Your Retirement Benefit
Retire in Three Simple Steps
You must apply for retirement with SJCERA. Once you’ve decided to retire, follow these three simple steps:
- Choose Your Retirement Effective Date: Your retirement effective date is usually the day after your last day on payroll. It can be any day of the week, but must be no earlier than the date your retirement application is received by SJCERA and no more than 60 days after that date. For example, if you want to retire on March 31, SJCERA must receive your retirement application between January 31 and March 31.
- Request a Retirement Application: Call 209.468.2163 or complete and return the Request for Retirement Application form. After receipt, SJCERA will mail you a Retirement Packet that includes the forms and information needed to retire, including an estimate of your retirement benefit.
- Complete and Return Your Retirement Application: Carefully read and complete your application. Return your completed application and the required documents noted in your packet instructions to SJCERA no more than 60 days before your retirement effective date.
Plan ahead, review this schedule to determine when you can expect to recieve your first retirement check.
Retirement benefits from SJCERA are payable to the member and to the member’s eligible survivors/beneficiaries. There are a number of different retirement benefit options from which to choose. The estimated amount of your and your beneficiary’s monthly benefit under each retirement option is thoroughly explained in the Retirement Booklet. The following is a brief summary. At the time you retire, you will make an irrevocable election of one of the following options.
Unmodified Retirement Benefit – 60% Continuance to Eligible Surviving Spouse / Registered Domestic Partner (RDP)
Provides the highest monthly benefit amount payable to you for your lifetime. Upon your death, 60% of your unmodified allowance will be paid to your eligible surviving spouse /RDP for his or her lifetime. If you don’t have a surviving spouse /RDP at the time of your death, your beneficiary will receive any remaining balance of your contributions.
Option #1 – Possible Lump Sum to Beneficiary:
Slightly reduces the monthly benefit for your lifetime, but extends the length of time over which your accumulated member contributions are drawn down. Upon your death, the remaining balance of your accumulated member contributions is paid to your designated beneficiary.
Option #2 – 100% Continuance to Beneficiary:
Reduces the monthly benefit payable to you for your lifetime, and upon your death, 100% of your monthly benefit will be paid to your designated beneficiary for his or her lifetime.
Option #3 – 50% Continuance to Beneficiary:
Reduces the monthly benefit payable to you for your lifetime, and upon your death, 50% of your monthly benefit will be paid to your designated beneficiary for his or her lifetime.
Social Security Advancement Option:
Available for members who contribute to both SJCERA and Social Security and retire for service before age 62. You will receive a higher monthly benefit from your date of retirement until age 62, and a reduced monthly benefit after attaining age 62.
For more information on your retirement options and other SJCERA details, see the Retirement Booklet.