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.
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.
MercedCERA launches new member-centered website
MercedCERA is debuting a newly redesigned website today as part of the Board of Retirement’s commitment to improving member self-service, security, and transparency. The new website is now dedicated to member’s needs, separate from the county, and features a new design, upgraded cybersecurity infrastructure, a streamlined site navigation structure, and refreshed content.
MercedCERA Retirement Board Elections
MercedCERA Retirement Board Elections were held and congratulations to our new and reelected Trustees;
- Janey Cabral – Reelected by our General Members as the General Member Representative.
- Scott Johnston – Reelected by our Retirees as the Retiree Representative.
- Mike Harris – Reelected by our Retirees as the Retiree Alternate Representative.
- Moses Nelson – Elected by our Safety Members as the Safety Alternate Representative.
MercedCERA and the Supreme Court Decision on the Alameda Case
RE: The Supreme Court of California Decision on Exclusion of Terminal Pay, On Call and Stand By Pay Codes in Retirement Allowance Calculations