WITHDRAWAL
If you terminate County service before retirement, you have two options regarding your retirement contributions: withdraw the funds or roll them over. You must fill out the Withdrawal form and return it to LACERA to process your withdrawal request.
If you choose to withdraw your retirement contributions and earned interest, LACERA will make a check payable in your name for the funds, minus the mandatory 20% federal income tax withholding.
Your payment is taxed in the year you receive it. When you file your taxes you may owe more money or less than the 20% withheld by LACERA for federal income tax.
IMPORTANT - By taking a withdrawal you give up all rights to future retirement benefits from LACERA, including disability benefits.
5/11/10