On February 28, 2023, the Board of Retirement approved the 2023 Cost of Living Adjustment (COLA). StanCERA bases its COLA increases on the Consumer Price Index (CPI) for All Urban Consumers in the San Francisco-Oakland-Hayward area. The 2023 COLA for retirees is based on the change in CPI from December 2021 and December 2022. The CPI increased by 4.882% resulting in a 5% total COLA. 3% will be granted and 2% will be deposited into the member’s COLA bank.
Based on Government Code Section 31870.1, retirees, other than members of Tier 3, are limited to 3% COLA increases annually. All retirees, with the exclusion of Tier 3, should receive an increase in benefits by 3%. The remaining 2% will be deposited into COLA banks for future granting (with the exclusion of Tier 3).
Cost of Living Adjustments will be reflected for benefits payable in April 2023, which will be paid on May 1, 2023.
As a reminder, Tier 3 members are not eligible for COLA increases.
Refunds are currently being processed for Active Members affected by the Alameda Decision. If you are an active member in this group, you will be notified by U.S. Mail at the time your refund is being processed. Due to the large number of refunds being processed, status of refunds or updates cannot be given over the phone.
StanCERA Board of Retirement Approves Triannual Actuarial Experience Study – Changes to Member Rates July 1, 2022
The StanCERA Board of Retirement approved the Triannual Actuarial Experience Study on February 22, 2022. This study accounts for demographic changes and economic factors. Due to assumption rate changes, member rates will be changing July 1, 2022. for additional information visit: https://qmub0d.p3cdn1.secureserver.net/wp-content/uploads/2022/03/2018-2021-Experience-Study-StanCERA.pdf
Calculations are currently underway for Active Members affected by the Alameda Decision. The calculations should be completed prior to the end of first quarter of 2022. Additional information regarding active member refund status will be sent to those affected via U.S. Mail.