| Account Withdrawal (Refund) |
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As of January 1, 2008, statute requires that a member who withdraws from any PERS plan must withdraw from all PERS plans in which he or she participates.
If you are vested and you do not withdraw your member account(s), you will be eligible for lifetime monthly benefit payments at retirement.
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| Important Information |
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There are several important factors to consider when deciding whether to withdraw your member account(s):
- Your Tier One, Tier Two, and/or IAP disbursement is based on the account balance at the time PERS processes the payment, not the date you select to withdraw.
- Tier Two and IAP accounts are credited with investment earnings and losses annually and are subject to loss exposure until your account(s) is distributed.
- Tier Two and IAP accounts have no guaranteed rate of return.
You may withdraw your Tier One/Tier Two and/or Individual Account Program (IAP) account balance if you:
- have stopped working for all PERS-covered employers and/or all control groups under a PERS-covered employer,
- are not yet eligible for service retirement, and
- submit completed Member Account Withdrawal Application(s).
You must remain separated from all PERS employers for the full calendar month following the month you terminated employment with your last PERS employer. The calendar month must run from the first day of the month through the last day (example: If you terminate any day in February, you cannot return to work until April 1).
You cannot be employed by a PERS employer at the time the withdrawal is issued; therefore PERS will not issue a withdrawal check until this separation period has elapsed. If PERS issues a withdrawal and later discovers the above criteria were not met, you must return the withdrawn amount(s) for redeposit into your Tier One/Tier Two and/or IAP account(s).
The amount of your withdrawal(s) will be the total of your Tier One/Tier Two and/or IAP account balance(s) at the time of withdrawal. Withdrawals do not include an employer match of dollars. By withdrawing your account(s), you forfeit all membership rights and future benefits provided by PERS.
The Member Account Withdrawal Application packet can be mailed or faxed to PERS. If faxing, keep the original application and the fax confirmation receipt for your records. Please do not mail and fax your application.
Currently, PERS is processing completed applications within 120 days. However, if there is a discrepancy in your account, the processing time may vary and could exceed 120 days. Missing data from your previous employer(s) could cause delays.
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| Forms |
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Macintosh (Apple) users click here for important information.
PERS provides all online forms and publications in .pdf format. To view them, you must have the most recent version of Adobe Reader®. Click here to download Adobe Reader®.
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