OCERS Benefits Are Secure
January 26, 2023 Update
An important message from Steve Delaney, OCERS Chief Executive Officer
During times of market volatility and economic uncertainty it is important to let members know that their OCERS benefits are secure. The OCERS Board of Retirement has taken a number of important measures over the years to ensure our members receive a secure and reliable retirement.
In 2016, the Orange County Grand Jury studied OCERS and determined that the Board of Retirement has acted responsibly in crafting a reliable plan for payment of total system liabilities over time, using reasonable assumptions and even added a note of appreciation to the OCERS Board for its administration of the plan. That remains true today. Indeed, OCERS’ funded status has increased from 76.51 percent in 2020 to 81.15 percent in 2021. Additionally, OCERS’ Unfunded Actuarial Accrued Liability (“UAAL”) for all covered employers has decreased from $4.48 billion to $3.88 billion.
The OCERS Board is ever vigilant in addressing the financial challenges facing the retirement system, managing a $20 billion portfolio on behalf of approximately 50,000 active employees, deferred members and retirees – a membership that includes law enforcement, firefighters, animal control officers, park rangers, librarians, public works employees, social workers and countless others who benefit our communities. It is important that they can plan for their own retirement with confidence. Public pension plans provide a sense of security and stability that can be particularly important for employees in high-stress or dangerous jobs. The pension also is a valuable benefit tool for the OCERS-covered employers to attract and retain a dedicated workforce.
OCERS provides important economic benefits to our local communities. OCERS benefits help to stimulate the local economy by providing retirees with a steady source of income that they can use to purchase goods and services. This in turn can create jobs and support local businesses, which can help to drive economic growth.
On behalf of the 10 members of the Board of Retirement, as well as the more than 100 staff members who work at OCERS, I wish to thank our members and employers for their outstanding service to the residents of Orange County and the trust they have placed in us.