Retirees & Beneficiaries

Retired Members & Beneficiaries

Overview

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.

Overview

Cost-of-Living Adjustment

COLA

Determining the COLA

Cost-of-Living Adjustments (COLA), up to a 2 percent increase, are given on April 1st of each year based on the increase or decrease in the Bureau of Labor Statistics’ Consumer Price Index (CPI) as of January 1st of each year (Government Code section 31870). The COLA is always rounded to the nearest one-half percent and will never exceed 2 percent. For example, if the CPI goes up by 1.34 percent, SBCERA’s retirees and eligible beneficiaries receive a 1.5 percent COLA.<

Overview

Social Security

SBCERA Members* do not participate in Social Security. In other words, your earnings from your SBCERA-covered employment are not covered under Social Security. 

Most SBCERA Members do participate in Medicare.  Medicare is our country’s health insurance program for people age 65 or older. SBCERA will generally notify you to apply for Medicare before you reach age 65. You should apply even if you do not intend to retire yet.

Overview

Post-Retirement Employment

The Public Employees’ Pension Reform Act of 2013 (PEPRA) imposes restrictions on the ability of a retiree to work for an employer in a retirement system while also collecting a pension from that system. In addition, existing state and federal laws already placed restrictions on employees who return to work. Some of the restrictions from existing and more recent legislation include, but are not limited to:

Overview

Beneficiary Resources

A beneficiary is the person the member has named in writing to receive such benefits provided by SBCERA upon the member’s death. The Primary Beneficiary is the first-named person or persons who would receive these benefits from SBCERA. The Alternate Beneficiary is the person or persons who would receive these benefits from SBCERA if there are no living primary beneficiaries on the date of the member’s death.

Notification

Coronavirus Updates

Our office is currently closed to the public, but we're working and available to assist you. Pension payments are on schedule and we are processing retirements. Visit our coronavirus (COVID-19) resource page for more information.

Log in

Commands