ROLLOVER
If you terminate County service before retirement, you have two options regarding your retirement contributions: withdraw the funds or roll them over.
You may rollover 100% (or any percentage you choose) of the taxable portion of your contributions to an IRA or another employer’s qualified plan. You must submit the IRA financial institution name and account number information to LACERA on your Withdrawal form so we can properly make out the rollover check. You are responsible for depositing the check. The nontaxable portion of your contributions will be returned to you. LACERA will deduct the 20% federal tax withholding before refunding any taxable portion to you.
Your rollover will not be taxed until you take your funds out of the IRA or other employer’s qualified plan. Please consult with your IRA institution or employer plan administrator regarding early withdrawal penalties or requirements.
If you have contributions that were paid for with after-tax dollars, these funds cannot be rolled over to an IRA. You will receive a check for these contributions.
IMPORTANT — By taking a withdrawal you give up all rights to future retirement benefits from LACERA, including disability benefits.
5/17/10