The Comprehensive Annual Financial Report (CAFR) provides in-depth information about the operations and financial position of ACERA. Readers will find the CAFR 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.
ACERA’s actuary is the analytical backbone of our financial security. Our actuarial firm, Segal Co., uses data to place a value on ACERA’s financial commitments to its members as well as a value on the current holdings.
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 7.6% annual projection, a process known as “gain sharing.”
ACERA’s administrative expenses come out of the retirement fund and are capped annually at 0.21% of our Actuarial Accrued Liability by California law. This liability is calculated by ACERA’s actuary, and is basically the total amount we owe to our members in retirement benefits, now and in the future.