January 2025

Volume 88

Photo Credit: "The Lone Cyprus" by Anonymous

Highlights

PAYEES: 1099-R AVAILABLE ONLINE

ACTIVE & DEFERRED MEMBERS: ANNUAL MEMBER STATEMENTS AVAILABLE ONLINE

ERRONEOUS UNITEDHEALTHCARE DENTAL ID CARDS

Also in this edition...


  • 2024 COLA Tracker
  • November & December 2024 Investment Results
  • December 11, 2024 Board of Retirement Meeting Draft Minutes
  • January 22, 2025 Board of Retirement Meeting Agenda Available
  • CareCounsel Information
  • RESBC Membership Information

PAYEES: 1099-R AVAILABLE ONLINE

SBCERS payees can view their 1099-R online at MySBCERS. Login or enroll at https://mysbcers.org. The 1099-R will also be mailed on January 31.


Instructions are included with the form, similar to last year's format. Click HERE to view a sample 1099-R.


If necessary, please contact an SBCERS Member Services Representative to make updates to your form. Payees have until March 31, 2025 to review before SBCERS submits to the IRS.


Phone: 1-877-568-2940

Email: benefits@sbcers.org

ACTIVE & DEFERRED MEMBERS: ANNUAL MEMBER STATEMENT AVAILABLE ONLINE

Member Statements are available online for Active and Deferred SBCERS members. Active and Deferred members can view their Membership Statement online at MySBCERS by clicking “Statements” under “Communications.” Retired Members do not receive a Member Statement.


Step 1 - Confirm your demographic and employment information.

  • Is your marital status up-to-date?
  • Have you claimed reciprocity with a previous employer?
  • Are the retirement plans correct?
  • Are your hire dates correct?
  • Is your address and contact information correct?


Step 2 - Understanding the value of your personal contributions and confirm your service credit.

  • Employee contributions are the amount refundable if you leave employment.
  • Certain kinds of leave time can be purchased, such as medical leave and extra help.
  • Sick leave for up to 2,087 hours accrues towards your service credit for retirement.


Step 3 - Make sure your beneficiary information is accurate.

  • A best practice is to have both a primary and secondary beneficiary.


If you need to update your account or have questions about your retirement benefits, you can schedule an appointment with an SBCERS representative at https://www.sbcers.org/appointments. You may also contact SBCERS via email at info@sbcers.org or via phone at 1-877-568-2940.

ERRONEOUS UNITEDHEALTHCARE DENTAL ID CARDS

Recently, UnitedHealthcare (UHC) mistakenly mailed dental ID cards to retirees enrolled in the UHC High Option plan. SBCERS has consulted with UHC and the County of Santa Barbara, and confirmed that UHC Medicare Advantage (HMO) plan enrollees are NOT eligible for UHC dental benefits, and should dispose of the dental cards sent in error.  


Should you attempt to utilize the dental card provided by UHC, no services will be covered and you may incur out-of-pocket expenses for the entirety of the services you procure. 


There is no need to take any further action regarding these erroneous cards. No premiums will be charged for UHC dental coverage. Delta Dental remains the dental insurance provider if you elected coverage. 


If you have any questions or need further clarification, please contact SBCERS directly: 

Phone: 1-877-568-2940 

Email: info@sbcers.org

2024 COLA Tracker


We estimate that the Los Angeles Area Inflation has averaged 3.30% over calendar year 2024.


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 26, 2025 meeting. The approved COLA will take effect on May 1, 2025.


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 2024, 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.

November & December 2024 Investment Results


For the month of November 2024, the Total Fund returned 1.78%. For the month of December 2024, the Total Fund returned -1.57%. Since the beginning of the fiscal year on July 1, 2024, the Fund has returned 2.84% generating over $123 million for SBCERS retirees and beneficiaries.


Read the preliminary December 2024 Investment Report.

December 11, 2024 Board of Retirement Meeting Draft Minutes


At the December 11, 2024 meeting, the Board approved the final results of the June 30, 2024 Actuarial Valuation by Cheiron Inc. and received the 2024 Annual Comprehensive Financial Report (ACFR), as well as quarterly private equity, real return, real estate, and public markets investment reports.


Draft minutes from the December 11, 2024 Board of Retirement meeting are available to view HERE.

January 22, 2025 Board of Retirement Meeting Agenda Available


The next Regular Board of Retirement meeting will be held in the Board Room at SBCERS Goleta Office, 130 Robin Hill Road, Suite 100, 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.