Termination Due to Layoff Fact sheet for active and deferred ... - sdcera

More documents

Recommendations

Info

2Become a deferred member You may leave your accumulated retirement contributions on deposit with SDCERA. Interest on your contributions will be credited twice each year at a rate determined by the Board of Retirement. Your total contributions and earned interest will be recorded on the member statement you receive annually. Any future service credit earned with SDCERA or in a reciprocal retirement system will count toward meeting vesting and retirement eligibility requirements as long as you leave your contributions on deposit with all systems, do not have overlapping service, and (with limited exception) retire simultaneously from all reciprocal systems. You may choose to withdraw your funds at any time. If vested, your retirement benefit will be paid in the future, usually when you meet the eligibility criteria and choose to retire. The Internal Revenue Service limits the ability to remain in deferred membership status after the age of 70 ½. SDCERA will contact you if this situation affects you. 4 Request a refund You may withdraw your accumulated retirement contributions, plus interest. You may request a withdrawal and roll over all or a portion of the distribution to an IRA or another employer’s qualified plan that accepts rollovers. Be aware that when you are vested and receive a refund of your SDCERA contribution account (or close an account with a zero balance) you lose your right to receive a monthly retirement benefit at a later date and may also incur tax penalties. If you do not make a decision about your account when you terminate, you will automatically be placed in deferred membership status. Returning to active membership If you are temporarily laid off and reinstated within one year, it is not considered a break in service. Therefore, if you return within one year of separation and redeposit withdrawn contributions within one month, your service credit will be restored with the earlier entry age used to determine your contribution rate. 3 Establish reciprocity You are eligible to establish full reciprocity if you leave your accumulated retirement contributions on deposit with SDCERA and become a member of a reciprocal retirement system within six months of leaving active SDCERA membership. If you become a member of a reciprocal system after six months has passed, you may be eligible for limited reciprocity. Any future service credit earned in reciprocal retirement systems will count toward meeting SDCERA retirement eligibility requirements as long as you leave your contributions on deposit with all systems, do not have overlapping service, and (with limited exception) retire simultaneously from all reciprocal systems. Read more in the Reciprocity fact sheet available from SDCERA. If you elect a refund but do not meet the requirements in the previous paragraph, upon return to service and SDCERA membership, you may still elect to redeposit withdrawn contributions to receive service credit for your previous service; however, your current age will be used to determine your contribution rate. Read more in the Purchasing Service Credit fact sheet available at www.sdcera.org or from SDCERA. If you are a deferred member and are rehired in a position which qualifies for active SDCERA membership, you will retain your original membership entry age for determination of your member contribution rate, and your years of service credit will be restored. 2275 Rio Bonito Way, Suite 200 • San Diego, CA 92108 Call Center 619.515.6800 or 888.4.SDCERA www.sdcera.org twitter.com/sdcera
SDCERA library of publications Service credit purchases If you terminate employment before completing a service credit purchase through payroll deduction, the following options are available: Booklets Disability Retirement Dividing Community Property Type of purchase Sick leave or family medical leave Service prior to membership Prior public agency Redeposit of withdrawn contributions Options You can make a lump-sum payment prior to your termination date to pay off the contract and receive service credit for the entire period of time purchased. In the absence of a lump-sum payment, you will receive partial service credit based on the payments made through payroll deduction. You can make a lump-sum payment prior to your termination date to pay off the contract and receive service credit for the entire period of time purchased. In the absence of a lump-sum payment, no partial service credit can be credited. Health Insurance Plans for Retired Members Retirement Plan Survivor and Beneficiary Information Fact Sheets Considerations after Termination Considerations before Purchasing Service Credit Deferred Membership Disability Retirement Earning Service Credit Health Insurance Allowance Health Insurance Plans Health Insurance Reimbursement Program Medicare Information for SDCERA-sponsored Health Plans Purchasing Service Credit Reciprocity Refunds Retirement Benefit Options Retirement Plan Summary Rollover/Transfer for Purchasing Service Credit Supplemental Benefit Allowance Taxation of Retirement Benefit Payments Working after Retirement 2275 Rio Bonito Way, Suite 200 • San Diego, CA 92108 Call Center 619.515.6800 or 888.4.SDCERA www.sdcera.org twitter.com/sdcera
Page 1: SAN DIEGO COUNTY EMPLOYEES RETIREME

Termination Due to Layoff Fact sheet for active and deferred ... - sdcera

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?