When the time for your retirement draws near, you are encouraged to meet with an SBCERA Retirement Specialist to discuss your options. Call (909) 885-7980 to schedule an appointment.
A retirement packet that includes a benefit estimate will be sent to you along with confirmation of your appointment. The application must be signed within 60 days of your retirement date. Therefore, it is a good idea to call approximately three months before the date you have chosen as your retirement date in order to schedule the appointment. You will sign your retirement application at the appointment.
If you would like an estimate of your retirement benefit prior to scheduling an appointment, contact the SBCERA staff or generate your own estimate by logging on to your account here.
Items to Bring to Your Retirement Appointment
Please bring your completed retirement application form, direct deposit authorization and tax withholding election form to your retirement appointment.
You should also decide in advance which retirement option you will select and who will be the beneficiary for your retirement benefits so that you can bring the required information about that beneficiary to your appointment.
Required information includes his/her Social Security number, address, date of birth, and your date of marriage or domestic partner registration. You will also need to bring a certified copy of your birth certificate, your beneficiary’s birth certificate, and your marriage certificate or domestic partnership registration.
NOTE: You are strongly encouraged to invite your spouse or registered domestic partner to this appointment, especially because he or she will need to be present to sign your retirement option form. Or, feel free to bring a person whom you consider to be part of your personal support network. This is a very important time in your life and you may find having a “buddy” with you will help you through the process.
SBCERA will notify your department that you are applying for retirement and will submit your application to the Board of Retirement for approval. Once your application has been approved, you will be considered “retired” on your chosen retirement effective date.
You can rescind your application or change the retirement date by submitting a written request to SBCERA before any retirement benefits have been paid. However, such a request will not automatically reinstate you as an employee. The decision on whether to reinstate you will rest with your former participating employer. So, plan your retirement date carefully!
Your retirement allowance will be paid on the last business day of each month. Generally, retirement benefits are taxable. However, in some cases, all or a portion of the allowance may be excludable from gross income for federal and/or state income taxes. You will need to consult with your accountant or other tax professional about these issues, as the SBCERA staff cannot give you tax advice.
Monthly Retirement Payments
Your monthly payment from the retirement system is called your retirement benefit. Retirees can be paid only in the form of monthly payments, not a lump sum. If you terminate your employment before retirement, you may request a lump sum of your refundable contributions. However, you will then be ineligible for any retirement benefits and will not be considered a “retired” member.
Additionally, you will need to consider the following:
