My Pension Check

Overview

My Pension Check

Want to save a trip to the bank? Set up a direct deposit for your monthly retirement benefit. Your monthly pension check will be automatically deposited into your bank, credit union, savings or loan account. Funds are deposited on the first working day of the next month.

To set up a direct deposit, call CCCERA to request an Electronic Funds Transfer Form. This form must be returned by the 20th of the month. If you choose to deposit your funds to a checking account, a voided check must be included.

On the pay date following the receipt of your completed Electronic Funds Transfer Form, a test deposit will be sent to your bank. If there are no issues, your benefits will be deposited into your bank account the next month and each month thereafter. A Deposit Advice Form will be mailed every month notifying you of each deposit.

If you wish to make changes to your direct deposit, you will need to submit a new Electronic Funds Transfer Form. If you would like to stop your direct deposit, you will need to notify CCCERA in writing.

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Retiree Payroll Dates

Month Retiree Pay Date
January February 1, 2016
February March 1, 2016
March April 1, 2016
April May 2, 2016
May June 1, 2016
June
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Retiree Cost of Living Adjustment (COLA)
How the COLA and the COLA Bank work

The Cost of Living Adjustment factor is determined by comparing the December CPI (Consumer Price Index) for the San Francisco-Oakland-San Jose area, for the past two years. The Board computes the resulting percentage change in the CPI. The actual COLA is dependent on your previous employment tier and your retirement date.

The CERL “caps” the maximum percentage CCCERA can increase your benefit in any one year (Gov. Code Sections 31870, 31870.1, or 31870.3). If the change in CPI is higher than this statutory limit, the unused portion is “banked” for future years.

Commands