Redeposits after Re-employment
A redeposit re-establishes your retirement account to pre-termination levels. You return the contribution amounts you withdrew, plus the interest the funds would have earned during your absence from membership. Once these funds are redeposited into your account, your original service credit is reinstated.
Redepositing can be a good financial decision, because it restores your retirement service credit. As your career continues, you have these credits to build on, giving you a higher benefit when you retire. (Higher service credit at retirement equals a better benefit.)
For service you are restoring, you must redeposit your
contributions, plus all the interest that would have accrued on
the amount if your funds had been left at CCCERA. (You do not
have to replace the funds your employer contributed for you.
Those funds are still on deposit with CCCERA.) Your redeposit
will reinstate your previous service credit in whichever tier you
left, regardless of your current membership tier.
Regardless of the option you choose, if your funds are left on deposit with CCCERA, you will be paid interest on your account until you withdraw the money in a lump sum, or begin taking a monthly benefit.