At the June 15 board meeting, the Public Employees Retirement Board (PERB) approved a dividend for eligible members of the State and County Cash Balance retirement plans.
Each year an actuarial study is conducted to ascertain the funded status of the Cash Balance plans. The 2019 actuarial reports for the plans were presented at the May 18 PERB meeting. These reports found both plans sufficiently funded to allow the PERB to grant a dividend. After reviewing the actuarial reports and discussion with the plan actuary, the PERB voted to grant a 3.00% dividend for State and County Cash Balance members.
To be eligible, you must be a participant in the Cash Balance plan and have had an account balance on December 31, 2019. Dividends will be based on your account balance as of that date and credited to your account by September 30, or as soon as administratively possible. Interest will be also be credited on the dividend amount for the time period from January 1 to the date of issue.
All dividends must conform to the requirements stipulated in state statute and board policy. The plan must be 100% actuarially funded before and after the valuation date of the report.The actuarial reports are published on the Publications page for members who wish to review the content.