ACERA’s administrative expenses are paid from the earnings of
the retirement fund. California law caps annual
administrative expenses at 0.21% of the Actuarial Accrued
Liability. The liability is calculated by ACERA’s actuary, and is basically the
total amount owed to plan members for retirement benefits, now
and in the future.
ACERA’s fiscal year is the calendar year. For
fiscal year 2025, the Board of Retirement has approved a
budget of $25.3 million. In accordance with Section
31580.2(a) of the 1937 Act, $10.6 million is authorized to be
excluded from the administrative cap. The result is that
ACERA is $12.8 million under the statutory administrative
cap. The 2025 Approved Expense Budget is attached to
this page.
