Leaving Before Retirement

Overview

Leaving Before Retirement

Termination of your membership in CCCERA can occur for a variety of reasons, but usually this means you no longer work for an employer participating in CCCERA. Membership termination can also occur if your job status changes to an ineligible position, for example, to less than half-time, or to a contract position. If you have changed jobs to an ineligible position such as a contract position or less than 20 hours per week employment, but are still working for a CCCERA employer, you may not withdraw your contributions. If you formally terminate you can either take a refund or defer your membership.

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Returning to Membership Before Retirement

If you are rehired by a participating employer after you terminated employment, you will rejoin CCCERA unless you are rehired in an ineligible position. Service credit starts accruing just as it did during your previous membership on the first day of the month following your rehire date.

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The Termination Process

CCCERA will receive notification of your termination from your employer’s human resources department and will send you a packet explaining the options concerning your retirement account and possible tax liability. A Distribution Election Form (Form 207) and instructions for filling out the form are included. Return the completed form to CCCERA.

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Deferring Your Retirement

Deferring your retirement membership means you leave your funds in your account at CCCERA earning interest. This means:

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Refunds and Rollovers

Taking a refund means you close your retirement account by withdrawing or rolling over all of the contributions and interest you made while a member of CCCERA. You will no longer be entitled to a benefit from CCCERA, even if you are disabled in the future.

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Vesting and Deferred Benefits

Members of CCCERA who have at least five years of retirement service credit are vested in the system. Non-vested means a member has terminated employment before achieving five years of service credit.

Commands