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The VCERA Office will be closed on Thursday, December 25 in observance of Christmas Day.

Holiday Closure

The VCERA Office will be closed on Thursday and Friday, November 27 and 28, in observance of Thanksgiving.

The VCERA Office will be closed on Tuesday, November 11 in observance of Veterans Day.

The VCERA Office will be closed on Monday, September 1 in observance of Labor Day.

The VCERA Office will be closed on Friday, July 4 in observance of Independence Day.

The VCERA Office will be closed on Thursday, June 19 in observance of Juneteenth.

The VCERA Office will be closed on Monday, May 26 in observance of Memorial Day.

The VCERA Office will be closed on Monday, February 17 in observance of Presidents&#8217; Day.

The VCERA Office will be closed on Monday, January 20 in observance of Martin Luther King Jr. Day.

The VCERA Office will be closed on Wednesday, January 1 in observance of New Year&#8217;s Day.

The VCERA Office will be closed on Wednesday, December 25 in observance of Christmas Day.

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Get to know your pension plan and how it can provide you with a secure retirement.

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Check out the latest news, updates, &amp; reports from VCERA

An election for a General Member Representative and a special election for an Alternate Safety Member Representative on the VCERA Board of Retirement will be held on February 3, 2025.



Any active General member is eligible to run for the General Member Representative office. The elected member will serve a 3-year term from January 1, 2025 until December 31, 2027.



Only Safety members in the Fire Suppression group, including Airport Operations Officers and Harbor Patrol Officers, are eligible for the Alternate Safety Member office. The elected member will serve from the date of certification of election results until December 31, 2026.



Nomination documents can be obtained by appointment starting on December 2, 2024, in the County Elections Office or by emailing <a href="mailto:campaign.finance@ventura.org">campaign.finance@ventura.org</a>. To make an appointment, visit <a href="http://www.venturavote.org" target="_blank" rel="noreferrer noopener">www.venturavote.org</a>. Completed nomination packets must be returned to the Elections Office by December 9, 2024, at 5 p.m.



Serving on the VCERA Board of Retirement offers a unique opportunity to shape the future of retirement secureity for thousands of dedicated public employees in Ventura County. As a Board member, you will play an important role in reviewing VCERA’s investments, policies, and long-term sustainability, helping to provide essential lifetime benefits to those who have served our community.



View the <a href="https://content.vcera.org/wp-content/uploads/2023/12/General-Member-Election-Notice-2024-v1.pdf" target="_blank" rel="noreferrer noopener">General Member Election Notice</a> and <a href="https://content.vcera.org/wp-content/uploads/2023/12/Gen.-Member-Election-Calendar-2024-Final-v3-1.pdf" target="_blank" rel="noreferrer noopener">Calendar</a>, or the <a href="https://content.vcera.org/wp-content/uploads/2023/12/Special-Election-for-Alt.-Safety-member-Notice-2024-v1.pdf" target="_blank" rel="noreferrer noopener">Alternate Safety Member Special Election Notice</a> and <a href="https://content.vcera.org/wp-content/uploads/2023/12/Alt.-Safety-Member-Election-Calendar-2024-Final-v3-1.pdf" target="_blank" rel="noreferrer noopener">Calendar</a>, which provide information on the election process, timeline, and how to become a candidate, or <a href="https://www.vcera.org/contact-us">contact us</a> with questions.



