Option 1: Retirement
Are you eligible to retire?
If you are eligible to retire, you may apply for a regular
service retirement now or choose to defer your retirement to a
later date. The Guide to Your SamCERA
Benefits can help you determine if you are eligible to
retire, or you can contact SamCERA.
Are you are unable to perform your job duties due to an injury or
illness?
If you are leaving active service because you are unable to
perform your job duties due to an injury or illness, you may be
eligible for a disability retirement. Please refer to
SamCERA’s Disability
Retirement Guide and contact SamCERA for application
information and deadlines for filing.
Option 2: Keep Your Funds on Deposit
If you choose to keep your funds (consisting of your retirement
contributions along with any accrued interest) on deposit,
you can:
- Establish reciprocity: if you become a member in a
reciprocal retirement system within six months of leaving active
SamCERA membership;
- Continue to receive interest: applicable interest will
be credited until you reach age 72;
- Defer your retirement: retire later if and when you are
eligible and ready to apply for retirement, you must retire by
age 72.
Option 3: Withdraw All of Your Funds
You can withdraw your funds depending on your circumstances. Your
withdrawal will be subject to federal and state
taxation. You also can roll all or part of the withdrawn
funds over to an IRA or other qualified tax-deferred plan.
There are no partial withdrawals—if you choose to withdraw (or
rollover), you must withdraw all your funds.
If you withdraw your funds, you waive your rights to all SamCERA
benefits.
