Retirement Plan booklet - sdcera

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10 If you are vested and you quit your job before you’ve reached 10 years of service credit, you may apply for a retirement benefit in the future. In this case, you must be at least age 50 and can retire on or after the date that you would have reached 10 years of service credit had you remained working. For example, imagine you are hired at age 51 and work six years, then terminate at age 57. At age 57, you meet the minimum age requirement to apply for a service retirement (usually age 50) but you must wait four years in deferred membership status until you are eligible to retire, which means your earliest eligibility date to retire will be 10 years after the age you were when you were hired. In this case your service retirement will be based on six years of service credit and will begin at age 61. In this example, if you decided to return to work one year later (at age 58), you would keep your first eligibility date to retire (when you are age 61) even though you would only have nine years of service credit at age 61. This is because you have returned to work from a deferred status and your eligibility date is based on rules for this membership class—deferred return. In this case your service retirement benefit will be based on nine years of service credit and begin at age 61. When you are eligible to retire, your benefit will not begin automatically. You must apply for a service retirement benefit by contacting SDCERA and requesting a retirement packet. A copy of your birth certificate or passport will be required to process your retirement. If you are married or registered as a domestic partner, you must also submit copies of your spouse’s/partner’s birth certificate and your marriage license or domestic partnership registration.
11 Leaving before retirement If you terminate before you’re ready to retire (either because you are not eligible or because you choose to wait) you must make a decision about your member contribution account. Deferred membership When you terminate your employment prior to retirement, if you choose to leave your member contribution account on deposit in SDCERA, you must keep SDCERA informed of your address so that you will continue to receive regular correspondence and important news. A change of address form is available from SDCERA. If you are vested (you have five or more years of service credit) when you leave your job and you leave your account on deposit in SDCERA, it will continue accruing semi-annual interest. When you are eligible and make the choice to retire in the future, you may apply for retirement and begin to collect a benefit payment. During the period of time following your termination date and before your retirement date you will be a deferred member—no longer contributing to the fund and not yet collecting a retirement benefit. Only vested members can be deferred members. Read more in the Deferred Membership fact sheet. Inactive-nonvested membership If you are not vested when you leave your job, you have not earned a service retirement benefit and you are not a deferred member. However, you may choose to leave your account on deposit in SDCERA, it will continue accruing semi-annual interest and you may take a refund of your account at any time in the future. Read more in the Considerations after Termination fact sheet. Refunds When you leave your job prior to retirement, you have the option of requesting a refund of your contribution account; however, if you are vested, you should consider this option carefully because you will be eligible to receive a lifetime benefit in the future, which may be more valuable than your refund. If you receive a refund, you forfeit your right to any future SDCERA benefits.
Page 1 and 2: Retirement Plan Overview of SDCERA
Page 3 and 4: Page 25 MAXIMUM BENEFITS PAYABLE TO
Page 5 and 6: Numerous publications are available
Page 7 and 8: Welcome to SDCERA membership. As a
Page 9 and 10: 3 Entering SDCERA membership You ar
Page 11 and 12: 5 Funding your retirement benefit C
Page 13 and 14: 7 Reciprocity Reciprocity links ret
Page 15: 9 Becoming eligible to collect a re
Page 19 and 20: Use SDCERA member resources to help
Page 21 and 22: 15 Calculating your retirement bene
Page 23 and 24: 17 Calculating your retirement bene
Page 25 and 26: When you are ready to retire, conta
Page 27 and 28: 21 Selecting a retirement benefit o
Page 29 and 30: 23 Considering the Temporary Supple
Page 31 and 32: 25 Receiving your retirement benefi
Page 33 and 34: Learn more about your SDCERA benefi
Page 35 and 36: 29 Survivor benefits from SDCERA Be
Page 37 and 38: 31 Disability retirement If you bec
Page 39 and 40: 33 APPROXIMATE AMOUNT OF RETIREMENT
Page 41 and 42: APPROXIMATE AMOUNT OF SDCERA RETIRE
Page 43 and 44: 36 leave without pay 15 leaving bef
Page 45: SAN DIEGO COUNTY EMPLOYEES RETIREME

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