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»  Fresno County Employees' Retirement Association

Refunds of COLA Unfunded Actuarial Accrued Liability


COLA UAAL Project timeline
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to view COLA Unfunded Actuarial Accrued Liability project timeline


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for Notice Of Tax Withholding For Refund Of Excess Contributions Form

April 18, 2007:

At the Board meeting held on April 18, 2007, the Board of Retirement elected to calculate the Cost of Living Adjustment (COLA) refunds of unfunded actuarial accrued liability to members using the assumed interest rate of 8.16% from the date of the deduction through the date of the refund.

May 3, 2007:

The project will be completed in three phases.
  • Phase 1 was completed in February 2007 with the elimination of the COLA Unfunded Actuarial Accrued Liability from the employee's retirement contribution.


  • Phase 2 is the refund of COLA Unfunded Actuarial Accrued Liability paid on salary which is currently scheduled to be completed July 31, 2007.


  • Phase 3 will be the refund of COLA Unfunded Actuarial Accrued Liability on the purchase of service credit which is currently under analysis.
Plese click here for e-mail communication.


May 4, 2007:

We have received a number of e-mails asking for clarification of the refund process. As a result, we are providing the following clarifications/instructions. Please click here for clarifications/instructions.


May 23, 2007:

At the Board meeting held on May 23, 2007, Roberto L. Peña, Retirement Administrator, made a presentation on the Composition of Employee Contribution Rates. Please click here for the presentation.


June 18, 2007:

FCERA sent out a county-wide e-mail to update members on the progress of the refunds of COLA unfunded actuarial accrued liability project.
  • Click here for the e-mail communication.
  • Click here for a draft letter on member contribution revision by Segal.

July 17, 2007:

Revised member contribution rates for fiscal years 2003-2004, 2004-2005 and 2005-2006.
August 21, 2007:

FCERA sent out a county-wide e-mail to update members on the progress of the refunds of COLA unfunded actuarial accrued liability project.
September 5, 2007:

Below are copies of UAAL related letters provided to the Board members on September 5, 2007 Retirement Board meeting. Please note that letters were distributed to members based on their specific circumstances.
September 13, 2007:

We have received a number of e-mails asking for an update of the refund process. As a result, we are providing the following information.

Please click here for more information.

Additional information will be provided as it becomes available.


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