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VCERA is pleased to open recruitment for an Investment Officer. This position will assist the Chief Investment Officer (CIO) in overseeing VCERA’s public pension plan portfolio. To learn more about the job opening, click here to view the recruitment brochure. You can also click on the link below for more information and to apply.

Payroll Title: Administrative Services Director III/IV
Position Type: Regular full-time, at-will
Recruitment Period: 3/8/2014 – open until filled
Salary Range: $136,589 – $211,644 per year (DOQ)
Job Posting: https://www.governmentjobs.com/careers/ventura/jobs/4272594/investment-officer-ventura-county-employees-retirement-association

The first review of resumes is anticipated to begin on 3/18/2024. 

The Alameda Decision excluded from Legacy members’ pensionable earnings payments for annual leave redemptions (i.e., vacation buydowns) that exceed what “may be earned and payable in each 12-month period” during their final average compensation (FAC) period. When multiple leave redemptions from two calendar years are paid in a 12-month period, the total redeemed hours in that period may exceed their redeemable calendar-year hour limit. To comply with Alameda, VCERA must remove these “excess” hours from members’ pensionable earnings used to calculate their FAC, which could affect their retirement benefits.

VCERA has produced frequently asked questions (FAQs) to help educate members on this complex subject. Please click on the links below to learn more. You can also click here to view the Alameda Decision FAQs and Glossary.

Form 1099-Rs reporting the 2023 retirement earnings of retirees and other VCERA payees were mailed on January 26, 2024. The 1099-Rs are also available in Member Portal accounts. Members are encouraged to consult a qualified tax preparer with questions about their 2023 taxable income.

For information regarding income tax, please click here.

The 2024 cost-of-living adjustment (COLA) for eligible retirees, beneficiaries and other payees with a retirement date of April 1, 2024 or earlier will be reflected in retirement benefit payments on April 30, 2024:

• Safety retirees and General Tier 1 retirees: 3.0%
• General Tier 2 and Tier 8 retirees (eligible SEIU and CNA service*): 2.0%

COLA increases under Board of Retirement Regulation are automatic under the terms of the Regulation and applicable labor agreement, and require no additional Board approval. 

The COLA awarded to Safety retirees and General Tier 1 retirees is based on the year-over-year change (as of December) in the Bureau of Labor Statistics’ Consumer Price Index (CPI) for the Los Angeles-Long Beach-Anaheim region. If the CPI change, after being rounded to the nearest half percent, is more than the 3.0% COLA maximum, the excess will be “banked” and applied to a COLA in a future year when the annual CPI change is less than 3.0%. The regional CPI change from December 2022 to December 2023 was 3.5% (after rounding).

The COLA awarded to eligible General Tier 2 and Tier 8 retirees represented by SEIU or CNA is a fixed 2.0%. This percentage is not subject to CPI changes. For SEIU retirees, this applies to any eligible service rendered on or after March 16, 2003 (for retirements on or after March 13, 2005). For CNA retirees, this applies to any eligible service rendered on or after June 25, 2023.

If you would like to learn more about VCERA’s annual COLAs, click here or contact VCERA

* SEIU is the Service Employees International Union. CNA is the California Nurses Association.

December 22, 2023 – The Ventura County Employees’ Retirement Association (VCERA) Board of Retirement has appointed Amy Herron as VCERA’s new Retirement Administrator, effective January 8, 2024. She will replace Rick Santos, who has held the position on an interim basis since August 2023, when the previous administrator retired.

Ms. Herron’s appointment as VCERA’s chief executive was announced at the Board of Retirement’s meeting on December 18, 2023. The Board conducted a nationwide recruitment and interviewed multiple candidates this fall before making its hiring decision.

