Your 2011 ACERA Active/Deferred Member Statement Dear Sir Plate, ACERA is pleased to provide you with your annual Active/Deferred Member Statement (ADMS). This statement contains your current retirement contribution balance and your service credit total as of December 31, 2011. In addition, we are providing retirement allowance estimates which we hope will assist you with your financial planning. Our goal is to ensure that you understand the present and future value of your benefits so you may plan accordingly. Additional information describing each section of your statement in detail can be found by visiting the 2011 Member Statement Details web page at www.acera.org/details. Please review the statement carefully and share it with your beneficiary(ies). Keep it handy for future reference. If you find inaccuracies or have questions, please send us a 2011 ADMS Data Correction Form which can also be found at www.acera.org/details.
Your Personal Information The table below lists your personal information as of January 21, 2012. Please review this information for accuracy. To make corrections to this information, download the online 2011 ADMS Data Correction Form at www.acera.org/details and return the form to our office by September 1, 2012. Name: Identification Number: Date of Birth: Marital Status: Employment Status: Membership Status: Employer: Reciprocity:
Erich Ismael Plate xxx-xx-1234 10/25/1985 Single Full Time Active Alameda County No
If you have a retirement membership account with another public retirement system and meet all necessary requirements, you have established a reciprocal agreement.
Retirement System Entry Date/Re-Entry Date:
Your ACERA member entry date is the first day of the second pay period of employment in an ACERA-covered position.
District General Tier III
Your current plan as of 12/31/11. Throughout your membership in ACERA, you may have acquired multiple plan types depending on your entry date and job classifications. For a breakdown of your plan types, please submit a request using the 2011 ADMS Data Correction Form available online at www.acera.org/details.
Average Monthly Salary:
Tier I or Tier III salary is the monthly average for the last consecutive 12 months and Tier II salary is the monthly average for the last consecutive 36 months as of 01/21/2012. Projected salary is not computed.
Erich Plate 1234 CEO Lane Occupy Oakland, CA 94657
Your 2011 ACERA Active/De Questions? Visit the 2011 Member Statement Details web page at www.acera.org/ details for further explanation of your statement.
Making Changes? Download the 2011 ADMS Data Correction Form from ACERA’s website at www.acera.org/ details.
Comments? We welcome you to share your opinion of this statement by completing this year’s ADMS Feedback Survey online at www.acera.org/ details
Your Beneficiary Information The tables below list your current primary and alternate beneficiaries as of January 21, 2011. Please review this information for accuracy. To make corrections to this information, download an Active/Deferred Member Beneficiary Designation Form from www.acera. org/details and return the form to our office. Please Note: When changing beneficiary(ies), spouses have legal rights to benefits, which supersede any other named beneficiary(ies).
Your Primary Beneficiary(ies)* Name Eva Mendes Erich Montes Rhonda Alicia Jamarcus Russel Teddy Roosevelt
Relationship to You Wife Father Mother Cousin Friend
Benefit Percentage 20.00% 20.00% 20.00% 20.00% 20.00%
*Our records indicate that you have more than five (5) primary beneficiaries. For a complete listing of beneficiaries, contact ACERA’s Benefits Department.
Your Alternate Beneficiary(ies)* Name Erich Jr. Plate Erica Plate Archimedes Rosa Parks
Relationship to You Son Daughter Son Trust
Benefit Percentage 20.00% 20.00% 20.00% 20.00%
*Our records indicate that you have more than five (5) alternate beneficiaries. For a complete listing of beneficiaries, contact ACERA’s Benefits Department.
Your Service Totals as of December 31, 2011 Current Service Years 19.04527
Service Purchased in 2011 0.00000
Total Years of Service 19.04527
Service credit is the years of service you’ve earned or purchased (if applicable) that are used to determine vesting rights and retirement eligibility, and calculate your retirement allowance.
Your Estimate Online For accurate retirement allowance estimates all year round, log in to ACERA’s new Web Member Services using your member data. www.acera.org
The service credit totals include all plan types (General and Safety) and Tier I, Tier II, and Tier III service. The term “Service Purchased” includes service purchase contracts completed in 2011. A purchase contract is complete after the purchase has been fully paid for. Service purchase contracts initiated in 2011 or earlier and completed in 2012 will be included in next year’s statement. “Total Years of Service” include purchased medical leave without pay service and converted service. Your total years of service may determine your Monthly Medical Allowance (MMA) at retirement, a non-vested benefit currently provided to retired members with at least 10 years of service credit. Date of Last Audit: 05/11/1999 Statement 2
eferred Member Statement Erich Plate
Your Contribution Totals as of December 31, 2011 Eligible ACERA members receive a guaranteed lifetime benefit at retirement, calculated by a set formula. Employee contributions are not a part of the formula. Information about the Retirement Benefit Formula can be found on page 4 of this statement. Employee contributions are accounted for because they are refundable to you after termination of employment, if you wish to relinquish your rights to an ACERA pension. Employee contributions may also be payable to your beneficiary upon your death, if your beneficiary(ies) is/are not eligible for a continuance. Contribution Type Employee: VTO/MTO:*** Employer Offset/Pickup: Total Account Balances:
Balance 12-31-2010 $119,564.45 $0.00 $0.00 $119,564.45
Contributions 2011* $4,423.84 $0.00 $0.00 $4,423.84
Interest Amount Credited in 2011** $354.03 $0.00 $0.00 $354.03
Balance 12-31-2011 $124,342.32 $0.00 $0.00 $124,342.32
Contributions stated above are employee paid only. Employer contributions are not provided as they are payable only upon retirement in the form of a monthly pension payment. * If you made a service credit purchase payment during 2011, the amount will be stated under Contributions 2011. ** Interest has been credited to your account at the rate of 0.00% as of 06/30/2011 and 0.75% as of 12/31/2011. The annualized compound rate is 0.75%. *** VTO/MTO and employer offset/pickup contributions are not refundable to the member.
