RCRC recently provided feedback to CalPERS on matters impacting counties, active members, and retirees. In the recently updated Frequently Asked Questions (FAQ), CalPERS answered some of the difficult questions being asked, such as:
- If There Is an Investment Loss, When Will Those Costs Be Reflected in the Valuation Reports and Need to Be Paid? How Long Are Investment Loss-Related Costs Spread Out for Employers?
- Will/Can CalPERS Offer the Options for Employers to Pay Just Part of Their Annual Unaccrued Asset Liability (UAL) Costs and Defer the Rest Until Either More Is Known About Employers' Revenues or They Are in a Better Financial Situation?
- What Is CalPERS Current Financial Necessity Policy? What Does It Take to Qualify?
- If an Employee Is Collecting Unemployment Insurance During the COVID-19 Pandemic, Is Their Time Considered Pensionable Compensation or Compensation Earnable?
We encourage you to read the information provided by CalPERS. All FAQ’s are available online.
In addition, in a letter to stakeholders on Monday, CalPERS CEO Marcie Frost provided an update on several aspects of CalPERS operations:
- Operations are currently being managed remotely, and a transition back to the offices will begin on June 1 if the COVID-19 data remains stable and continues to improve throughout this month.
- Phone appointments for retirement counseling were at their highest level last week, while retirement check processing remains unchanged and other operations continue to run well.
- Significant changes in the annual rate development process with CalPERS health plans have improved transparency and are expected to lead to better rate outcomes for all participants in the CalPERS health program.
- The 2020 Open Enrollment period is postponed by one week (September 21 – October 16), as CalPERS has delayed the determination of final rates in order to better understand the likely 2021 impact of COVID-19 on the health delivery system and associated costs.
- CalPERS will cover out of pocket costs for in-network care related to COVID-19 testing and treatment.
- As of April 30, CalPERS assets were back in positive territory, although market volatility is expected to continue for some time.
- The next Board and Committee meetings, scheduled for June 15-17, are expected to be in person through a combination of social distancing and video conference.
For more information about each of these operational updates, the letter is available here.
RCRC members with questions or concerns that are not addressed in the updated FAQ or the latest CalPERS Update may contact RCRC Chief Operating Officer/Chief Financial Officer Lisa McCargar by email or phone at 916-447-4809 for help reaching CalPERS for direct assistance.