Leaving Before Retirement

Overview

Leaving Before Retirement

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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: the first day of the month following your rehire date to an eligible position (the first time a contribution is taken from your pay check).

If you took a refund when you left, you have two choices:

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The Termination Process

CCCERA will receive notification of your termination from your employer’s Human Resources department. The Retirement Office will send you a packet explaining the options concerning your retirement account and possible tax liability. A “Distribution Election Form” and instructions for filling out the form are included. Return the completed forms to CCCERA.

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Refunds

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, for example, to less than half-time, or contract. (If you have changed jobs to an ineligible position, such as contract or less than 20 hours per week employment, but are still working for a CCCERA employer, you may not withdraw your contributions.)

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Deferring Your Retirement

Deferring your retirement membership means you leave your funds in your account at CCCERA.

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Vesting and Deferred Benefits

Members of CCCERA who have at least 5 years of retirement service credit are “vested” in the system.
Vesting, in its purest sense, means a member has earned the absolute right to a retirement benefit when all other conditions for retirement eligiblity are met. Recent legislation has changed aspects of this concept. Now, all members are entitled to retirement account options once previously reserved for vested members, with one important difference:
 

Commands