Published by the San Bernardino County Employees Retirement Association IN THIS ISSUE
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1 SPRING 2018 Published by the San Bernardino County Employees Retirement Association Quarterly review Back to Basics In the Oscar-winning film Philadelphia, Denzel Washington s character, a trial lawyer, has a running line that serves as a proverb of sorts. To cut through complexity and guide viewers to the heart of the matter, he routinely insists that other characters explain it to me like I m a six-year old. In one particularly famous courtroom scene, he similarly prompts his client on the stand, explain it to me like I m a four-year old. Regardless of whether one s age is four, six or forty-six, some concepts truly are best conveyed in the simplest of terms. When it comes to your retirement, you certainly deserve a straightforward explanation of what is taking place. At SBCERA, we strive to provide you with education that is easily understandable. With the recent volatility in financial markets and geopolitical news, you may be wondering what effect all these things have on your retirement. During times when the investment world seems increasingly complex, it can be helpful to focus on some basic facts about your future retirement from SBCERA: 1. When you retire, you will be paid a lifetime monthly benefit. Yes, that is lifetime, as in, for the rest of your life. Your benefit amount is determined by your age at retirement, years of service credit, final average compensation and your benefit formula. There are also options for eligible beneficiaries to receive a continuance of your benefit upon your death. 2. Your benefit amount is not based on the ups and downs of the stock market. Simply stated, market performance is not a factor in calculating your individual benefit. SBCERA is a defined benefit plan, meaning, you are promised a defined retirement benefit that is safeguarded against market volatility. While we do invest in financial markets to grow the SBCERA Trust Fund from which benefits are paid, market swings do not change your benefit calculation. 3. Your benefit amount is not based on how much you contribute. As an SBCERA Member, you cannot contribute any more, or any less, than your given contribution rate. If you wish to put more money toward your retirement, you may wish to consider, if eligible, also participating in a deferred compensation plan such as a 457(b) or 401(k). 4. Your benefit may increase in retirement because of cost-of-living adjustments. Cost-of-living adjustments (COLAs) are granted for retired members and beneficiaries based on annual changes in the Consumer Price Index (CPI). The COLA cannot exceed two percent in any given year. 5. Your benefit will generally be considered taxable income. At retirement, you will be given the option to elect whether to have federal and/or California state taxes withheld from your SBCERA benefit, and you can update your withholding elections anytime thereafter. If you establish primary residence in another state that also has income tax, you will be responsible for withholding and paying taxes for that particular state. If you have questions about the facts listed above or any other retirement matter, SBCERA is here to help. For general information, you may wish to consider contacting us through the Live Chat feature on Regarding more specific matters, we encourage you to your questions to MemberServices@SBCERA.org, or call us at (909) or toll free at (877) At SBCERA, it is our job to handle complexity and provide you with facts and information in clear and understandable ways. We understand that prior to retirement, there are many financial considerations for you to weigh, all of which require research and planning. Nonetheless, to guide your retirement decision-making, it is remarkably helpful to get back to basics. IN THIS ISSUE Your SBCERA Benefit and the Windfall Elimination Provision Message from the Managing Trustee: We ve Come a Long Way Insights on Investments PLUS: Spotlight 1099-Rs Now Available in MemberDirect, IRS Scam Alert Don t Be A Victim, News Flash COLA Approved for Retirees and Eligible Beneficiaries, Federal Tax Withholding
2 Message from the Managing Trustee: We ve Come a Long Way I recently came across some archives at SBCERA, and it got me thinking about our remarkable growth and development through history. As I reflected, I thought this column would be a fitting place to share some interesting facts and important lessons about our impact. When SBCERA began operating in 1945, much of the world was still at war. Founded one year earlier by San Bernardino County voters (with 25,211 voting yes and 8,533 voting no ), the Plan was initially structured as a defined contribution plan, specifically a money purchase plan. Under this method, retirement benefits were calculated based on the member s age at retirement, accumulated contributions and interest, and whether or not the member was employed prior to SBCERA s establishment. This changed in 1959 for Safety Members and 1964 for General Members, when SBCERA began administering benefits under a defined benefit formula, as it still does today. By the late 1950 s, SBCERA s total assets under management reached $10 million. As of February 2018, we are nearing $10 billion. During our first several decades, SBCERA s investment portfolio was rather simple, comprised primarily of government and corporate bonds, and other high-grade securities. In 1980, the Board of Retirement made the decision to begin investing in stocks as a way of combatting rising inflation. Today, we manage a highly diverse, global