Your Retirement Benefit

Overview

Health Insurance Deductions

OCERS does not provide or manage any Retiree Health or Medical Program. For questions regarding your Retiree Medical Benefits (Health Grants, Medicare, Vision, Dental, etc.) or to notify them of your change of address please contact the appropriate agency.

Overview

COLA and STAR COLA Information

Piggy Bank holding COLA sign

*Note for 2024: On February 21, 2024, the OCERS Board of Retirement approved a 3.5% cost-of-living adjustment (COLA) for all OCERS retirees and qualified beneficiaries.

This adjustment will result in a 3% increase in allowances for all benefit recipients who will begin receiving benefits on or before April 1, 2024, with the remaining 0.5% allocated to their “COLA Bank.” Members can expect to receive this COLA adjustment included in the benefit payments beginning on the May 1st check. 

Overview

1099-R Tax Forms for Payees

The 1099-R form provides payees with detailed information on his or her income for the previous year. Payees may view or print a copy of their most recent 1099-R statement online, by logging into the OCERS member portal, myOCERS.

Detailed instructions are located on the reverse side of the 1099-R form.

Here is an easy-to-use guide on how to read your 1099-R:

Box 1 - Gross Distribution. This is the total amount of benefits paid to you by OCERS during the previous calendar year.

Overview

Direct Deposit – The Hassle Free Way To Get Paid

What makes Direct Deposit so Good?

  • It’s Convenient - Your money is automatically deposited into your account.  No more having to go to the bank or stand in line to deposit your money.
  • It’s Reliable - Your money will always be in the account you specify, even if you are out of town or ill.  You may have your money deposited into any financial institution throughout the United States and Puerto Rico, whether it’s a bank, credit union or financial brokerage firm. 
  • It’s Safe - Unlike a paper check, it will never be lost, stolen, destroyed, or forged.
Overview

Tax Information
Federal and State Taxes on Benefits

Piggy Bank on Calculator

Retirement allowances (including disability retirement) are generally considered taxable income under both federal and State of California income tax laws. At the time of retirement you will need to instruct OCERS on your tax withholding election. If you have any questions regarding the taxability of your retirement allowance, please consult a tax professional.

OCERS does not withhold state income taxes for any state other than California.