Retirement Plan Booklet

Retirement Plan Overview of SDCERA benefits and services for active and deferred, Tier A members San Diego County Employees Retirement Association. RETIREMENT PLAN—TIER A BOOKLET Updated information Page 3 SIDEBAR General members hired on or after March 8, 2002, and before August 28, 2009, are Tier A. If you were hired before March 8, 2002 (and were active at the time), you became a Tier A member on March 8, 2002 (unless you

opted out during a one-time opt-out period that ended March 7, 2002). If you terminated prior to March 8, 2002, and are a General, Tier I or Safety member, your retirement benefits may be different from the benefits outlined in this booklet. Contact SDCERA for information. Page 6 YOUR CONTRIBUTION ACCOUNT Your member contribution account continues to accrue interest twice each year in June and December. The interest applied will either be the fund’s actual investment earnings for that six-month period, or half the assumed annual rate of return, whichever is lower. The current assumed rate of return is 7.75% annually (3.875% semiannually). If there are investment losses for the six-month period, members’ accounts will be credited with 0% interest. Page 9 BECOMING ELIGIBLE TO COLLECT A RETIREMENT BENEFIT You are eligible to retire if you meet the following eligibility requirements: • All active members at least age 50 with 10 or more years of service credit • General members at any age with 30 or more years of service credit • Safety members at any age with 20 or more years of service credit • All active members at age 70 with any amount of service credit (including members with less than five years of SDCERA service credit) Page 24 AGE PERC ENT AGE PERCENT CONSIDERING THE TEMPORARY 50 31.4 1 % 56 54.94 SUPPLEMENT TO BENEFIT OPTIONS The temporary supplement factors, right, 51 34.4 1 57 60.51 became effective July 1, 2011. 52 37.7 1 58 66.72 53 41.3 7 59 73.67 54 45.4 3 60 81.45 55 49.9 3 61 90.18 2275 Rio Bonito Way, Suite 200, San Diego, CA 92108–1685 • www.sdcera.org • PHONE 619.515.6800 • TOLL FREE 888.473.2372 Page 25 MAXIMUM BENEFITS PAYABLE TO YOU SDCERA will not pay a retirement benefit amount that is greater than 100% of your monthly final average compensation (see Page 16). Additionally, federal law limits the amount of compensation that may be used to calculate your benefits. The limit for 2013 is $255,000. The limit may be revised in accordance with the Internal Revenue Code (IRC) regulations. If you first became a member of SDCERA before July 1, 1996, you are not affected by this IRC Section 401(a)(17) limit. The IRC regulations also place a limit on the amount of pension benefits you can receive. Under IRC Section 415(b), you generally may not receive more than $205,000 annually (effective...

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