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SDCERA Board Approves COLA for Retired Members
On February 18, 2016, the Board of Retirement approved a 1.5% cost-of-living adjustment (COLA) for retired members. Members with retirement dates on or before March 31, 2016, are eligible for this year’s COLA beginning in the April 2016 benefit payment.
The COLA is based on the Consumer Price Index (CPI) for the San Diego area, which increased by 1.62% over the previous year. The CPI is rounded to the nearest one-half of one percent, resulting in a 1.5% COLA increase for 2016.
The maximum COLA varies by tier – up to 3% for retired Tier I, Tier II and Tier A members, and up to 2% for retired Tier B and Tier C members.
Why the Conventional Wisdom About Retirement Spending Is Wrong
An article by the head of retirement research at Morningstar which attempts to make sense of the most expensive purchase most people are going to make…Retirement. http://blogs.wsj.com/experts/2016/02/02/why-the-conventional-wisdom-about-retirement-spending-is-wrong/
Free Tax Prep for Low to Moderate Income Households
San Diego County is offering free tax preparation for low to moderate income households. Read more about the program at http://www.countynewscenter.com/news/county-offers-free-tax-preparation, and then visit http://www.211sandiego.org/financial_assistance or call 2-1-1 to make an appointment at a location near you.
“CalPERS reduces fees in latest fiscal year, but funded status falls to 73.3%”
“CalPERS reduces fees in latest fiscal year, but funded status falls to 73.3%”
Read the Pensions and Investments article here: http://www.pionline.com/article/20160108/ONLINE/160109888/calpers-reduces-fees-in-latest-fiscal-year-but-funded-status-falls-to-733
Supreme Court Looking at Mandatory Union Fees
The Supreme Court is hearing arguments today on the case of Friedrichs v. California Teachers Association. The petitioners are seeking to end the agency fee that non-union members must pay to support collective bargaining activities because they contend it’s unconstitutional to have a mandatory payment for what they claim is political speech. This agency fee is a portion of the regular union dues and is intended to support only collective bargaining, not lobbying or political advocacy. Without this fee, non-union members would gain the benefits of the union’s collective bargaining efforts without any cost. The case has implications for public employees in at least 25 states, including California, where mandatory dues payments are used to underwrite union activity. The court’s decision is expected by June. More information: http://www.nytimes.com/2016/01/09/us/politics/union-fees-friedrichs-v-california-teachers-association.html?_r=0