3/1 My sister works for the county and pays into CalPERS instead of
Social Security. This year she got a second (private sector) job
which paid more than her government job and paid into Social
Security. Does she have to contribute to both retirement plans?
That seems like a waste. I STFW and cannot find the answer.
\_ You don't pay into CalPERS if you don't have a public sector job.
In fact, I don't think you *can*. Most likely, she can either roll
her CalPERS over to an IRA or leave it as is. In 2007, I considered
rolling over my old CalPERS investments to an IRA, but decided the
guaranteed 6% was a good thing (additional diversification). I'm
not sure how my 401k/IRA's have done since 2007, but last year I
was glad that I had some of my retirement in a relatively stable
investment.
\_ Maybe I am not making myself clear. She has a public sector job
(works for the county). Through that job she contributes to
CalPERS and does not pay Social Security. Last year she got
a second job in the private sector. (She's a nurse.) She
made more at that job than at her 'regular' job and she paid
a lot of money into Social Security. She wants to know if
she can get that Social Security money back, since she
doesn't need SS as she has CalPERS. It's not an insignificant
amount of money: about $7K.
\_ No, she can't.
\_ Sheesh. One is a Ponzi scheme and one is a Wall Street confidence
game. They are totally different. Try Wikipedia before bothering us. |
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