Retirement Plan booklet - sdcera
Retirement Plan booklet - sdcera
Retirement Plan booklet - sdcera
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25<br />
Receiving<br />
your retirement benefit<br />
SDCERA calculates retirement benefit estimates for you while<br />
you are working and you will be able to review the estimates<br />
on the personalized statement you receive from SDCERA each<br />
year. When you are ready to retire, contact SDCERA to request<br />
a final benefit estimate.<br />
If you have a question about<br />
personalized account information,<br />
a calculation estimate or<br />
a benefit amount, you may<br />
submit a written inquiry to:<br />
SDCERA Member Services<br />
2275 Rio Bonito Way<br />
Suite 200<br />
San Diego, CA 92108-1685<br />
Requesting periodic estimates and final benefits<br />
Use the retirement benefit calculator at www.<strong>sdcera</strong>.org to calculate<br />
estimates at various ages. When you are ready to retire, contact SDCERA<br />
about two months prior to your retirement date and request a retirement<br />
packet. The packet includes a personalized application, tax withholding<br />
election form and direct deposit form—the forms necessary to process<br />
your retirement.<br />
Maximum benefits payable to you<br />
SDCERA will not pay a retirement benefit amount that is greater than 100%<br />
of your final average monthly compensation (see page 16).<br />
Additionally, federal law limits the amount of compensation that may be<br />
used to calculate your benefits. The limit for 2008 is $230,000. The limit<br />
may be revised in accordance with the Internal Revenue Code (IRC)<br />
regulations. If you first became a member of SDCERA before July 1, 1996,<br />
you are not affected by this IRC Section 401(a)(17) limit.<br />
The IRC regulations also place a limit on the amount of pension benefits<br />
you can receive. Under IRC Section 415(b), you generally may not receive<br />
more than $185,000 annually (effective January 1, 2008) and the amount<br />
is adjusted based on your retirement age. (Refer to www.<strong>sdcera</strong>.org<br />
for current amounts.) Some Safety members employed by the Sheriff’s<br />
department are not impacted by the adjusted limits of IRC Section 415(b).<br />
The County of San Diego has implemented an Excess Benefit <strong>Plan</strong>, which<br />
is currently designed to pay the additional amount if you accrue a benefit<br />
that is more than the annual limit. The Excess Benefit <strong>Plan</strong> is not part of the<br />
tax-qualified SDCERA retirement plan and is subject to different tax rules.
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