SFERS total fund assets are valued at $36.1 billion. That represents an increase of 0.84% for the month of July. The fund had an increase for fiscal 2023/2024 of 7.9%. The fund has a discount target rate of 7.2% after all liabilities are met before deciding if a Supplemental Cola can be distributed to retirees. The final decision will be voted on later this year, likely in November or December. The maximum SCOLA increase can be up to 3.5%
Sept 2024 Health Service System Updates
We fought the good fight, but we did not prevail. In August, the HSS finally voted to move the retiree healthcare plan from United Healthcare PPO to Blue Shield CA PPO, effective January 1, 2025. You should have received an email from HSS alerting you to the change. In addition, HSS has set up a website https://myoptions.blueshieldca.com/sfhss_retiree, including drug coverage formularies for 2025, and sent out a 6-page brochure called Changes to SFHSS 2025 Medicare Plan. BSC has also set up a hotline at (800) 370-8852 if you have any concerns about changing from UHC to BSC Medicare Advantage PPO. Don’t wait until the plan changes over on January 1, to find out if your doctors, specific specialty needs, pharmacy or gym membership changes will be affected. Call them today.
Blue Shield CA has told us they will talk to your doctors in the meantime, and be available to answer your questions. Their hotline is open from 8 am to 8 pm, 7 days a week.
Don’t forget, POB is in your corner. We have forms on our website to fill out if you don’t get satisfaction from BSC.
It is through actions like this, that POB flexes its muscles yet again, and let’s our elected officials know that we are watching them.