Retired Member/Beneficiary

A retired member is someone who has retired and is earning their lifetime SBCERA service or disability retirement benefit. A beneficiary is an SBCERA member who is receiving a monthly continuance or allowance from a deceased active or retired member of SBCERA. Below is a summary of information you should keep in mind. For information about the steps to take for various life events, take a look at SBCERAs’ life events checklist.

Benefit Payments

All monthly retirement and death benefits are paid once a month, generally on the last business day of the month. If you do not receive your benefit payment by the 8th of the following month, please contact SBCERA. Below is a list of the anticipated 2020 benefit payment dates:

Anticipated 2020 Benefit Payment Dates

January 31

July 31

 February 28

August 31

March 31

September 30

April 30

October 30

May 29

November 30

June 30

December 30

Direct Deposit

You are required to sign up for direct deposit of your benefit payments. You may start direct deposit or change the financial institution where your benefit payment is deposited by completing an SBCERA Authorization Agreement for Electronic Funds Transfer form.

Each month SBCERA will mail you a copy of your direct deposit advice, summarizing your benefit payment including any deductions or withholdings applied to your benefit. You can also view and print direct deposit advices online by logging into Member Direct.  If you would like to stop receiving your advice in the mail, you can sign up for eCorrespondence. With eCorrespondence, you will receive a monthly email notifying you when your advice is available for viewing online in Member Direct.

Address Changes

It is vital that your address is up-to-date at all times. SBCERA sends you various types of correspondence related to your retirement account including your monthly direct deposit advice, the Quarterly Review newsletter and your annual Form 1099-R.

If you move, temporarily or permanently, please update your address by completing an Address/Name Change Request form. If you would prefer a printed copy, please contact SBCERA and we can mail you this form. Important Note: If your address is not up-to-date and SBCERA cannot verify your whereabouts, your monthly benefit payment may be suspended.   

My Tax Withholding

Your benefit payments are considered taxable income. SBCERA can withhold Federal and State of California income taxes from your SBCERA benefit. 

You can set up, change or revoke your tax election at any time by completing an SBCERA Tax Withholding Election form. Upon receiving your request, SBCERA will process the change(s) as soon as possible. Typically, if the request is received by mid-month, the change(s) may take effect prior to that month’s payment.

Returning to Work

If you are considering returning to work for an SBCERA employer, contact SBCERA to confirm what impact, if any, this may have on your retirement benefit. If you are returning to work for a non-SBCERA employer, your retirement benefit will continue as is.

Retiree Death Benefits

At retirement, members are required to select a retirement benefit option and beneficiary. This selection determines the death benefits your beneficiary may be eligible for upon your death. If your beneficiary dies or you wish to update your beneficiary, you must complete a Beneficiary Designation/Change form.  Remember, if you designated a beneficiary for a continuance, in most instances you cannot change your beneficiary. However, you may update your beneficiary for other death benefit options available, such as the $1,000 burial allowance. Please contact SBCERA to find out more.

View my beneficiary or beneficiaries.

Upon your death, your survivors are encouraged to contact SBCERA. They will be required to provide a certified death certificate. For more information, read our Beneficiary Checklist.