The Board of Retirement exercises authority and control over the management of the Plan in setting policy.
The nine-members of the Board of Retirement are responsible for establishing StanCERA’s bylaws and policies in accordance with applicable local, state and federal laws.
Investment Related Policies
StanCERA’S Investment Process
The nine-member Board of Retirement is responsible for establishing StanCERA’s investment policy objectives in accordance with applicable local, state and federal laws. The Board exercises authority and control over the management of the plan by setting policy. StanCERA’s staff executes that policy, either internally or through the use of prudent external experts.
The Board oversees and guides the plan subject to the following basic fiduciary responsibilities:
- To act solely in the interest of, and for the exclusive purpose of providing economic benefits to participants and their beneficiaries.
- To act with the care, skill, prudence and diligence of a prudent expert in the investment of plan assets.
- To diversify the investments of the plan so as to minimize the risk of loss and to maximize the rate of return, unless under the circumstances it is clearly prudent not to do so. Diversification is applicable to the deployment of the assets as a whole.
It is StanCERA’s practice is to attempt to refund terminating members following two (2) complete payroll cycles with no payroll activity. StanCERA typically processes refund checks on the Monday following a payday.
A terminating member must meet the following conditions in order to request a refund:
- Employment must be fully terminated (under IRS guidelines, StanCERA cannot refund employees who switch from full-time to part-time employment);
- All paperwork must be completed and returned to StanCERA at least one week prior to the anticipated refund date; and
- There must be no payroll activity in the two payroll cycles prior to being refunded (cannot be paid on the prior two checks).
StanCERA generally does not process refund requests during the months of January and July.
While StanCERA attempts process refund requests as quickly as possible, we cannot promise a refund date until the check is written. Unexpected events may prohibit StanCERA from processing an individual’s refund within the two payroll cycles. Government Code §31628 requires that refunds be made within six months of termination.
Below is a typical example only of StanCERA’s refund policy.
- Thu 03/12 – Employee terminates employment and works their last day.
- Fri 03/13 – Week #1 of the bi-weekly payroll cycle ends.
- Fri 03/20 – Week #2 of the bi-weekly payroll cycle ends.
- Wed 04/03 – Employee receives their final paycheck.
- Tue 04/09 – Employee turns in their completed paperwork to StanCERA.
- Wed 04/17 – First payroll cycle paid which employee received no paycheck.
- Wed 05/01 – Second payroll cycle paid which employee received no paycheck.
- Fri 05/03 – Employee is refunded their Retirement contributions.