investment portfolio including international equities, private credit, and real estate. We are pleased with our investment performance in the current market climate and remain prepared to take advantage of future opportunities. Clearly, a lot has changed since we started administering retirement benefits, both internally and globally. In the future, our organization and the world around us will certainly look different. Yet, our mission and our promise to you will remain exactly the same. SPOTLIGHT 1099-Rs Now Available in MemberDirect SBCERA Retired Members and payees can view, download and print 1099-R tax forms in MemberDirect. In addition to accessing tax forms for the 2017 tax year, retirees and payees can find their 1099-Rs for each benefit type received from SBCERA dating back to The 2017 Form 1099-Rs were mailed to applicable SBCERA Members and payees on January 26, If you did not receive your 1099-R, we encourage you first look in MemberDirect to obtain the form as soon as possible. However, if you prefer, we can mail the form to you even if you access and print the forms from your MemberDirect account. If you feel there is an error on your Form 1099-R, you may contact SBCERA to request a new or duplicate form. To do so, you must also complete a Request for 1099-R Duplicate or Correction form, which is available in MemberDirect or at To create a MemberDirect account, visit and click Enroll Now, located on the top right of the screen, then follow the instructions. You can also log in from the website using the MemberDirect LOGIN button.
3 Don t be a Victim IRS Scam Alert! A Message from the San Bernardino County Sheriff s Department Be aware of the bad guys Con-artists prey on victims using these common techniques: Con-artists pretend to be IRS agents and threaten to arrest you if you don t provide immediate over-the-phone payment. Never provide ANYONE with personal information over the phone. If you have become a victim, contact: Your local law enforcement agency to file a report. The IRS fraud reporting hotline at (800) scams trick victims into thinking they are receiving official s from the IRS. They include links to fraudulent web sites. These sites ask for Social Security numbers and personal information, which is then used to file false tax returns. Criminals steal mail from unsecured mail boxes. We urge you to mail any important documents directly to your local U.S. Post Office.
4 NEWSflash COLA Approved for Retirees and Eligible Beneficiaries On February 1, 2018, the Board of Retirement approved a 2.00% Cost-of- Living Adjustment (COLA) for all SBCERA retirees and eligible beneficiaries. The COLA goes into effect April 1, For more information, please visit Federal Tax Withholding As a result of federal withholding changes from the new tax law, if you are an SBCERA Retired Member or payee, you may have seen a change in your net benefit beginning in January of this year. If you have questions as to how the new tax law will affect your specific tax situation, including whether or not your tax withholding amount is optimal to meet your future tax obligation, you may wish to contact a qualified tax advisor. SBCERA is unable to provide individual tax analysis or advice. Irrespective of the new tax law, if you receive a benefit from SBCERA and wish to make changes to your tax withholding, you can do so at any time by mailing SBCERA a completed and signed Tax Withholding Election form, available in Member Direct or at Insights on INVESTMENTS - by Donald Pierce, CFA February was the most volatile month for stocks and bonds in recent memory. Bond prices were hit hard by the relatively sharp rise in interest rates and the threat of higher inflation. As a result, systematic strategies and portfolio insurance type strategies came into the market to sell. Consequently, stocks headed into correction territory as the S&P 500 dropped over 10 percent within two weeks. If SBCERA was fully invested in an S&P 500 or bond fund index, one can imagine how our total value could swing wildly on a daily basis, which would make corrections like the one in February quite painful. Instead, our solution to obtaining strong returns with less volatility has been manifested in private markets, which play a particularly key role within our diversified portfolio. Unlike public markets where popular stocks, bonds and mutual funds are traded, private markets allow institutional investors to access niche opportunities. For our portfolio, private markets have allowed us to implement a strategy focused on value and contractual income. We have also structured our portfolio to be less prone to downside volatility. Evidential of our strategy s resilience, while the broader market was down 8.6 percent between January 26 and February 9, SBCERA s portfolio was only down 2.4 percent over the period. We have also taken an opportunistic approach by adding positions on weakness and selling those positions on strength. In addition, SBCERA has made strategic investments in higher yielding stocks such as Master Limited Partnerships (MLPs) and Business Development Corporations (BDCs), where both sectors have dividend yields from contracted cash flows. Our Fund remains around its all-time high of $9.8 billion, and while we expect 2018 to be bumpier than 2017, we are on pace to meet our assumed rate of return for the current fiscal year, just as we have for the past one, three and five-year time periods. Partially due to our investments in private markets, we have been able to diversify our portfolio and earn returns with relatively low volatility, ranking in the top percentile of our peers by this measure.
