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Refund Policy

The following information deals with the Retirement Association\'s policy for refunding contributions to members who have terminated employment, and elect to have their contributions returned to them.

StanCERA's practice is to attempt to refund terminating members following two (2) complete payroll cycles with no payroll activity. StanCERA usually process refund checks on the Monday following a payday.

A terminating member must meet all of the following conditions before being refunded:

  • They must have fully terminated their employment. (Under IRS guidelines, StanCERA cannot refund employees who switch from full-time to part-time employment).
  • They must complete all paperwork and return it to StanCERA at least one week prior to the anticipated refund date.
  • They cannot have any payroll activity in the two payroll cycles prior to being refunded. (They cannot be paid on the prior two checks).
  • Additionally, we generally do not process refund requests in the months of January and July.

While we try to process refund requests as fast as possible, we do not promise a refund date until the check is written. Sometimes unexpected events prohibit us from processing an individual's refund. Government Code §31628 requires that refunds be made within six months of termination.

Below is a typical example of StanCERA\'s refund policy.

  • Thu 03/12 - Employee terminates employment and works their last day.
  • Fri 03/13 - Week #1 of the bi-weekly payroll cycle ends.
  • Fri 03/20 - Week #2 of the bi-weekly payroll cycle ends.
  • Wed 04/03 - Employee receives their final paycheck.
  • Tue 04/09 - Employee turns in their completed paperwork to StanCERA.
  • Wed 04/17 - First payroll cycle paid which employee received no paycheck.
  • Wed 05/01 - Second payroll cycle paid which employee received no paycheck.
  • Fri 05/03 - Employee is refunded their Retirement contributions.

Again, this is only a typical example. There is always the possibility that there is an unexpected event and refunds are not processed as planned.