Refunds
- Contribution Refund
- No Spouse Refund
- Refund in Lieu of Annuity
- Municipal Employees’ Credit Union
- Rollovers
- FAQs
Only people who are no longer employed by the City or the Board are eligible for a refund. You can take a refund if you withdraw from service and are under the age of 55 (with any length of service) or withdraw between the ages of 55 and 60 with less than 10 years of service. If you withdraw your contributions, you are no longer eligible to receive any benefits under this plan, including retiree medical coverage. (back to top)
If you do not have an eligible spouse on the date you retire on annuity, the contributions you made toward the spouse’s benefit will be refunded. (back to top)
An employee who withdraws and whose annuity would amount to less than $800.00 a month for life may elect to receive a refund of the total sum accumulated to his or her credit from employee contributions for annuity purposes. If you withdraw your contributions, you are no longer eligible to receive any benefits under this plan, including retiree medical coverage. (back to top)
Municipal Employees’ Credit Union
If you have any outstanding balances with the Municipal Employees’ Credit Union, LABF will direct payment from your refund to the Credit Union. (back to top)
You may choose to receive all or a part of your refund’s taxable contributions. If a partial refund is elected, the amount to be rolled over cannot be less than the minimum of $500.00. You will be responsible for all Federal Withholding Tax, according to IRS tables.
Q. Are the contributions the City made on my behalf included in my refund?
A. No. According to state statutes, only the amount you contributed is refundable to you. The following are not refundable to you:
- contributions made by the City or LABF while you were active; or
- contributions credited to your account for Duty Disability received after January 1, 1984; or
- contributions credited to your account for Ordinary Disability benefits received after January 1, 2001. (back to top)