OCERS increase in your retirement contribution

Dear OCEA member,

We have received calls from some OCEA members regarding County paychecks this week that reflect a higher OCERS contribution rate.

Adjustments to contribution rates are made by the Orange County Employees Retirement System (OCERS) based on investment returns, salary increases, cost of living adjustments (COLAs), the number of retirements, and other actuarial assumptions. As many of you know, OCERS is the retirement system which administers the retirement fund for the County, the Court and 13 other public agencies. OCERS is not managed or directed by OCEA or the County. It is a completely separate system with its own management team, board, and advisors.

Contribution rates fluctuate from time to time to ensure that the promise of retirement security is kept to all participants. OCERS is a 45,000-member retirement fund with $16.2 billion dollars in assets. These are your assets, and contribution rates are set in order to guarantee that your pension will be there for you when you retire.

Every OCEA member deserves to retire in dignity and security. We are confident that OCERS makes rate adjustments to maintain the integrity and long-term strength of the retirement system.

Increased costs are never welcome but, in this case, are helping to keep a promise made to workers like you who have dedicated your careers to public service.

In Solidarity,

Charles Barfield
OCEA General Manager

Publication Date: July 26, 2019