Exploring a Private Healthcare Exchange for Early Retirees
ACERA is exploring the option of providing medical care plans to early retirees (not eligible for Medicare) through a private health insurance exchange in order to control healthcare costs and offer plans in more service areas. Benefits facilitators in the exchange would help members enroll in an individual medical insurance/prescription plan and use their Monthly Medical Allowance to offset the cost of the plan if eligible.
Extend Health Changes Name to OneExchange
Extend Heath, ACERA’s private health insurance exchange for Medicare-eligible members, has changed its name. It is now called OneExchange. Participants should have received a notice in the mail announcing this change. OneExchange is only a change in name, and is not specifically accompanied by other changes. You can visit OneExchange on the web at:
IRS Determines That ACERA is a “Qualified” Retirement Plan
The U.S. Department of the Internal Revenue Service issued the Alameda County Employees’ Retirement Association (ACERA) a favorable tax determination letter on January 29, 2014. The favorable determination letter indicates that in the opinion of the IRS, ACERA satisfies the qualification requirements of Internal Revenue Code section 401(a) and is therefore is a qualified public retirement plan entitled to favorable tax treatment.
ACERA’s New Website Launches
We’ve totally redesigned our website, and we’re really proud of it.
We hope you find it more organized, user-friendly, and viewable on all types of devices. On the new site you can sign up to get ACERA news delivered directly to you, and enroll in one of our retirement planning seminars.
2013 ACERA Board Election Results
The Alameda County Employees’ Retirement Association held an election for three seats on the Board of Retirement from November 20 to December 18, 2013. Votes for the Board of Retirement election were counted on Thursday, December 19, 2013 at the Registrar of Voters (ROV) office for the following seats:
1099s Will Be Mailed in January
Members in retired status, as well as survivors of ACERA members, will receive their 1099s during January 2014. IRS Form 1099 is how ACERA reports retirement income. Members should use their 1099s to file their 2013 income taxes.
IRS Makes Service Credit Purchases Post-Tax
Prior to 2014, ACERA allowed members to purchase service credit through pre-tax payroll deductions for certain ineligible employment with our participating employers, as well as redeposit their contributions from prior memberships. For years, the IRS approved pre-tax service credit purchases through payroll deductions based upon the pre-tax provisions in Internal Revenue Code (section 414(h)(2)).
Pending Legislation AB 340: Amendments to California Codes Relating to County Employees’ Retirement
AB340 was withdrawn in September. For more information please see the news update, Governor Brown releases plan to reform public pensions.
Governor Releases Pension Reform Plan
The reforms proposed in Assembly Bill 340 (AB340) this summer (as previously reported by ACERA) were amended in September and then withdrawn entirely when the California State Legislature opted to convene a Joint Legislative Conference Committee on Public Employee Pensions in late October. The Committee, co-chaired by State Senator Gloria Negrete McLeod (D-Montclair) and South Bay Assemblyman Warren Furutani (also a Democrat), will hold its next public hearing on December 1 in Sacramento.