The SFERS Pension Plan is a 401(a) tax-qualified defined benefit plan funded through employee and employer contributions and investment earnings. SFERS benefits provide you, as a retired member, post-employment income during your lifetime and the lifetime of your qualified survivor.
The following information applies to all SFERS plans.
Retiree benefits are calculated using a formula based on your Age at Retirement, your Years of Service Credit, and your Final Compensation as of your effective retirement date.
When will I receive my retirement allowance?
Your monthly retirement allowance is payable on the last day of each month. That means:
If you have chosen to receive a physical check, SFERS places your check in the mail on the last day of the month. If the last day of the month falls on a weekend or holiday, SFERS will place your check in the mail on the preceding business day. Please wait ten days after the end of the month before contacting SFERS about a retirement check that has not been delivered by the US mail service.
If you have chosen to receive your monthly allowance through direct deposit, your banking institution has been instructed by SFERS to make your funds available on the last day of the month (“the payment authorization date”). If the last day of the month falls on a weekend or a holiday, your banking institution may choose to make the funds available to you earlier. Please note, SFERS does not determine whether your banking institution will make funds available to you before the payment authorization date.
Frequently Asked Questions
Beneficiaries are displayed in your member portal account. Log in to mySFERS to view and/or edit your designated beneficiary(ies).
A: Generally, yes. Retired members may receive a Basic COLA—an automatic adjustment to your monthly retirement allowance—effective July 1st of each year and payable to eligible members on the check dated July 31st. You may find additional information about COLA provisions
here.
A: Your entitlement to health benefits is administered under the City’s Health Services System (HSS). Visit the HSS website at www.sfhss.org, or contact HSS at (628) 652-4700 to inquire about health benefits.
A: Your pension allowance is payable on the last day of each month. The payment covers the period from the first day of the month to the last day of the month. If you sign up for direct deposit, your monthly allowance will generally post to your bank account no later than the evening of the payment authorization date (the last day of the month). If you receive your benefit by physical check, your check will be delivered through the mail.
A: Yes. Once you have retired from the City you can work for any employer other than the City with limited restrictions. You can return to work for the City in a non-benefited position, however, you are limited to working no more than 960 hours in any fiscal year without affecting your pension benefit. Certain employment restrictions apply to disability retirees. For additional information about “work after retirement” provisions, refer to your
Summary of Key Plan Provisions.
A: There may be several reasons why your monthly benefit amount would have changed. If the change occurred to your July 31st allowance, you may have received a Basic COLA. If the change occurred to your February 28th (or 29th) allowance, you may have received a Supplemental COLA (
click here for information about COLA provisions). Adjustments to tax withholding or deductions for health premiums may also affect the amount of your monthly allowance. To verify any changes to your monthly benefit, contact the Retirement System at 415-487-7000.
A: To notify SFERS of a member’s death, you can contact us at 415-487-7044.
A: Yes, but members must allow for delays and SFERS cannot guarantee prompt delivery of your check.
A: Your pension will be paid to you throughout your lifetime.