Ms. Herron has served as VCERA’s Chief Operations Officer since January 2023. Prior to this, she was the Chief Deputy over Payroll & Accounts Payable at the County of Ventura Auditor-Controller for about six years. She also held various positions with the County of Santa Barbara Auditor-Controller for 20 years, finishing the latter half of her tenure there as the Financial Systems Division Chief. Amy is a Certified Public Accountant (CPA), Certified Public Finance Officer (CPFO) and Project Management Professional (PMP). She holds a bachelor’s degree from UC Santa Barbara (UCSB) in business economics with an emphasis in accounting.

Mike Sedell, Chair of the Board of Retirement, stated: “On behalf of the Board, I am pleased to congratulate Ms. Herron on her appointment as the new Retirement Administrator. She possesses outstanding leadership skills, institutional knowledge, technical know-how and a vision for VCERA’s future. We wish her every success in the years ahead. Furthermore, the Board is grateful to Mr. Santos for serving as the Interim Administrator, effectively bridging that leadership gap as we searched for a permanent administrator. His work and diplomacy over the past five months have been invaluable.”

“I am honored to be entrusted by the Board with this important responsibility,” Ms. Herron said. “VCERA will continue to have my full focus as it grows and matures as an organization, and as we make progress with the implementation of the Alameda Decision. With the support of a great staff, I will work to deliver the best possible services and promised benefits to our 20,000 members and beneficiaries.”

(Click here to view the press release.)

July 20, 2023 – The Ventura County Employees’ Retirement Association (VCERA) Board of Retirement has appointed Richard Santos as VCERA’s Interim Retirement Administrator. He will replace the retiring chief executive, Linda Webb, who held the position since 2015. Mr. Santos will begin meeting with Ms. Webb in early August before her departure later in the month.

Mr. Santos will lead VCERA until a full-time administrator is selected by the Board of Retirement following a nationwide recruitment that is scheduled to begin in September 2023.

Mr. Santos previously served as the Executive Director at the Stanislaus County Employees’ Retirement Association (StanCERA) for more than 11 years before retiring in January 2023. Prior to joining StanCERA, he worked as a Senior Pension Actuary for the nation’s largest defined benefit pension plan, the California Public Employees’ Retirement System (CalPERS), for nearly 16 years.

He is an Associate in the Society of Actuaries, a member of the American Academy of Actuaries, a Chartered Financial Analyst (CFA), the former Chair of the State Controller’s Office’s Retirement Advisory Committee, and a former member of the University of the Pacific’s Actuarial Science Advisory Board.

Mike Sedell, Chair of the VCERA Board of Retirement, stated: “We are pleased to have such a seasoned executive assist VCERA during this time of transition. Rick’s experience and knowledge leading a county retirement system will ensure continuity of member services, effective communication with our stakeholders, and administrative support for the Board.”

“VCERA is fortunate to have Rick Santos serve as Interim Retirement Administrator, and his experience and knowledge will be a stabilizing force during this time of transition,” said the departing Webb. “I have complete confidence VCERA will be in good hands.”

“It’s an honor to be selected for this role in Ventura,” Mr. Santos said. “I look forward to working with the VCERA Board and supporting staff in the important work they do on behalf of their 20,000 members.”

(Click here to view the press release.)

VCERA contracts with PBI Research Services (PBI) for death and beneficiary audit services. In late May 2023, a third-party file transfer software used by PBI, MOVEit, identified a vulnerability in its software that was actively exploited by attackers. The exploit provided attackers the ability to gain access to the MOVEit Administrative Portal only. PBI stated that its core systems and software were not accessed.

PBI confirmed that clients who were potentially impacted were contacted directly. VCERA did not receive direct communication from PBI. To verify that VCERA was not affected by the breach, staff proactively contacted PBI and was told there was no evidence that VCERA records were impacted. Therefore, VCERA believes that its vendor’s data breach did not impact its information systems, Member Portal, or VCERA benefits to retirees and beneficiaries.

This update was provided to the Board of Retirement on July 10, 2023.

VCERA’s 2023 annual benefit statements were mailed to all active VCERA members on May 4, 2023. If you have any questions about your statement, please contact VCERA at (805) 339-4250 or VCERA.info@ventura.org.