From the website:
SBCERS was established on January 1, 1944 to provide service retirement, disability, death, and survivor benefits for County of Santa Barbara employees and 11 contracting employers. Members include all permanent full and part‐time employees of the County, the Santa Barbara County Superior Court, and ten special districts. SBCERS also administers an Other Post-Employment Benefit Trust (OPEB) or 401(h) Retiree Health Medical Trust Fund that was established in September 2008.
The System as set forth by the Board of Retirement provides:
- Care, skill, and prudence in the administration of the retirement plan.
- Investment of the assets of the plan in a diversified manner which will minimize risk of loss and maximize the rate of return.
- Hold the assets of the plan in trust for the exclusive purpose of:
providing benefits to plan participants and beneficiaries,
minimizing employer contributions, and
defraying reasonable expenses of administration.
- Provide benefit information and retirement consultations for all active and retired members prior and subsequent to retirement.