Frequently Asked Questions About Retiring
When is the best time to retire?
The best time to retire is when you want to retire. You may want to be on the
payroll for the whole second pay period of the month to shorten the time
period between your last paycheck to your first retirement allowance.
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When can I retire?
We need to receive your application between 30 to 60 days before your effective
date of retirement.
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When do I get my sick and vacation pay?
About 6 weeks after your retirement date, your department will send a check
for your vacation, half of your 100% and half of your 50% sick time not including
any accrued sick time for the current year.
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I have not completed the payments on my buyback
contract. Can I continue to make payments even after I retire?
No. You must pay off your buyback contract before retirement or the service
credit will be prorated according to the payments made. This rule applies to
all types of contracts such as Government Service Buyback, Public Service Buyback,
Worker's Compensation Buyback, Back Contributions Buyback, Re-deposits of Previously
Withdrawn Contributions, Larger Annuity, and Section 4.1044 Buyback.
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I already have direct deposit, will my retirement
allowance go into the existing account?
No, you have to sign up for direct deposit separately with LACERS.
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Will the deductions I have right now continue
to come out of my retirement allowance?
No, you have to sign up for them separately.
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When
do I have to sign up for health & dental
insurance again?
Within 60 days of your effective date of retirement. It's better to do it as
soon as you can to make sure there'll be no lapse in coverage. Your active
health coverage only carries you through the end of the month in which you
retire.
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Do I still have to pay taxes on my monthly retirement
allowance?
You have to pay taxes on the portion of your retirement allowance that is based
on the contributions that you made in 1986 or after. Your allowance based on
your pre-1986 contributions were already taxed.
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I will be moving to another state. Do I still
have to pay California State tax?
You may still have California State tax liabilities and so you may choose to
have LACERS continue your California State tax withholding. You may want to
consult a tax professional if you have concerns about this issue.
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When I retire, will my spouse/domestic partner
also get a retirement check?
An eligible spouse or qualified domestic partner will receive a minimum of
50% continuance upon your death. Your spouse must be married to you at least
one year prior to your effective date of retirement, on the date of retirement,
and at time of death. For your qualified domestic partner to receive this benefit,
you must have an affidavit of qualified domestic partnership on file at LACERS
at least one year prior to your effective date of retirement which must still
be in effect on the date of your retirement and at time of death.
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