You have a variety of choices available to you for receiving a distribution of your money in the SCP once you have terminated from service with your employer:

You may take a distribution of your money in the plan immediately upon termination of employment, regardless of your age, if you have terminated for a reason other than death, disability or retirement. If you have terminated for retirement, you may take a distribution from the plan no earlier than the date for which you are eligible for retirement under the CalPERS pension plan. You may delay taking a distribution for retirement until any later year you select, provided you begin distribution no later than April of the year following the year in which you turn age 73. If you have terminated because of disability, you may take a distribution from the plan only upon a determination by the CalPERS board that you have a disability of permanent or extended and uncertain duration. Upon your death, your beneficiary may take a distribution of your account.

You, or in the event of your death, your beneficiary may take a distribution of your money in a single lump sum, or in substantially level installment payments extending no longer than your or your beneficiary’s life expectancy. Installment payments may be taken over a payout period you select for as long or as short as you want provided the payout period does not exceed your life expectancy.

If authorized by the transferee plan, you may transfer the tax-deferred earnings on your SCP contributions to a 457, 403(b) or 401(k) plan of another employer for whom you go to work after separating from service with your current employer. You may also rollover the tax-deferred earnings on your SCP contributions to an Individual Retirement Account (IRA). Since your contributions have been made on an after-tax basis, the amount you have contributed has already been taxed and will be returned to you without additional taxation. The earnings on your contributions, however, will be taxable upon distribution.

The distribution choices and tax rules governing them are complicated. You are encouraged to talk with a tax advisor or financial planner before deciding how to take your distribution.
If you have SCP POFF Rollover Funds, the options below apply:

You may begin taking distributions from your CalPERS account at any time, however, IRS rules governing early distribution penalties may apply if you haven’t attained age 59½. The Plan offers you the flexibility to receive:

• a lump sum
• a partial lump sum
• payments for a specific time period
• payments based on your life expectancy or the combined life expectancy of you and your spouse.

Monthly, quarterly, semi-annual or annual payment options are available and you may change your payment frequency whenever you need to. You may also increase, decrease or cease your benefit payments, unless you have started receiving Required Minimum Distributions after reaching age 73.