Your Retirement Security: OCERS May 2023 Recap
Dear OCEA member,
Here’s a recap of the May Board of Trustees meeting at the Orange County Employees Retirement System (OCERS), the system that administers your pension benefits. OCERS Vice Chair Adele Tagaloa and Trustee Chris Prevatt—who both also sit on the OCEA Board of Directors—are part of the 10-member OCERS Board of Trustees, which makes financial and policy decisions critical to the prudent management of your retirement funds.
Board of Retirement Receives Valuation Updates
During the May meeting, OCERS’ actuary presented its 2022 actuarial valuation showing the value of all assets was nearly $20.7 billion. Changes to some pension plans—including the Superior Court’s adoption of Plan U—and payments into the system by the Orange County Fire Authority and the O.C. Sanitation District, are examples of recent actions that have impacted fund value.
In all, OCERS Trustees manage 18 various pension plans, 3 of which are currently “overfunded.” Overall, OCERS is 80% “funded. Thanks to the committed efforts of OCERS staff and Board of Trustees, OCERS is one of the healthiest pension systems in the United States!
Fiduciary Conflicts Training
The elected and appointed members of the OCERS Board are fiduciaries entrusted with the administration of the fund that provides you with financial support in your retirement years. In May trustees participated in their annual training regarding ethics, biases, and laws surrounding the responsibility of being a trustee.
OCERS Trustees regularly participate in ongoing training so they can best serve OCERS participants. These trainings cover an array of topics and are meant to provide OCERS trustees with the tools they need to keep your retirement safe!
Planning to Retire? Attend the OCERS Retirement Seminar
OCERS staff presents retirement seminars both in person at OCERS headquarters and on Zoom once monthly. Either presentation can be scheduled on the OCERS website. You can also find more OCERS resources at the links below. If you have additional questions related to your retirement, you can speak to an OCERS representative by calling 714-558-6200.
You can also contact one of your elected trustees Adele Tagaloa or Chris Prevatt directly by email at atagaloa@ocers.org and cprevatt@ocers.org, respectively.
In Solidary,
OCEA
Publication Date: May 24, 2023
