|
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 then 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.
Click
here to order or read the Withdrawal/Reciprocity application.
|
