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Carlos Barrios Section Head, Outreach Leaving County Service Workshop

Carlos Barrios Section Head, Outreach Leaving County Service Workshop. Presentation Covers…. Who Should Attend Deferring Retirement Reciprocity Withdrawing Retirement Returning to Service. Who should attend?.

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Carlos Barrios Section Head, Outreach Leaving County Service Workshop

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  1. Carlos Barrios Section Head, Outreach Leaving County Service Workshop

  2. Presentation Covers… • Who Should Attend • Deferring Retirement • Reciprocity • Withdrawing • Retirement • Returning to Service

  3. Who should attend? • Employees who received notice they will be laid off, have recently been laid off, or are terminating • Employees who are members of LACERA • Groups of 8 or more

  4. Deferring Retirement Vested member terminates County service and leaves his or her Plan contributions on deposit with LACERA. • Vesting requirements • Combined Plans: vesting requirements • Leaving contributions • Interest • Mandatory distribution on April 1 of the year following the year the member reaches age 70 ½

  5. Reciprocity • What is reciprocity? • Combines service to help meet • Vesting requirements • Minimum retirement eligibility requirements • Highest salary between agencies • Requirements • 6 months or less • Concurrent retirement

  6. Withdrawal Timeline for Contributory Members • Withdrawal is paid 30-60 days after all documents are received • Termination date • Withdrawal packet mailed within 30 days • Withdrawal application • Rollover/Transfer Certification form • Waiver of benefits • Lifetime pension • Right to apply for Disability • Health insurance benefits • Reciprocity

  7. Withdrawal & Taxes • Distribution • 20% federal withholdings • 10% federal penalty if under age 55 • 2% California state withholdings • 2.5% state penalty if under 55

  8. Withdrawal & Taxes • Rollover • Avoids tax penalties • No withholdings • Continues as a retirement investment

  9. Retirement • Eligibility requirements • Requirements vary based on Plan(s) • Single Plan • Two Plans • Up to Three Plans

  10. Return to Service • Vested or Non-vested • Choice in Plans based on former Plan • Withdrew or left contributions • Redeposit • Re-employment within 1 year after layoff • Contribution age rate returns to pre-layoff rate if they did not withdraw or if they redeposit withdrawal plus interest

  11. Contact LACERA 300 N. Lake Ave., Pasadena, CA • HR Pros call 626-564-6000 ext. 3384 to schedule a jobsite workshop • Contact info for employees • Phone: 1-800-786-6464 • Email: welcome@lacera.com • Web site: lacera.com

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