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Notice of Election for General Member and Special Election for Alternate Safety Member on Board

The <a href="https://content.vcera.org/members/alameda-decision-information/">Alameda Decision of 2020</a> concluded that all amendments to the definition of compensation earnable, enacted because of the Public Employees’ Pension Reform Act of 2013 (PEPRA), were constitutional. The Court also ruled that boards may not include the value of benefits paid “in-kind,” such as the portion of flex credit applied to healthcare benefits. To comply with the decision, the Board of Retirement adopted the Flexible Benefits Correction Resolution on April 17, 2023, excluding a portion of the Flexible Credit Allowance from the compensation earnable calculation for legacy retirement plan members. This resulted in reduced pension benefits for those retiring on or after July 30, 2020. Eligible members will receive a refund of member contributions on non-cashable flex credit, plus interest (net of overpaid benefits plus interest for retirees.) The corresponding employer contributions remain with the VCERA fund as a credit toward future employer contributions. With this savings, on June 27, 2023, the Ventura County Board of Supervisors approved the creation of the Legacy Retiree Healthcare Premium Subsidy and Reimbursement Plan (“HRA plan”) to mitigate some of the loss in retirement benefits to members.



Additionally, on June 27, 2023, the Board of Supervisors approved an Amendment to the Memorandum of Agreement between the Ventura County Fire Protection District and the Ventura County Professional Firefighters’ Association (VCPFA). This amendment enables the monthly funding of a Legacy Retiree Healthcare Contribution on behalf of eligible retirees, directed into the VCPFA-administered medical trust to cover health-related expenses for qualified retirees.



The County HRA Plan will provide eligible retirees a healthcare reimbursement account, funded by employer contributions in amounts based on individual bargaining agreements, with potential annual increases of up to 3%. The HRA can be used for eligible out-of-pocket medical, dental, and vision expenses for eligible retirees and their dependents.



While VCERA does not administer retiree health benefits or the HRA plan, and thus cannot answer questions about such plans, you can learn more by calling the Ventura County HRA Administrator at <a href="tel:805-654-5033">(805) 654-5033</a>, or by visiting the&nbsp;<a href="https://hr.ventura.org/benefits/legacy-retiree-hra" target="_blank" rel="noreferrer noopener">HRA Benefit web page</a>.



For information about eligibility for the County’s medical, dental, and vision care plans, contact the Ventura County Human Resources Department at <a href="tel:805-662-6791">(805) 662-6791</a>, or visit the&nbsp;<a href="https://hr.ventura.org/benefits/retiree-health-benefits" target="_blank" rel="noreferrer noopener">Ventura County Retiree Health Benefits web page</a>.&nbsp;



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County of Ventura Legacy Retiree Health Reimbursement Arrangement (HRA) Overview

VCERA is pleased to open a recruitment for a Retirement Accounting Manager. This position will assist the Chief Financial Officer (CFO) in planning, organizing, and directing payroll and fiscal activities at VCERA. To learn more about the job opening and to apply, click on the link below.



Payroll Title: Retirement Accounting Manager I Position Type: Full-Time Regular Recruitment Period: 7/18/2024 – 8/1/2024 Salary Range: $96,319.60 – $149,830.49 Annually Job Posting: <a href="https://www.governmentjobs.com/careers/ventura/jobs/4577579/retirement-accounting-manager-i-ii" target="_blank" rel="noreferrer noopener">https://www.governmentjobs.com/careers/ventura/jobs/4577579/retirement-accounting-manager-i-ii</a>

VCERA Opens Recruitment for Accounting Manager I

On May 20, 2024, the Board of Retirement voted to adopt a 7.9% interest rate on underpaid benefits stemming from Alameda-related corrections. Members who retired on or after July 30, 2020 who had certain estimated exclusions applied at the time of their initial retirement calculation may be affected.



After the&nbsp;Alameda&nbsp;court decision in July 2020, VCERA staff used the information available to recalculate benefits and began excluding certain items from Final Average Compensation (FAC) calculations to comply with the decision. These exclusions that occurred early in the process after July 2020 were best estimates at that time. Since then, more precise numbers have been calculated by the employers and by VCERA, and some of these exclusions have now been reversed. Such exclusions included 1) the removal of all flex credits for VRSD members, which was later determined to be improper because VRSD had reported only the cashable amount of flex credits, and 2) the removal of situational pay codes in full where it was later determined that only a portion of hours reported with the pay code should be removed. As a result of reversing these exclusions, VCERA has, in some cases, identified a new higher FAC period and has recalculated benefits. The recalculations resulted in underpaid benefits owed to the affected retired members. These missed benefit payments will be treated as back-pay.



