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FAQ - Frequently Asked Questions

When is the best time to retire?
The best time to retire is when you want to retire. You may want to be on the payroll one or two days into a month to have your health insurance paid for by the City for that month. If you plan to retire mid-year, you should be retired by June 30 in order to receive any cost-of-living adjustments on July 1.

How much notice must I give the Retirement Office?
We need to receive your application approximately two weeks before your effective date of retirement.

I already have direct deposit; will my retirement allowance go into the existing account?
No, you are leaving the City payroll system and entering the Retirement payroll system. You will need to arrange for the direct deposit with the Retirement Office.

Will the deductions I have right now continue to come out of my retirement allowance?
No, you have to sign up for them separately.

When do I have to sign up for health & dental insurance again?
Within 60 days of your effective date of retirement. It’s better to do it as soon as you can to make sure there’ll be no lapse in coverage. Your active health coverage only carries you through the end of the month in which you retire.

When I retire, will my spouse also get a retirement check?
An eligible spouse will receive a minimum of 50% continuance upon your death. Your spouse must be married to you at the time you retire and at the time of your death.

Do I still have to pay taxes on my monthly retirement allowance?
You have to pay taxes on the portion of your retirement allowance that is based on the contributions you made in 1986 or after. that portion of your allowance is based on your pre-1986 contributions has already been taxed.

I will be moving to another state. Do I still have to pay California State tax?
You may still have California State tax liabilities, so you may choose to have the City of Fresno Retirement System continue California State tax withholding. Normally, we do not withhold California State tax for someone living in another state. For more information, see the Retirement Handbook for your system located on the Retirement Web page.

 

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