Pension Trust Services

Services

Board of Trustees

The Board of Trustees administers the Retirement Plan and governs the investment of the Plan's assets. The Board is composed of seven members: Three Trustees who are elected by the Active members; three Trustees appointed by the Board of Supervisors; and the Ex-Officio Trustee who is the County Treasurer – Tax Collector.

Community Property

In dissolution of marriage or legal separation cases, SLOCPT must comply with California Family Code to issue whatever orders are necessary or appropriate to ensure that each party receives the party's full community property share in any retirement plan. SLOCPT will apply the community property interest only to the allowances and benefits specifically set forth in the court order.

County Employee DROP (Deferred Retirement Option Program)

DROP is an optional, voluntary program that allows you to have your retirement benefits deposited in a special investment account and cease making contributions to the Pension Trust while you continue to work in  your current position. This alternative retirement program is only available for Tier 1 members.

County Government Retiree COLA

A retiree Cost of Living Adjustment (COLA) is based on the average CPI (Consumer Price Index) inflation utilizing a 2-year average of the San Francisco CPI and Los Angeles CPI. Any approved COLA is started with the April 1 retiree benefit each year.

For Tier 1 retirees, the maximum annual COLA is 3% (with carryover). Should the CPI based inflation rate exceed 3% in a given year, any overage will be "banked" and utilized for future years' COLAs when the inflation is less than 3%.

For Tier 2 and Tier 3 retirees, the maximum annual COLA is 2% (with no carryover). Should the CPI based inflation rate exceed 2% in a given year, there is no provision to bank any amount in excess.

County Government Retiree Health and Wellness Benefits

A retiree of SLOCPT is eligible to elect employer-sponsored medical coverage, Aetna dental, and VSP as long as the member retires within 120 days of separation from employment. Retirees may also enjoy several Wellness programs offered through the County.

 

Deferred Compensation

The Deferred Compensation Plan is offered by the County to enable employees to save for their future on a tax favorable basis. The County's Deferred Compensation Plan is established and administered pursuant to Section 457 of the Internal Revenue Code.

Reciprocity

Reciprocity is an agreement between the San Luis Obispo County Pension Trust (SLOCPT) and the California Public Employees Retirement System (CalPERS).  Reciprocity also exists between SLOCPT and those County Retirement Plans that are established pursuant to the County Employees Retirement Law of 1937 as well as certain other systems that have established reciprocity with CalPERS.