Community Property Asset Division

In dissolution of marriage or legal separation cases, SLOCPT must comply with California Family Code.  SLOCPT will only apply community property asset divisions after receipt of an official approved court order that specifies how SLOCPT assets are to be divided.  Members will not receive any benefit distributions until all potential community property interests relating to SLOCPT assets have been addressed.

Deferred Compensation

The Deferred Compensation Plan (the"DC Plan") is a voluntary savings plan offered by the County to enable employees to save for their future on a tax deferred basis (although a Roth option is also available).  Other agencies also participate in the DC Plan - Courts, APCD, LAFCO.  

The County's Deferred Compensation Plan is established and administered pursuant to Section 457 of the Internal Revenue Code.  SLOCPT assists in the adminstration of the DC Plan, at the request of the County.  However, the Plan is separate and distinct to the Plan and benefits offered by SLOCPT.  The recordkeeper and provider of investment options for the DC Plan is Nationwide Retirement Solutions.

DROP (Deferred Retirement Option Program)

DROP is a voluntary program that allows eligible employees to initiate their monthly retirement distributions while continuing to work as an active employee for the County.  Monthly retirement benefits are forwarded to a third party custodian (currently Nationwide) where the employee may select different investment options for the accumulated balance. Funds may not be accesed while the individual is still actively employed and regular contributions to SLOCPT cease upon entry.  

Retiree COLAs

Retiree Cost of Living Adjustments (COLAs) are based on the average annual change in CPI (Consumer Price Index) utilizing a 2-year average of the San Francisco CPI and Los Angeles CPI. Any approved COLAs are started with the April 1st monthly 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.

 

Retiree Health and Wellness Benefits

SLOCPT Retirees may be eligible for medical, dental and vision coverage in retirement.  While this is not a SLOCPT benefit, SLOCPT will deduct premium amounts for selected coverage directly from a retire's monthly retirement benefit as convenience to our retires and their former employers. 

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.