5 Upcoming Retiree Benefit Pay Dates Friday, March 30 Monday, April 30 Thursday, May 31 Friday, June 29 Your SBCERA Benefit and the Windfall Ellimination Provision Some of the most frequently asked questions we receive, from both Active and Retired Members, regard the topic of Social Security retirement benefits. Will I receive a Social Security benefit? Will my benefit be reduced? The answers to both questions depend on your work history. To be eligible for a Social Security retirement benefit, individuals must have 40 credits, or approximately 10 years of Social Securitytaxed work. Since SBCERA Members do not participate in Social Security (with the exception of Law Library employees), this would therefore have to be work prior to, after, or outside of SBCERA membership. Windfall Elimination Provision SBCERA Members who meet the eligibility requirements for Social Security may wish to contact the Social Security Administration (SSA) about the Windfall Elimination Provision, which may affect how your Social Security benefit is calculated. The provision affects benefits for individuals who qualify for a Social Security retirement benefit and receive a pension from an employer who did not withhold Social Security taxes. It is important to note, regardless of whether or not you qualify for Social Security, your SBCERA retirement benefit will not be impacted. For more information on the Windfall Elimination Provision, you can visit to access links to Social Security publications. If you are an Active Member and wish to hear directly from a Social Security representative, we encourage you to contact the Social Security Administration. You can also register for an SBCERA Pre-Retirement Seminar where Social Security is scheduled to present.
6 IMPORTANT DATES AND EVENTS Holiday Schedule SBCERA will be closed in observance of the following holidays: Memorial Day... May 28 Independence Day... July 4 Regular office hours are Monday through Friday from 8:00 a.m. to 5:00 p.m. Board of Retirement Meetings SBCERA Board meetings are scheduled to be held at 9:00 a.m. the first Thursday of every month in the Board Chambers. All meetings are open to the public. View agendas and minutes at April 5 May 3 June 7 PRESORTED STANDARD US POSTAGE PAID CLAREMONT CA PERMIT # W. Hospitality Lane, Third Floor San Bernardino, CA Board of Retirement Chair and Managing Trustee: Louis Fiorino Vice Chair: Janice Rutherford Members: Brendan Brandt, Anthony J. DeCecio, Sean Flynn, John Michaelson, Jared Newcomer, Dawn Stafford, Oscar Valdez, Larry Walker, Neal Waner, Vere Williams Chief Investment Officer Donald Pierce, CFA Quarterly Review is published for members of the San Bernardino County Employees Retirement Association. It is written by the SBCERA Communications Department (unless noted otherwise) and designed by Spencer Lewis Group. Member comments and suggestions should be directed to SBCERA s Communications Officers. Communications@SBCERA.org Call: (909) / Toll Free: (877) or (877) SBCERA 1 Visit:
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