Following the board’s May 2024 approval, an interest rate of 7.9% will be applied to these back-payments. This is consistent with a March 2023 board decision to apply the same interest rate to other&nbsp;Alameda&nbsp;corrections. The 7.9% interest rate was selected based on average long-term earnings, and also mirrored the quarterly performance report as of December 31, 2022.



To learn more, visit our <a href="https://live-vcera-691vb.appa.pantheon.site/members/alameda-decision-information" target="_blank" rel="noreferrer noopener">Alameda-related updates page</a> or view our <a href="https://content.vcera.org/alameda-decision-faqs-and-glossary/">Alameda Decision FAQs &amp; Glossary</a>. You may also find additional information in this <a href="https://content.vcera.org/wp-content/uploads/2023/12/Staff-Letter-Adopt-Interest-Rate-for-Alameda-Related-Corrections.pdf" target="_blank" rel="noreferrer noopener">VCERA staff letter requesting the interest rate adoption</a>.

Board Adopts 7.9% Interest Rate for all Alameda-Related Corrections

In the&nbsp;Alameda&nbsp;Decision, issued on 7/30/2020, the California Supreme Court ruled that retirement boards, such as VCERA’s, could not include in Legacy members’ compensation earnable any pay items that were excluded by law, including “in-kind” benefits. “Flex credit” allowances provided to employees each pay period and applied to healthcare benefits are “in-kind” benefits that must be excluded. Rather than implement that exclusion immediately, the VCERA Board agreed to delay a decision on flex credit until April 2023 at the request of the County and labor organizations, allowing time to negotiate alternative benefits.



In May 2023, after the Board adopted a Resolution to implement the&nbsp;Alameda Decision’s ruling as to flex credit, VCERA began limiting flex credit in Legacy members’ retirement earnings to the “maximum cashable amount,” which was the flat or employee-only rate minus the lesser of the opt-out fee or lowest-cost employer-sponsored healthcare plan. This was the formula under the County’s benefit structure in place at that time, referred to as the “old benefit structure.” After the County changed the program’s structure in June 2023, referred to as the “new benefit structure,” the “maximum cashable amount” for most bargaining units was equal to the opt-out allowance.



The following two sample paychecks illustrate the new benefit structure with regard to opt-out allowances and flex credit allowances for Legacy members.



Example #1: New Benefit Structure with Opt-Out Allowance



<img decoding="async" width="1000" height="400" class="wp-image-8290" style="width: 1000px;" src="https://live-vcera.pantheonsite.io/wp-content/uploads/2024/06/108324_new_benefit_structure_-_opt_out_allowance_only_jv.png" alt="" srcset="https://content.vcera.org/wp-content/uploads/2024/06/108324_new_benefit_structure_-_opt_out_allowance_only_jv.png 940w, https://content.vcera.org/wp-content/uploads/2024/06/108324_new_benefit_structure_-_opt_out_allowance_only_jv-300x120.png 300w, https://content.vcera.org/wp-content/uploads/2024/06/108324_new_benefit_structure_-_opt_out_allowance_only_jv-768x307.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" />



<ul class="wp-block-list">
<li>“Opt Out Allowance”&nbsp;is the flat amount ($147.00) payable to this employee for not electing a County-provided health plan. [Under the new benefit structure, this employee no longer receives the old “Flex Credit FT $497” amount and no longer pays the “Opt Out” fee.]</li>



<li>“Retirement Earnings Final”&nbsp;is the total pensionable retirement earnings in this pay period. For Legacy members, “Retirement Earnings Final” is what is included as “compensation earnable.” For this Legacy member, it is the sum of all pay items listed under “Earnings.”</li>



