A: The SFERS pension is a defined benefit plan. Under the law that governs defined benefit plans, there are no loan or withdrawal provisions. If you participate in a defined contribution plan such as the City’s 457(b) Deferred Compensation Plan (SFDCP), provisions for loans, emergency and/or hardship withdrawals may be included. Check with your plan provider for details.
A: Most City employees who held a temporary position (not members of SFERS during the period of temporary appointment) prior to July 2, 1991, were not eligible for FICA coverage. Prior to July 2, 1991, most City employees became eligible for FICA upon becoming a member of SFERS. Since July 2, 1991, most City employees are covered under FICA regardless of whether or not they are SFERS members. You may contact the City’s Payroll and Personnel Services Department’s Tax Unit (with the Controller’s Office) to verify your FICA earnings/contributions for any period of City employment that does not appear on your Social Security Statement.
A: Purchasing prior City service does not give you retroactive membership. Therefore, your membership date will not change.
A: SFERS provides a monthly retirement allowance first payable on or after age 50 (age 53 for A8.603 Miscellaneous Plan members) for members 1) with five or more years of service credit (as of date of separation); 2) not qualified for service retirement; and 3) who elect vesting within 90 days of termination of City employment.
Log in to mySFERS
secure member portal and select the “Benefit Calculators” tab to estimate your service retirement or vesting benefit. You can access the benefits calculators 24/7 via mySFERS
secure member portal and it takes just minutes.
You can initiate the application process for service retirement by scheduling a counseling session with a SFERS Retirement Counselor. Schedule your session to take place at least three months prior to your desired retirement date. To schedule a counseling appointment, log in to mySFERS
to access the online Retirement Appointment Scheduler, or contact us by email at [email protected]
at least three (3) months prior to your desired appointment date. According to Retirement Board policy, your retirement date may be on or after the first day of the month in which you file your application with SFERS.
A: Your first retirement check will be issued 30-45 days after the latter of 1) your application date, 2) your retirement date, or 3) the date of your last payroll check. SFERS must receive all earnings and contributions data though your last day of work to begin the calculation of your retirement benefit.
A: Pension payments are always issued on the last day of each month. The allowance covers the period from the first day of the month to the last day of the month.
For information about eligibility for health benefits during retirement contact the City’s Health Services System (HSS) directly at (628) 652-4700 or visit the HSS website at www.sfhss.org
. HSS administers health and dental benefits for active and retired SFERS members.
A: SFERS does not calculate service credit for retirement purposes for any periods of employment during which you are on “unpaid leave” status and/or are not receiving a salary from the City.
Under SFERS’ Reciprocity provisions you must terminate membership/employment with the current reciprocal plan, and within six (6) months after your termination date, become a member of the new reciprocal plan. Concurrent membership (whether on paid or unpaid status from any of the reciprocal plans through your termination date) will disqualify your eligibility for reciprocity. See “Reciprocity
” on the SFERS website for additional information about qualifying for reciprocity.
You may designate any person or persons, your estate or a trust as your beneficiary. You can find additional information on beneficiaries in your Summary of Key Plan Provisions
A: To change your address, contact the Payroll Officer in your department or the City’s Human Resources Department. The address information SFERS collects is for member communications and comes directly from each department’s payroll division.
A: The difference between these two dates can have a big effect on your retirement benefits over time. Members who retire on July 1st are eligible for Cost of Living Adjustments (COLA) to their pension, when payable, effective on July 1st. Members who retire on July 2nd are not eligible to receive the COLA that was effective on the preceding July 1st because they were not retired on July 1st. These members will have to wait until July 1st of the following year to receive any COLA that may be payable.
A: Your pension benefit can only be deposited electronically in a U.S. financial institution. You will need to verify with the bank in the country where you plan to reside whether it has affiliation with a U.S. financial institution where your benefit can be deposited and accessed by you from the country in which you will reside.
Yes. Once you have retired from the City you can work for any employer other than the City with limited restrictions. If you return to work for the City, you are limited to working no more than 960 hours in any fiscal year without affecting your pension benefit. If you are under age 62 on your effective retirement date, you must wait a minimum of 60 days after your retirement date before you can begin employment with the City as a retired employee. Certain employment restrictions apply to disability retirees. For additional information about “work after retirement” provisions, refer to your Summary of Key Plan Provisions
and the Normal Retirement Age and Bona-Fide Separation Retirement Board Policies