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Retirement fund in healthy position, retirees press Board to restore COLA
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Summary
County analysts and the Sonoma County Employees Retirement Association reported a funded ratio above 93 percent and declining unfunded liability; retirees urged the Board to pursue legislative fixes and funding options to restore long‑delayed cost‑of‑living adjustments.
County analysts and the Sonoma County Employees Retirement Association (SCERA) presented the 2025 State of the Retirement System report, saying the system’s funded ratio is in the low‑to‑mid 90s and that accelerated payments and strong investment returns have reduced unfunded liabilities in recent years.
Nicholas Klein, principal analyst for the county administrator, told the Board pension contribution costs rose year‑over‑year mainly because employee cost‑sharing agreements expired and shifted costs to the county, but that a final payment on an earlier pension obligation bond reduced debt service costs. He noted the funded ratio is "just over 93%" and that five‑year unfunded liability has declined roughly 34 percent.
Julie Wines, CEO of the Sonoma County Employees Retirement Association, described long‑term investment performance and demographic trends inside the plan. Wines said the plan’s actuarial assumed investment rate has been reduced over the years to reflect market realities (currently about 6.75%) and highlighted that about 1,300 retirees who are in the oldest benefit tier (pre‑Plan A) are particularly vulnerable to loss of purchasing power.
Public comment was dominated by retirees and their advocates calling for action to restore a cost‑of‑living adjustment (COLA) that has not been granted in roughly 17 years. Cathy Young and other SCARE (Sonoma County Association of Retired Employees) representatives urged the Board to adopt a legislative platform item and pursue state action to enable more flexible COLA authority. "Receiving a COLA is something that only you, the Board of Supervisors, has the power to do," SCARE President Cathy Young said.
Supervisor Corsi acknowledged progress on funded‑ratio improvements but said the Board needs to pursue all options — including legislative outreach to Sacramento — to address retirees’ purchasing‑power losses. The presentation was informational; the Board did not adopt immediate funding changes but the topic will appear on the Board’s legislative platform and budget discussions.