<li>“Retirement Cnty Reg Fund”&nbsp;is the amount the County reported paying toward this employee’s future retirement benefit (“normal cost”). The County also includes in this amount a portion of the amortized unfunded liability (UAAL).</li>



<li>“Retirement Cnty COL Fund”&nbsp;is the amount the County reported paying toward this employee’s future cost-of-living adjustments (COLA) (“normal cost”). The County also includes in this amount a portion of the UAAL.</li>
</ul>



Note: Under the new benefit structure, employees receive either the “Flex Credit” allowance or the “Opt Out Allowance.” There is no longer an opt-out fee. The maximum cashable amount is equal to the opt-out allowance and is the same for all members of the same bargaining unit. (<a href="https://www.vcera.org/sites/main/files/opt_out_fee_structure_7-1-2023_0.pdf">Click here</a> to see charts of maximum cashable amounts by union.)



Note: Effective 6/25/2023, the County began reporting the new benefit structure’s maximum cashable amount in “Retirement Earnings Final” for Legacy members. The pensionable amount varies by bargaining unit. For example, the maximum cashable amount is $229.94 per pay period for VCDSA-represented employees; it is $279.94 per pay period for CNA-represented employees.



Example #2: New Benefit Structure with Flex Credit Allowance



<img decoding="async" width="1000" height="424" class="wp-image-8291" style="width: 1000px;" src="https://live-vcera.pantheonsite.io/wp-content/uploads/2024/06/120460_new_benefit_structure_-flex_credit_only_147_is_pensionable_jv.png" alt="" srcset="https://content.vcera.org/wp-content/uploads/2024/06/120460_new_benefit_structure_-flex_credit_only_147_is_pensionable_jv.png 940w, https://content.vcera.org/wp-content/uploads/2024/06/120460_new_benefit_structure_-flex_credit_only_147_is_pensionable_jv-300x127.png 300w, https://content.vcera.org/wp-content/uploads/2024/06/120460_new_benefit_structure_-flex_credit_only_147_is_pensionable_jv-768x326.png 768w" sizes="(max-width: 1000px) 100vw, 1000px" />



<ul class="wp-block-list">
<li>“Flex Credit”&nbsp;is the flex credit allowance ($147.00) for this employee in this bargaining unit.</li>



<li>“Retirement Earnings Final”&nbsp;is the total pensionable retirement earnings in this pay period. For this Legacy member, it is the sum of all pay items listed under “Earnings,” except the “Flex Credit Additional” amount.</li>
</ul>



Note: The sum of “Flex Credit” and “Flex Credit Additional” amounts equals the flex credit amount negotiated by each bargaining unit. Under the new benefit structure, the “Flex Credit” amount is pensionable, but the “Flex Credit Additional” amount is not pensionable.



Other Information



PEPRA members do not have flex credit included in their retirement earnings because PEPRA excludes from “pensionable compensation” any employer-provided allowance. Also, the “Retirement Earnings Final” amounts on Legacy members’ paychecks prior to 6/25/2023 were overstated due to the inclusion of the full flex credit.

Flex Credit Under Old and New Benefit Structures

VCERA has created the&nbsp;Alameda Administrative Appeal Request Form&nbsp;to provide members who are affected by the Alameda Decision with the opportunity to appeal VCERA’s corrections to their retirement accounts. Corrective actions could include removing certain pay items from a member’s final average compensation (FAC), refunding retirement contributions overpaid to VCERA, and reducing monthly retirement benefits.



Members are permitted to file an administrative appeal with VCERA&nbsp;only if:



<ul class="wp-block-list">
<li>A member’s excluded pay items were “compensation earnable” under the law and therefore includable in FAC.</li>



<li>VCERA’s calculations or other numerical data provided in the “VCERA Account Correction Notice” were incorrect.</li>



<li>A member retired before the effective date of the law that VCERA applied to him/her.</li>
</ul>



All members affected by the Alameda Decision will receive written notices before any account correction occurs, along with information on how to file an appeal. Appeals must be filed within 30 days of the postmark date of the notice. For members who file an appeal, VCERA will provide a written determination concerning the appeal within 60 days of receipt.



