|
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.
|
