Changes in Your Life or Job
Changes in Your Life or Job
Even if you are not ready to retire, you should be aware that OCERS will be there for important life events as they relate to your retirement benefits. Whether you are moving to a new home, have questions as it relates to dividing your retirement benefits in divorce proceedings, or are deciding how to handle your retirement contributions after terminating employment, OCERS will be ready to provide you with educational resources and exceptional member service.
Reciprocity
Reciprocal Benefits are designed to allow employees who transfer between retirement systems to preserve and enhance their total retirement benefits. Upon retirement from all reciprocal retirement systems, the benefits are coordinated between OCERS and the other systems.
Update Your Beneficiary
Beneficiaries are individuals designated by an OCERS member/retiree to receive survivor and/or death benefits after his or her death. It is important for members to keep their account updated, including beneficiary information.
Change of Address
Whether you are active, deferred or retired, having your correct address, phone number and email address is very important to us so we can keep in contact with you.
Divorce & Retirement
Definitions
Divorce: The process of terminating a marriage or domestic partnership.
Domestic Relations Order (DRO): A DRO is a special type of court order that divides retirement benefits in a divorce that is issued separate and apart from a final judgment granting a divorce or marital settlement agreement.
Separating Employment
If you terminate employment in a job covered by OCERS prior to attaining retirement age, you have options you should be aware of. You may leave your member contributions on deposit with the System and file an application for retirement when you attain retirement age. This is called a “Deferred Retirement Allowance.” If you leave your money on deposit with OCERS your fund will continue to earn interest.
You may also choose not to receive a retirement from OCERS and withdraw your member contributions at any time (unless you have entered a reciprocal system).