% COLA with any remaining amount banked. General Plan 7 & 8 members and APCD Plan 8 members receive a 2% COLA with the remainder banked. General Plan 2 members do not receive a COLA.


View monthly inflation figures compared to last year.


Want to track the COLA on your own? On the 15th of each month, the U.S. Department of Labor, Bureau of Labor statistics releases CPI data for Los Angeles.


Read the current Bureau of Labor Statistics report.

December 2023 Investment Results


The Total Fund returned 2.61% for the month of December 2023. Since the beginning of the fiscal year on July 1, 2023, the Fund has returned 4.07% generating over $164 million for SBCERS retirees and beneficiaries.


Read the full December 2023 Investment Flash Report.

December 13, 2023 Board of Retirement Meeting Highlights


At the December 13, 2023 Board of Retirement meeting, the Board adopted the June 30, 2023 Actuarial Valuation Report by Cheiron, Inc. and received quarterly investment results from Public Markets, Private Real Estate, Private Real Returns, and Private Equity consultants. The Board also received an educational update on the U.S. economy from PGIM. Lastly, the Board approved the June 30, 2023 Annual Comprehensive Financial Report and earnings codes PGB and PBC.


Read the draft December 13, 2023 Minutes.

January 24, 2024 Board of Retirement Meeting Agenda Available


The next Regular Board of Retirement meeting will be held in the SBCERS Board Room located at 130 Robin Hill Road, Goleta, CA 93117.


Members of the public who would like to make a public comment may do so via Zoom or in-person at the meeting location. Please email clerkoftheboard@sbcers.org for instructions. The Board of Retirement meeting will also be livestreamed via YouTube at https://www.sbcers.org/board-of-retirement/watch-live/.


Click HERE to access agendas and board materials on our agenda management website.

WANT HELP WITH YOUR HEALTH CARE INQUIRIES & CONCERNS?

Looking for a stress-free solution to your healthcare inquiries and, or concerns? CareCounsel is our health advocacy partner and is a service offered as part of your benefit package. CareCounsel works independently from your insurance carrier and is a completely confidential resource. 


It’s easy, call: (888-227-3334), or email staff@carecounsel.com Monday through Friday 6:30 am to 5:00 pm PST. After hours, you can leave a message and they will get back to you the next business day.


A few examples of why you should contact CareCounsel:

  • Education
  • Making Sense of Medicare
  • Benefits and Coverage Questions
  • Claims and Billing Assistance
  • Eligibility Status
  • Quality Concerns
  • Grievances and Appeals
  • Assistance with Locating Healthcare Providers

RETIRED EMPLOYEES OF SANTA BARBARA COUNTY (RESBC)

RESBC is a non-profit organization dedicated to improving the lives of county retirees by providing information on critical retirement issues and offering educational/cultural social opportunities. Membership in RESBC is $2.50 monthly. Dues are deducted from the member’s Santa Barbara County pension payment. County employees may join RESBC by completing the RESBC Membership Deduction Authorization form at the time of their retirement exit conference.


Retirees may join at any time by requesting a membership form from SBCERS, 130 Robin Hill Road, Suite 100, Goleta, CA 93117, 1-877-568-2940 or, by clicking HERE and sending the completed form to benefits@sbcers.org. 


RESBC Membership benefits include:

  • 4 issues of the RESBC newsletter per year.
  • 4 subsidized luncheon meetings per year held at various county locations.
  • Opportunities to participate in subsidized day trips and special events.
  • Attendance at special presentations on critical issues such as health insurance, pension litigation, pension-related court decisions, etc.
  • Opportunity to socialize and have fun with former co-workers and friends.

Have a question about an item in this newsletter?

Call a Benefit Representative at 1-877-568-2940. We are ready to help you!


Want to look at prior newsletters?

Click HERE to visit the SBCERS Newsletter Archive.