San Bernardino County Employees Retirement Association
File #: 24-442    Name:
Type: Information Item
File created: 10/30/2024 In control: BOARD OF RETIREMENT
On agenda: 11/7/2024 Final action:
Title: Calendar Year 2025 Pensionable Compensation Limit for Tier 2 Members.
Attachments: 1. Exhibit A: California Actuarial Advisory Panel (CAAP) letter, dated November 2, 2021
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.

 

FROM:                                            Amy McInerny, Chief Financial Officer

 

SUBJECT:                                            Informational:  Calendar Year 2025 Pensionable Compensation Limit for Tier 2 Members

 

RECOMMENDATION:

title

Calendar Year 2025 Pensionable Compensation Limit for Tier 2 Members.

body

 

BACKGROUND:

On October 24, 2024, the California Actuarial Advisory Panel (CAAP) issued their annual PEPRA Compensation Limit letter.  The CAAP recommended the calendar year 2025 pensionable compensation limit, for Tier 2 members, be set at $155,081 for those included in the federal Social Security system and $186,096 for those not included.  The increase is based on the Consumer Price Indices for All Urban Consumers, U.S. City Average (Exhibit A).

 

Pursuant to the Board’s Adjustment to the Pensionable Compensation Limit policy, the Chief Financial Officer and Chief Executive Officer (CEO) have reviewed the CAAP calculation.  The CEO concurs with the CAAP calculation; therefore, the limits provided in the CAAP calculation will be used for all SBCERA Tier 2 Members for the calendar year 2025.

 

BUDGET IMPACT:

None.

 

STRATEGIC PLANNING GOAL/OBJECTIVE:

Prudent Fiscal Management

 

STAFF CONTACT:

Amy McInerny

 

ATTACHMENTS:

Exhibit A:                     California Actuarial Advisory Panel (CAAP) letter, dated October 24, 2024