| If you leave County
service for any reason before retirement, you have several choices to
consider regarding your future eligibility for retirement benefits.
TERMINATING
EMPLOYMENT - Plans A, B, C, D
1.
If you are vested (5 years
of service) and do nothing,
your contributions will remain on deposit and will continue to earn interest.
You automatically become a deferred
member. No action is required until you wish to apply for retirement. You become eligible for retirement on the date on which you would have had ten years of County service had you remained a full-time County employee.
2.
If you are not vested (fewer
than 5 years of service) and do nothing,
your contributions will remain on deposit
and will continue to earn interest. You are not eligible for future retirement
benefits from LACERA. No action is required until you wish to withdraw
your contributions. You may request a withdrawal at any time (unless you
return to County service or become employed in an agency covered by a
reciprocal
retirement system within six months).
3.You
may establish
reciprocity whether you are vested or not. If you
leave your contributions on deposit with LACERA and become employed in
an agency covered by a reciprocal
retirement system within six months, you are eligible for the
benefits of reciprocity. Your contributions will remain on deposit and
will continue to earn interest.
4.
You may withdraw
your contributions and accumulated interest from LACERA. Be advised that
taking a withdrawal
terminates your membership and you give up all rights to future retirement
benefits from LACERA, including disability benefits. If you elect this
option, you may choose a withdrawal (check paid directly to you, minus
20 percent mandatory federal tax withholding) or a rollover
(to an IRA or another employer’s qualified plan; such rollovers are not taxable until you withdraw the funds).
TERMINATING
EMPLOYMENT - Plan E
If
you are vested
(10 years of service credit) and do nothing,
you automatically become a deferred member. You may apply for retirement
when you reach minimum retirement age (age 55).
If you are not
vested (fewer than 10 years of service) and terminate
employment as a Plan E member, you give up all rights to future retirement
benefits from LACERA.
You may establish
reciprocity whether you are vested or not. If you
become employed in an agency covered by a reciprocal retirement system
within six months, you are eligible for the benefits of reciprocity.
Please see the Withdrawal/Reciprocity
brochure for detailed information.
4/1/08
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