What retirement benefits does SamCERA offer?
SamCERA is a “defined benefit” retirement plan. Under a defined benefit plan, qualified members are eligible for a monthly benefit, also called a “pension.”
SamCERA also offers monthly disability retirement benefits for eligible members who can no longer substantially perform their job duties.
How much money will I get when I retire?
For a regular service retirement, your benefit amount will be based upon:
- your plan formula (i.e. Plan 1, 2, 3, 4, 5, 6,or 7);
- your years of service;
- your final average compensation;
- your age at retirement.
The most accurate way to estimate your future retirement pension benefit is to use the Benefit Estimator on the MySamCERA website or app.
Disability retirements are calculated differently than regular service retirements. Please refer to the “Disability Retirement” guide for more information.
What about a deferred compensation plan?
SamCERA does not offer or administer deferred compensation plans. You need to contact your employer’s benefits division for information regarding deferred compensation plans.
Will participating in Voluntary Time Off (VTO) affect my SamCERA benefits?
For those members who participate in VTO, your service credit will not be affected by VTO. However, because VTO will reduce your salary, it would reduce your Final Average Compensation (FAC) if you participate in VTO during the time period used to calculate your FAC — In which case your benefit will be affected.