Q. How much will my monthly retirement benefit be if I retire on this date?

A. You can go to the Retirement Estimator,contact our office or go to forms and fill out a Request for Service Retirement Estimate form. Mail or fax it in to our office and we can run your figures to give you some estimates of what your monthly retirement benefit could be on certain dates.

Q. How much would it cost if I were to buy back some lost or additional service credit?

A. You will need to contact our office or go to forms and fill out a Request for Buy-Back Calculation form. Mail or fax it in to our office and we will calculate your buy-back so that you may purchase either lost or additional service credit.

Q. Is overtime included in my final compensation?

A. No.

Q. Can I borrow against the contributions deducted from my paycheck?

A. No.  the StanCERA Retirement Board has not adopted 1937 Act provisions to make home loans available to members.

Q. Can I increase my retirement contributions?

A. No. Retirement contributions rates are based on your age at entrance into the retirement system. However, if you wish to increase your retirement savings, contact Risk Management (County) or your Personnel department (districts) for information about enrolling in the deferred compensation plans they may offer. Please keep in mind that these alternative plans are not affiliated with StanCERA in any way.

Q. Do my employee contributions earn interest?

A. Yes. Twice a year interest is posted to your retirement account. In accordance with the County Employees\' Retirement Law of 1937, interest is posted on the prior six-month balance in your account as of June 30 and December 31.

Q. Can the County use the retirement system funds for other purposes?

A. No. All assets of the retirement system are trust funds and, as such, are protected by the California Constitution. The contributions and investment earnings coming into the retirement system are considered to be placed in trust with the members of the Board of Retirement (Trustees). The Board of Retirement has a fiduciary responsibility to safeguard the assets in order to provide benefits.

Q. If I am a vested member, terminate employment but am not ready to retire, what are my options?

A. If Tiers , 2, 4 or 5 members leave employment after earning five years of retirement/reciprocal service credit before you are eligible for retirement, your accumulated contributions can remain in the retirement system and you will be place in deferred status until you are eligible and ready to retire. If you withdraw your funds, you are no longer a StanCERA member and are not eligible for the lifetime retirement benefits.

Q. What is a beneficiary?

A. A beneficiary is the designated recipient of any remaining contributions (all members) or death benefits (retirees) that are payable from the plan upon the death of a member. It is very important to keep your beneficiary up to date.

Married employees may designate anyone they like, but normally designate their spouse or a minor child. If designating someone other than your spouse, your spouse will need to acknowledge this by signing the beneficiary designation form.

Q. How do I change my beneficiary?

A. You will need to contact our office or go to forms and print the Change of Beneficiary form. Send it in to our office to ensure that you have the correct beneficiary. Please keep in mind that your StanCERA beneficiary designation is separate from your beneficiary for any benefits provided by the County, such as life insurance.

Q. What do I need to do to retire?

A. You will need to contact our office or go to forms and print the Application for Service Retirement. Submit it with the requested information. If you have any questions, please contact our office.

Q. How is my monthly retirement benefit calculated?

A. Monthly retirement benefits are based on the following 3 criteria: 1) Final Average Monthly Salary; 2) Age at Retirement; and 3) Years of Service.

Q. How long will I receive my monthly retirement benefit?

A. Retirement benefits from StanCERA are a lifetime benefit. Depending on which option you choose at the time of retirement, your beneficiary may be entitled to a continuance for the rest of their lifetime should you predecease them.

Q. How often will I be paid my retirement benefit?

A.Your retirement benefits will be paid to you on a monthly basis. Keep in mind that when retired, you are paid for the prior month (i.e., March check is paying you for February). All direct deposited checks will be in your bank account on the first business day of each month. Checks are mailed out the day before the first business day of each month. It is recommended that you have your check direct deposited so there will be no delay in receiving your check.

Q. How is my age calculated to determine my monthly retirement benefit?

A. Your age at retirement is calculated to the nearest completed quarter year from your birth date. For example, if you were 57 years 5 months and 27 days, your age would be 57¼.

Q. What does it mean to be "vested"?

A. To be vested means that you have earned the right to receive lifetime retirement benefits. Tier 1, 2, 4 or 5 members are vested after earning five years of retirement/reciprocal service credit (Tier 3 members after ten years).

Q. When will I be eligible to retire?

A.If you are a General Tier 1, 2, 4 or 5 member, you must be at least age 50 and have a minimum 5 years of service credit with your monies on deposit for 10 years, or have 30 years of service regardless of age.

If you are a General Tier 3 member, you must be a minimum of age 55 and have a minimum of 10 years of service credit.

If you are a Safety Tier 1, 2, 4 or 5 member, you must be at least age 50 and have a minimum 5 years of service credit with your monies on deposit for at least 10 years, or have 20 years of service regardless of age.

Important Note: Please keep in mind that the retirement service credit is calculated from your date of membership and excludes any unpaid leave of absences. Retirement service credit is not the same as Employer service, for which you receive service awards.

Q. If I am a vested StanCERA member, am I entitled to health insurance allowance?

A.  The health allowance was suspended January 1, 2010.

Q. What do I need to do if I move or change my name?

A. Active employees, report any changes to your payroll clerk. They will complete the necessary paperwork to change your personnel file.

Q. What do I need to do if I get a divorce?

A. You should contact StanCERA as California is a community property state. Retirement plan benefits earned during marriage are community property and could be subject to division upon divorce.  No benefit or refund can be processed without all the appropriate paperwork. 

Q. What is reciprocity?

A. If you left employment from an employer covered by a retirement system in another 1937 Act County or (CalPERS) the California Public Employees Retirement System (See Links & Resources) and became employed by an employer covered in our Retirement Association within 6 months, you are eligible for reciprocal benefits between the two systems if you did not terminate membership in the first system by withdrawing your contributions.

Reciprocal benefits include lower contribution rates and the use of the higher salary from either system to calculate your retirement allowance. You may also use the years in both systems towards vesting requirements. When calculating actual retirement benefits, each system will use its own unique formula with the years of service within its own system. You cannot \"double-up\" your years of service in one system for the purpose of receiving retirement benefits from that system.

Q. Are my retirement benefits taxable ?

A. Yes. All of the employer paid benefit; some or all of the employee paid benefit.

Q. Why is March 31st considered the "magic" retirement date?

A. There is no such thing as a "magic" retirement date. The March 31st date is popular because of the cost of living adjustment for that year. You must be retired on or before March 31st to receive the cost of living adjustment effective April 1st.

Revised 5/3/2011