Membership Milestones

Membership Milestones

Overview

As a member of SBCERA, you must reach two important milestones, becoming vested and becoming eligible to retire, to earn and receive your monthly lifetime retirement benefit.

Milestone #1 – VESTING

Vesting is the first major milestone of your SBCERA membership. Once you achieve this milestone, you become vested in the plan and qualify for a lifetime retirement benefit.

Vesting Requirements

Tier 1 Members: 5 Years of SBCERA or reciprocal service credit

Tier 2 Members: 5 Years of SBCERA or reciprocal service credit

Active Members and Deferred Members, regardless of tier or years of service credit, are considered vested and eligible to retire upon reaching the age of 70

Service credit is earned based on the hours worked for a participating SBCERA employer, which are then converted to years. For members who have established reciprocity, approved reciprocal service credit counts toward SBCERA vesting and eligibility requirements.

Upon vesting with 5 years of service credit, you become eligible for additional benefit options including a Deferred Retirement, additional death benefits and a Nonservice-Connected Disability Retirement.

Milestone #2 – ELIGIBLE TO RETIRE

The next major milestone is becoming eligible to retire. To retire and begin earning your lifetime retirement benefit, you must meet one of the following age and/or service credit requirements based on your membership type and tier:

Tier 1 Member (SBCERA membership date is prior to January 1, 2013)

  • Members Age 50 or older may retire with at least 10 years of service credit
  • Members Age 70 or older may retire at any time, with any amount of service credit
  • General Members may retire, regardless of age, with at least 30 years of service credit
  • Safety Members may retire, regardless of age, with at least 20 years of service credit
  • Active Part-Time Members may retire at Age 55 or older with at least 10 years of membership and 5 years of service credit

Tier 2 Member (SBCERA membership date is on or after January 1, 2013)

  • Members Age 70 or older may retire at any time, with any amount of service credit
  • General Members at age 52 with at least 5 years of service credit
  • Safety Members at age 50 with at least 5 years of service credit

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