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Benefits −Retirement Benefits and Savings Plus Program Account
On this page, we will provide you with information on how your retirement and Savings Plus Program (SPP) deferred compensation program accounts would be affected by a layoff or separation from state service through retirement or employment at another public or private organization.
Employees have the following options from the California Public Employees’ Retirement System (CalPERS):
- Upon separation from state service, you may leave your retirement contributions on deposit with CalPERS, which means you will still be eligible for retirement benefits as long as you meet the age and service requirements when you retire. Another option available to you, if you meet the age and service requirements, is retirement. Check out the CalPERS website for more information on your options.
If you are laid off and subsequently reemployed, your service credit will continue if you haven’t withdrawn from CalPERS,
- If you find employment at another public agency within California, they may also have contracts for pension benefits through CalPERS. Each entity has a different formula and requirement, so investigate your options for retirement with your new employer.
- You have the option to withdraw your CalPERS contributions and thereby forgo your retirement benefits. Check the CalPERS website for more information. When making this decision, consider the following:
- Tax consequences for the year in which you take the payment
- Potential future costs to buy back your service credit
- Potential loss of retirement income
You can leave funds on deposit in your Savings Plus account when you separate from state service. If you plan to withdraw your funds or move them to another plan for IRA, be sure to review the complete details of your options so you will be aware of the tax implications or other issues that may affect your decision. See the Savings Plus Program webpage for more information.