Your Retirement Allowance Estimates The table below shows the estimated monthly allowance you will receive at various retirement ages. If you are currently eligible to retire, estimated retirement ages are determined based on your next birthday after 01/01/13. Otherwise, they are estimated ages when you may be eligible to retire. Keep in mind that the allowance amounts shown are estimates only and do not factor the affect of inflation. If you are both a Tier I/Tier III and a Tier II member, the average salary used to determine your estimate provided below is based on a three year monthly average salary; when you retire, your Tier I or Tier III allowance will be based on your highest one year average monthly salary. If you have not been a member of ACERA for at least 36 months, your current salary as of 1/21/12 was used for the balance of the 36 months in determining your average monthly salary. Estimated Retirement Age Years of Service at Retirement Age: Estimated Monthly Allowance: Estimated % of Average Monthly Salary at Retirement Age:
50 19.24452 $1,297.71 21.54%
53 25.32155 $2,466.32 29.19%
56 29.99856 $9,453.31 87.65%
The estimated allowances shown above are based on the following assumptions: • Your average monthly salary rate, $42,125.64, remains unchanged until the retirement age shown. • You will meet all eligibility requirements at the projected retirement ages. • There are no changes inwwwween now and the ages indicated. • You will work continuously at your current employment and membership type. • If you are currently working in a part-time status, note that projected future service credit used to determine the estimated allowances is based on full-time credit. Your estimate may be overstated if you plan to work part-time until your retirement date. • Estimates will not include any part-time, SDI, other public service credits, or redeposits not already purchased. • If you are a Social Security Integrated Member (nearly all General Members), the estimates above have been reduced by your Social Security Reduction Factor, which takes into account your participation in the Federal Social Security Program. • Cost-of-living adjustments are not added to the estimates above. • If you wish to receive additional estimates for different dates or scenarios, please complete a Retirement Estimate Request Form by going to www.acera.org and clicking on Downloads. Statement 3
Your 2011 ACERA Active/Deferred Member Statement Erich Plate
How Accruals Based on Ventura Agreement Can Add to Your Pension If you have unused vacation hours at retirement, these accruals may add to the allowance available to you at retirement. Depending on your employer and annual accrual rate, a portion of your vacation cash out/sell back payment will be added to your final average salary calculation in accordance with and up to the limits stated in ACERA’s Ventura Agreement, which was negotiated after the California Supreme Court’s Ventura decision. The table below illustrates the increase in monthly allowance provided by your cash out/sell back payment. Estimated Retirement Age: Estimated Increase in Monthly Allowance for Each Week of Vacation Cash Out/Sell Back Payment
How Your Retirement Allowance is Calculated Your retirement allowance is calculated as follows: Final Average Monthly Salary is calculated based upon the highest consecutive 12 months (Tier I or Tier III) or 36 months (Tier II) salary earned at ACERA or any reciprocal agency, if applicable.
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Service Credit is earned and computed separately for each tier and plan. Your final monthly retirement allowance is equal to the sum of the allowances calculated from each tier and plan. If you have established reciprocal benefits with another agency, your service credit is computed separately.
Final Average Salary at Retirement X Total Years of Service Credit at Retirement X
Each Tier has a different set of Age Factor Percentages. Percentages increase with every quarter of your birthday that you wait to retire within an age range: Tier Min. Age. Fac. Max. Age. Fac. General Tier I 1.33% at 50 → 2.61% at 62 General Tier II 1.18% at 50 → 2.43% at 65 General Tier III 2.00% at 50 → 2.50% at 55 Tier I & II Safety 3% at 50 1.87% at 41 → 3.00% at 50 Tier I & II Safety 2% at 50 1.25% at 41 → 2.62% at 55 Tier II Safety 3% at 55 1.43% at 41 → 3.00% at 55
Factor at Retirement Age
= Your actual allowance will be calculated at the time of your retirement, and will be based on your final average salary, total years of service credit within each tier and plan and retirement age factor in effect at your actual retirement date.
Estimated Retirement Allowance
About this Statement For a further explanation of your 2011 ACERA Active/Deferred Member Statement, visit the 2011 Member Statement Details web page at www.acera.org/details. Please refer to this web page for additional information as you read your personalized statement. Statement 4