FROM: Christina Cintron, Chief of Member Services
SUBJECT: Benefits Policy No. 021 (Distribution Restrictions)
RECOMMENDATION:
title
Recommend that the Board approve and adopt updates to Benefits Policy No. 021 (Distribution Restrictions).
body
BACKGROUND:
General Policy No. 005 involves the periodic review of Board policies and indicates that the review shall be every three years. Benefits Policy No. 021 was last reviewed in August 2022.
Accordingly, SBCERA staff and outside tax counsel have reviewed Benefits Policy No. 021, which addresses distribution restrictions related to the return to work of retired SBCERA members and is a supplement to SBCERA Benefits Policy No. 032 (Retirees Returning to Work).
As a result, staff has found it both generally consistent with current practice and appropriate for SBCERA's program. We have made additional clarifications to the policy as proposed by outside tax counsel. Staff is therefore recommending renewal of Benefits Policy No. 021 (Distribution Restrictions) with the redline change in the attached Exhibit A.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Operational Excellence & Efficiency
STAFF CONTACT:
Christina Cintron
ATTACHMENTS:
Exhibit A: Benefits Policy No. 021 (Distribution Restrictions) - Redline
Exhibit B: Benefits Policy No. 021 (Distribution Restrictions)