Your Retirement Benefit
OCERS does not provide or manage any Retiree Health or Medical Program. For questions regarding your Retiree Medical Benefits (Health Grants, Medicare, Vision, Dental, etc.) or to notify them of your change of address please contact the appropriate agency.
In the early part of every calendar year, the OCERS’ Board of Retirement sets the Cost-of-Living Adjustment (COLA) for that year. OCERS’ actuary, Segal Consulting, recommends the appropriate COLA for consideration by OCERS’ Board. OCERS’ actuary first determines the annual increase or decrease in the Consumer Price Index (CPI), using the Bureau of Labor Statistics figures for our geographic area for the last two years.
The 1099-R form provides payees with detailed information on his or her income for the previous year. Payees may view or print a copy of their most recent 1099-R statement online, by logging into the OCERS member portal, myOCERS.
Detailed instructions are located on the reverse side of the 1099-R form.
Here is an easy-to-use guide on how to read your 1099-R:
Box 1 - Gross Distribution. This is the total amount of benefits paid to you by OCERS during the previous calendar year.
What makes Direct Deposit so Good?
- It’s Convenient - Your money is automatically deposited into your account. No more having to go to the bank or stand in line to deposit your money.
- It’s Reliable - Your money will always be in the account you specify, even if you are out of town or ill. You may have your money deposited into any financial institution throughout the United States and Puerto Rico, whether it’s a bank, credit union or financial brokerage firm.
- It’s Safe - Unlike a paper check, it will never be lost, stolen, destroyed, or forged.
Retirement allowances (including disability retirement) are generally considered taxable income under both federal and State of California income tax laws. At the time of retirement you will need to instruct OCERS on your tax withholding election. If you have any questions regarding the taxability of your retirement allowance, please consult a tax professional.
OCERS does not withhold state income taxes for any state other than California.