SDCERS Retirement Plan Summary

Airport Authority Executive Members

Overview

SDCERS was established by the City of San Diego in 1927 to administer retirement benefits for its Members. SDCERS provides benefits to its vested Members when they retire. SDCERS’ responsibilities include collecting contributions, making payments, investing earnings, and managing the retirement fund with direction from a 13-member Board of Administration (Board).

You become a Member of SDCERS after you are appointed to a permanent position as any classified or unclassified, full or half-time Airport Authority employee. Required pre-tax contributions will be automatically deducted from your bi-weekly paycheck, transmitted to SDCERS, and deposited into the trust fund.

Your defined benefit plan with the Airport Authority is a retirement plan to which you make contributions while you are a Member, and that entitles you, when eligible, to a benefit from the time you retire until your death.

Plan Sponsor

Airport Authority

Plan Name

APA Executives (includes President & CEO, General Counsel, Chief Auditor, and Vice Presidents)

Hire Date

NULL

Member Contribution Rate

This is based on your age upon entry into SDCERS or into a reciprocal system if you have established reciprocity.

*Contribution rates are reviewed by SDCERS’ actuary and adopted by the Board annually.

Earning Service Credit

Service Credit represents the amount of time you have earned or purchased in the retirement system as a contributing Member of SDCERS. It is one of the factors used in determining your eligibility and pension benefit amount. Credit earned for part-time status is proportionately awarded.

Vesting

You must have at least five full years of service credit to be vested in the retirement system and eligible for retirement benefits once you have met the minimum age requirement. (Note: Reciprocal service credit may be used to satisfy vesting requirements.)

Service Retirement Eligibility

For those hired before January 1, 2013:

Age 55 (or older) with 20 or more years of service credit; or
Age 62 (or older) with five or more years of service credit

For those hired on or after January 1, 2013:

Age 52 (or older) with five or more years of service credit

Pension Benefit

Your service retirement benefit is based on a formula which includes:

Age-Based Retirement Factor, determined by age at retirement;
Service Credit;
Final Compensation;
- Executive Members hired before January 1, 2013: your average highest earnings over a one-year period, or
- Executive Members hired on or after January 1, 2013: your highest earnings over 36 consecutive months; and
Cost of Living Annuity

Pension Benefit Formula

(Retirement Factor) x (Service Credit) x (Final Compensation) + Cost of Living Annuity

Retirement Factor

For Executive Members hired before January 1, 2013: 3% per year of service at age 55 or older.

For Executive Members hired on or after January 1, 2013: 1% per year of service at age 52, increasing to 2.5% at age 67. A Member with two or more categories will receive blended benefits. No retroactive upgrade is allowed for prior service. *Cannot exceed limits under PEPRA, Govt. Code §§ 7522.10 and 7522.42.*

Click here for retirement calculation factors for Airport Executive Members hired on or after January 1, 2013.

Benefit Cap

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Create a Member Portal account to calculate your estimated future pension benefit.