The purpose of the yearly financial statement audit is to audit MercedCERA’s financial statements in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards (GAS), issued by the Comptroller General of the United States.
The purpose of the Actuarial Experience Study is to review the actuarial experience of the Merced County Employee’s Retirement Association (the Plan). The Plan’s demographic experience - observed rates of retirement, withdrawal, termination, disability, and death – was compared with the experience expected under the actuarial assumptions adopted to determine Plan actuarial liabilities and cost, and revised assumptions are recommended as appropriate.
Funding for your retirement benefit is provided from three sources: employer contributions, employee contributions, and investment earnings. Each year, Merced County Employees’ Retirement Association (MercedCERA) engages an independent actuarial firm to conduct an accounting of the Plan’s funded level. The main purpose of the actuarial valuation is to determine the employer and employee contribution rates that will sufficiently fund the plan.
This section contains both Annual Comprehensive Financial Reports and Popular Annual Financial Reports.
The Board of Retirement has exclusive control of all investments of the Plan, and is responsible for the establishment of investment objectives, strategies and policies. Members of the Board have a fiduciary responsibility to discharge their duties in accordance with the interests of Merced County Employees’ Retirement Association (MercedCERA) and the investment portfolio. MercedCERA assets are managed by external professional investment management firms.