Changes in Your Life or Job
Even if you are not ready to retire, you should be aware that OCERS will be there for important life events as they relate to your retirement benefits. Whether you are moving to a new home, have questions as it relates to dividing your retirement benefits in divorce proceedings, or are deciding how to handle your retirement contributions after terminating employment, OCERS will be ready to provide you with educational resources and exceptional member service.
All or part of an OCERS retirement benefit may be subject to California’s Community Property laws. It is important to remember that the Board of Retirement and OCERS staff cannot give legal advice as to how a divorce may impact a retirement benefit. In fact, it will be up to the Family Court to decide what interest a member’s spouse and a former spouse have in any retirement allowance and other OCERS benefits.
If you terminate employment in a job covered by OCERS prior to attaining retirement age, you have options you should be aware of. You may leave your member contributions on deposit with the System and file an application for retirement when you attain retirement age. This is called a “Deferred Retirement Allowance.” If you leave your money on deposit with OCERS your fund will continue to earn interest.
You may also choose not to receive a retirement from OCERS and withdraw your member contributions at any time (unless you have entered a reciprocal system).