FROM: Amy McInerny, Chief Financial Officer
SUBJECT: Benefits Policy No. 009 (Retiree Payroll Deductions and the Assignment of Benefits)
RECOMMENDATION:
title
Approve and adopt updates to Benefits Policy No. 009 (Retiree Payroll Deductions and the Assignment of Benefits).
body
BACKGROUND:
Benefits Policy No. 009 was reviewed and approved by the Board at its March 5, 2026 meeting.
This policy revision strengthens the language for assignment of benefits. The new language clarifies that the account owner for direct deposit of benefits must match the benefit payee per SBCERA.
Inclusion of this section codifies the current practice of SBCERA.
COMMITTEE REVIEW:
This item was reviewed by the Administrative Committee at its April 16, 2026 meeting, and recommends Board approval with a 4-0 vote.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Operational Excellence & Efficiency
STAFF CONTACT:
Amy McInerny
ATTACHMENTS:
Exhibit A: Benefits Policy No. 009 (Retiree Payroll Deductions and the Assignment of Benefits) - Redline Version
Exhibit B: Benefits Policy No. 009 (Retiree Payroll Deductions and the Assignment of Benefits) - Clean Version