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MERCEDCERA UPDATE ON CURRENT MARKET CONDITIONS
We understand that economic uncertainty and market volatility can be a source of concern, especially for those relying on pension benefits to support their retirement years. Please be assured that the MercedCERA pension is designed with a long-term approach in mind, built to weather the ups and downs of the financial markets. While economic fluctuations are inevitable, the pension is structured to provide consistent and reliable payments to retirees, irrespective of short-term market movements.
MercedCERA is Moving to 690 W. 19th Street in Merced
MercedCERA is excited to announce the construction of our new headquarters building is now complete. Hilbers, Inc was our General Contractor and completed the building a month ahead of schedule. Our new location is 690 W. 19th Street in downtown Merced. We will be moving on Monday, January 6th and Tuesday, January 7th. Our current office location at 3199 M Street will remain open during the move, but will permanently be closed as of Wednesday, January 8th.
Tax Form Changes
Updated forms now required
Retirees are required to provide MercedCERA their federal and state withholding instructions at the time of their initial retirement. Updates to the withholding instructions could be made at any time by submitting an internally created tax change form.
Member Contribution Rates
Fiscal Year 2024/2025
The Merced County Employees’ Retirement Association (MercedCERA) Board of Retirement approved new employee contribution rates for the fiscal year 2024-2025. Employee contribution rates are a percentage of your salary that you contribute into the retirement system. These rates are based on your age, earliest start date into a public retirement system, benefit tier and other economic and demographic assumptions (e.g. projected benefit costs and investment earnings). Each year, these rates are reviewed and updated by MercedCERA’s actuary. New rates will be effective Pay Period 14 (June 17, 2024), with a pay date of July 5, 2024. It is very likely that you will see a change in your net payment.
2024 1099-R
MercedCERA mailed out 2024 1099-Rs on January 30th. Retired members should receive it by February 18th. Please contact the office after the 18th if not yet received.
2.50% COLA Approved
Tier 1 retirees are eligible to receive a cost of living adjustment (COLA) annually. This adjustment is effective April each year and is first payable in April’s month-end payment.
