CERF Pension Plan
Vesting
“Vesting” means that you have a permanent right to your pension
benefit. In the CERF Pension Plan, you are entitled to a benefit
after eight years of creditable service. You receive one year of
vesting for each calendar year in which you complete 1,000 hours.
Once you become vested, you are eligible to receive a full benefit
at age 62, or a reduced benefit as early as age 55.
If you leave county employment before you become vested, you will
receive a refund of the contributions you made to the plan. Your
contributions will be refunded in a lump-sum payment either directly
to you or you may elect to have your contributions rolled over to an
eligible retirement plan. The
refund will be made as soon as administratively possible. In order
to elect a rollover to another plan, the full amount of distribution
must equal $200 or more. If you elect a partial rollover, that
portion of your distribution must be greater than $500. Any pre-tax
contributions paid directly to you require tax withholding at a rate
of 20%.
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