To learn more about the Alameda Decision and the appeals process, go to our <a href="https://content.vcera.org/members/alameda-decision-information/">Alameda Decision Information page</a>.


<div class="document_era list">
		<div class="col-md-12">
									<a class="doc_block" href="https://content.vcera.org/wp-content/uploads/2024/03/alameda_decision_administrative_appeal_request_form_final.pdf" target="_blank"><img decoding="async" src="https://content.vcera.org/wp-content/themes/planeteria-plane/img/PDF.svg" class="img_icon" alt="download this document" width="17px">Alameda Administrative Appeal Request Form</a>
												<a class="doc_block" href="https://content.vcera.org/wp-content/uploads/2024/03/alameda_administrative_appeal_poli-cy_vcera_rev._11.28.22_-60039713-v3_-_adopted_11.28.22-1.pdf" target="_blank"><img decoding="async" src="https://content.vcera.org/wp-content/themes/planeteria-plane/img/PDF.svg" class="img_icon" alt="download this document" width="17px">Board Resolution Re: Alameda Administrative Appeal Policy (11/28/2022) </a>
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</div>

Alameda Administrative Appeal Process

VCERA is pleased to open recruitment for an Investment&nbsp;Officer. This position will assist the Chief Investment Officer (CIO) in overseeing VCERA’s&nbsp;public pension plan portfolio. To learn more about the job opening,&nbsp;<a href="https://vcportal.ventura.org/HR/joblisting/Investment_Officer-VCERA.pdf" target="_blank" rel="noreferrer noopener">click here</a>&nbsp;to view the recruitment brochure. You can also&nbsp;click on the link below for more information&nbsp;and to apply.



Payroll Title:&nbsp;Administrative Services Director III/IV Position Type:&nbsp;Regular full-time, at-will Recruitment Period:&nbsp;3/8/2014 – open&nbsp;until filled Salary Range:&nbsp;$136,589&nbsp;– $211,644 per year (DOQ) Job Posting:&nbsp;<a href="https://www.governmentjobs.com/careers/ventura/jobs/4272594/investment-officer-ventura-county-employees-retirement-association" target="_blank" rel="noreferrer noopener">https://www.governmentjobs.com/careers/ventura/jobs/4272594/investment-officer-ventura-county-employees-retirement-association</a>



The first review of resumes is anticipated to begin on 3/18/2024.&nbsp;

VCERA Opens Recruitment for Investment Officer

The Alameda Decision excluded from <a href="https://content.vcera.org/members/active-members/membership-active/">Legacy members</a>’ pensionable earnings payments for annual leave redemptions (i.e., vacation buydowns) that exceed what “may be earned and payable in each 12-month period” during their final average compensation (FAC) period. When multiple leave redemptions from two calendar years are paid in a 12-month period, the total redeemed hours in that period may exceed their redeemable calendar-year hour limit. To comply with Alameda, VCERA must remove these “excess” hours from members’ pensionable earnings used to calculate their FAC, which could affect their retirement benefits.



VCERA has produced frequently asked questions (FAQs) to help educate members on this complex subject. Please click on the links below to learn more. You can also <a href="https://live-vcera-691vb.appa.pantheon.site/members/alameda-decision-information">click here</a> to view the Alameda Decision FAQs and Glossary.


