The Annual Comprehensive Financial Report (ACFR) provides in-depth information about the operations and financial position of ACERA. Readers will find the Annual Comprehensive Financial Report helpful in understanding ACERA’s commitment to financial integrity and member services. Responsibility for both accuracy of the data, and the completeness and fairness of the presentation, rests with ACERA’s management. It is our intent to ensure that the presentation of financial information is accurate and fair, and all material disclosures have been made.
In 2015, ACERA implemented the provisions of Governmental Accounting Standards Board (GASB) Statement No. 67, which sets new guidelines on the reporting of pension liability.
ACERA’s non-vested benefits are subject to available funds in the Supplemental Retiree Benefit Reserve (SRBR). The SRBR receives regular earnings and half of any interest income above our 7.00% annual projection, a process known as “gain sharing.”
ACERA’s administrative expenses are paid from the earnings of the retirement fund. California law caps annual administrative expenses at 0.21% of the Actuarial Accrued Liability. The liability is calculated by ACERA’s actuary, and is basically the total amount owed to plan members for retirement benefits, now and in the future.