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 whether to retain or disburse your retirement contributions and interest.
Upon termination, if you do not meet the minimum eligibility requirements to draw a monthly VCERA benefit, your options include:
- Request a refund or rollover. VCERA must wait at least 30 days after your termination to issue a refund of contributions to you or execute 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. Once you are vested in VCERA, you are entitled to defer your service retirement until you meet all eligibility requirements. 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. In the meantime, VCERA will continue to credit interest to your account semiannually. During this time, you will remain a VCERA member.
- Apply for reciprocity at a qualifying retirement system in California, subject to certain rules. To maintain reciprocal status, you must keep your contributions on deposit in VCERA.
- Apply for a service-connected disability retirement if you are permanently disabled from performing your job duties due to an injury or illness that is work related.
- Apply for a nonservice-connected disability retirement if you are permanently disabled from performing your job duties due to an injury or illness that is not work related. To be eligible, you must be a vested member.
If you do not make an election on the Disposition of Retirement Contributions Form, your contributions will remain on deposit until you file for retirement, attain age 70, or request a refund or rollover, whichever occurs first.