When you become a member of the Merced County Employees’ Retirement Association (MercedCERA) you are earning a lifetime benefit. MercedCERA is a defined benefit plan which means that based on your final salary, years of service, age at retirement and retirement benefits, a monthly annuity will be calculated upon your retirement. This benefit will be paid for your lifetime and can be left to a person with an insurable interest in your life such as a child, spouse or partner.
Wherever you are in your career, it’s never too early to plan for your future.
MercedCERA hosts retirement workshops with the County’s Deferred Compensation Plan and our local Social Security Office. MercedCERA presents an overview of the retirement process, eligibility requirements, benefit calculation factors, retirement planning tips and more.
Things to keep in mind during your employment under a MercedCERA employer.
When considering if you can financially retire, MercedCERA recommends reviewing the following:
- Social Security benefits
- Your savings account (401K or 457 plan)
- Your annual and monthly pension
Deferred retirement means you are leaving your contributions and interest on deposit with MercedCERA until you begin receiving a pension in the future. This option is only available if you are fully vested with at least five years of retirement service credit or reach age 70.
As a deferred member, you may receive your retirement allowance any time that you are eligible to retire. In order to apply for retirement, contact the MercedCERA office when you are eligible or want to receive benefits.