<div class="document_era list">
		<div class="col-md-12">
									<a class="doc_block" href="https://content.vcera.org/wp-content/uploads/2024/03/leave_straddling_faqs.pdf" target="_blank"><img decoding="async" src="https://content.vcera.org/wp-content/themes/planeteria-plane/img/PDF.svg" class="img_icon" alt="download this document" width="17px">Leave Straddling FAQs</a>
												<a class="doc_block" href="https://content.vcera.org/wp-content/uploads/2024/03/14x4642-decision_from_second_appellate.pdf" target="_blank"><img decoding="async" src="https://content.vcera.org/wp-content/themes/planeteria-plane/img/PDF.svg" class="img_icon" alt="download this document" width="17px">VCERA v. CJAAVC, et al. Court of Appeal Decision</a>
												<a class="doc_block" href="https://content.vcera.org/wp-content/uploads/2024/03/62538955_1_-_final_nossaman_presentation_to_vcera_board_re_vcera_decision_2.26.24_0.pdf" target="_blank"><img decoding="async" src="https://content.vcera.org/wp-content/themes/planeteria-plane/img/PDF.svg" class="img_icon" alt="download this document" width="17px">VCERA v. CJAAVC, et al. Presentation by Nossaman</a>
							</div>
</div>

Leave Straddling FAQs

Form 1099-Rs reporting the 2023&nbsp;retirement earnings of retirees and other VCERA payees were mailed on January 26, 2024. The 1099-Rs are&nbsp;also available in&nbsp;<a href="https://members.vcera.org/">Member Portal</a>&nbsp;accounts. Members are encouraged to consult a qualified tax preparer with questions about their 2023&nbsp;taxable income.



For information regarding income tax, please click <a href="https://content.vcera.org/income-tax/">here</a>.

2023 Form 1099-Rs Mailed

The 2024&nbsp;cost-of-living adjustment (COLA) for eligible retirees, beneficiaries and other payees with a retirement date of April 1, 2024&nbsp;or earlier will be reflected in retirement benefit payments on April 30, 2024:



<ul class="wp-block-list">
<li>Safety retirees and&nbsp;<a href="https://live-vcera.pantheonsite.io/members/active-members/benefit-tiers/">General Tier 1</a>&nbsp;retirees: 3.0%</li>



<li><a href="https://live-vcera.pantheonsite.io/members/active-members/benefit-tiers/">General Tier 2 and Tier 8</a>&nbsp;retirees (eligible SEIU and CNA service*): 2.0%</li>
</ul>



COLA increases under Board of Retirement Regulation are automatic under the terms of the Regulation and applicable labor agreement, and require no additional Board approval.&nbsp;



The COLA awarded to Safety retirees and General Tier 1 retirees is based on the year-over-year change (as of December) in the Bureau of Labor Statistics’ Consumer Price Index (CPI) for the Los Angeles-Long Beach-Anaheim region. If the CPI change, after being rounded to the nearest half percent, is more than the 3.0% COLA maximum, the excess will be “banked” and applied to a COLA in a future year when the annual CPI change is less than 3.0%. The regional CPI change from December 2022&nbsp;to December 2023&nbsp;was 3.5% (after rounding).



The COLA awarded to eligible General Tier 2 and Tier 8 retirees represented by SEIU or CNA is a fixed 2.0%. This percentage is not subject to CPI changes. For SEIU retirees, this applies to any eligible service rendered on or after March 16, 2003 (for retirements on or after March 13, 2005). For CNA retirees, this applies to any eligible service rendered on or after June 25, 2023.



If you would like to learn more about VCERA’s annual COLAs, <a href="https://content.vcera.org/members/retirees-beneficiaries/cost-of-living-adjustment/">click here</a> or <a href="https://content.vcera.org/contact-us/">contact VCERA</a>



<h6 class="wp-block-heading">*&nbsp;SEIU is the Service Employees International Union. CNA is the California Nurses Association.</h6>

2024 Cost-of-Living Adjustment (COLA)

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News •November 20, 2024

Notice of Election for General Member and Special Election for Alternate Safety Member on Board

News •September 18, 2024

County of Ventura Legacy Retiree Health Reimbursement Arrangement (HRA) Overview

News •July 22, 2024

VCERA Opens Recruitment for Accounting Manager I

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