PORAC Update - Scholarships available, Annual Report released

Dear OCEA PORAC member,

Keeping the American Dream alive for young people can often mean a college education. Yet the cost of higher education can pose a nearly insurmountable barrier for many working families. The OCEA-affiliated Peace Officers Research Association of California PORAC), offers scholarships annually to help working people meet this economic challenge.

The scholarships are available to the dependents of active and retired PORAC members, and to spouses or dependents of active members who died in the line of duty. Members who have medically retired from a regular PORAC association are also eligible. PORAC’s Scholarship Program provides financial assistance to applicants who are attending or will be registering for college. Scholarships are not restricted to applicants considering law enforcement as a career, but PORAC hopes the program encourages young people in that direction.

Access to PORAC is just one benefit of OCEA membership. Eligible members can apply now, and the deadline for turning in the application to the Sacramento PORAC office is Friday, March 5, 2021. You can download the application and get further information here.

PORAC LDF Annual Report
As many of you know, PORAC files an annual report as required by ERISA, the Employee Retirement Income Security Act of 1974. PORAC's Legal Defense Fund (LDF) has committed itself to pay certain legal representation costs incurred by participants under the terms of the Fund. The following information comes from the PORAC office:

The net assets available for benefits of the Fund at the end of the year totaled $39,260,313 compared to $30,780,908 at the beginning of the year - an increase in net assets available for benefits of $8,479,405. This change includes participants’ contributions and unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of plan assets at the end of the year and the value of assets at the beginning of the year or the cost of assets acquired during the year.

You can read the entire communication from PORAC here which includes information on how you can receive additional material such as an independent auditors' report and information regarding assets held for investment.

Happy Holidays and stay safe out there. 

In Solidarity,

Charles Barfield
OCEA General Manager

Publication Date: December 21, 2020