Termination of Employment
Within a few weeks of terminating employment with your County or district employer, you will receive a Disposition of Retirement Contributions packet from VCERA containing information on your retirement account options. Specifically, you will direct VCERA on how to handle your retirement contributions.
If you do not meet the minimum eligibility requirements to file for a service retirement, your post-employment options include:
- Request a refund or rollover. VCERA must wait at least 30 days before issuing a refund of contributions to you or a rollover to an eligible retirement plan. (See VCERA’s Special Tax Notice for more information.) If you withdraw your funds, you sever membership in VCERA.
- Defer your retirement if you are a vested member. You can file for service retirement after you become eligible. Inactive, non-vested members are not eligible to retire until age 70.
- Leave your contributions on deposit until you decide to withdraw them or file for retirement. VCERA will credit interest to your account semiannually based on its investment performance. During this time, you will remain a VCERA member.
- Apply for reciprocity at an eligible retirement system in California, subject to certain rules. To maintain reciprocal status, you must keep your contributions on deposit in VCERA.
- Apply for service-connected disability retirement if you are permanently disabled from performing your job duties due to an injury or illness that is job-related.
- Apply for nonservice-connected disability retirement if you are permanently disabled from performing your job duties due to an injury or illness that is not job-related. To be eligible, you must be a vested member.
If you do not make an election on your Disposition of Retirement Contributions Form, your contributions will remain on deposit until you file for retirement or attain age 70, whichever occurs first.