Planning Your Service Retirement
SBCERA offers a variety of resources to assist you in preparing for retirement. As you approach retirement, SBCERA encourages you to attend a Pre-Retirement Seminar and/or a one-on-one consultation with a Retirement Specialist. However, you can request a one-on-one consultation at any time during your career.
SBCERA death benefits vary based on whether you are currently employed or retired. When you apply for retirement, you will be required to select a beneficiary and a benefit option that you feel best meets the needs of you and your beneficiary. This beneficiary will supersede any previous beneficiary designation. The option selected will determine the death benefits you will provide to your beneficiary after your death and your benefit amount in retirement. Some of the options reduce your monthly benefit in order to provide a lifetime monthly continuance for your beneficiary.
As a member of SBCERA, you must reach two important milestones, becoming vested and becoming eligible to retire, to earn and receive your monthly lifetime retirement benefit.
Milestone #1 – VESTING
Vesting is the first major milestone of your SBCERA membership. Once you achieve this milestone, you become vested in the plan and qualify for a lifetime retirement benefit.