Former Tier 1 Members Can Buy Back Into Tier 1
Also Known as Aquilino Conversion
If you are a tier 2 member who previously withdrew tier 1 contributions, you have the opportunity to redeposit and restore your tier 1 benefits under a Marin County lawsuit known as the Aquilino decision. This decision only affects ACERA tier 2 members who were in tier 1, terminated their membership, withdrew all tier 1 contributions, and later re-entered ACERA on or after July 1, 1983, as tier 2 members.
To have tier 1 benefits reinstated, eligible members must:
- Complete a redeposit of the withdrawn tier 1 funds;
- Apply for tier 1 restoration with ACERA; and
- Pay the cost to convert all tier 2 contributions to tier 1.
On application for tier 1 restoration, ACERA will compute a conversion adjustment based on the difference between the contributions the member would have paid under tier 1 and those paid under tier 2. The additional interest that would have been earned under tier 1 will also be included in the calculation. This will be the cost to convert the contributions. If you do not choose to convert your current membership, your retirement allowance will be based on tier 1 for redeposited membership, and tier 2 for current membership.
For more information on the Aquilino tier 1 restoration process and an application form, contact us.