On January 8, 2018, a panel of California’s First District Court of Appeal issued a 70-page decision in litigation that started in 2012 over changes in the state pension law affecting “legacy members” of ACERA and two other county retirement systems—legacy members are those who have entry dates into ACERA membership prior to the January 1, 2013 commencement of the California Public Employees’ Pension Reform Act (PEPRA).
ACERA received the Certificate Of Achievement for Excellence in Financial Reporting awarded by the Government Finance Officers Association of the United States and Canada (GFOA) for our 2016 Comprehensive Annual Financial Report. According to the GFOA, the certificate of achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.
Each year, investment consulting firm RVK prepares an investment analysis report on public funds like ACERA. RVK’s recently published report for the year ending June 30, 2017 has ACERA ranked as #1 among all twenty ‘37 act counties in California for our 16.3% gross return on our investments. (Our 16.0% net return still has us ranked at #1.)
The County Employees Retirement Law of 1937 (CERL), as amended, beginning at California Government Code Section 31450, et seq., is a body of law enacted to govern retirement benefits for certain public employees. The CERL governs retirement systems for county and district employees in those counties adopting its provisions pursuant to Cal. Gov. Code §31500. Twenty California counties operate retirement systems under the provisions of the 1937 Act, which sets forth the policies and regulations governing the actions of these county retirement systems.
Retirement Law Book
The Retirement Law Book was prepared by the Los Angeles County Employees Retirement Association (LACERA) for the State Association of County Retirement Systems (SACRS).