You may have received one of these statements for a few reasons:
- You retired before 2011.
- You withdrew the value of your pension account.
- You are an Oregon Public Service Retirement Plan (OPSRP) member who withdrew the value of your IAP account.
- PERS is reviewing your account information and membership status.
If you retired before 2011 …
… you were not required to take distributions from your IAP when you retired from your pension. The requirement to retire from
both an IAP account and a pension, whether Tier One, Tier Two or Oregon Public Service Retirement Plan (OPSRP), did not begin until January 1, 2011.
Consequently, if you retired prior to 2011 but left your IAP intact, you will continue to get IAP-only annual statements until you submit a
retirement application for your IAP.
As a pre-2011 retiree, you have the option to retire from the IAP at any time.
If you previously withdrew your pension account …
… but
did not or
could not withdraw your IAP account balance at that time, you may still have an IAP account balance.
If you are
eligible to retire (see eligibility criteria for
Tier One/Tier Two or
OPSRP) and want to receive funds from your IAP (in a lump sum or installments), you can
apply to retire from your IAP, provided you are no longer working for any PERS-participating employers.
If you are
not yet eligible to retire and want to cash out your IAP, you can
apply to withdraw your IAP balance. You must have stopped working for all PERS-participating employers for at least one calendar month.
Remember: PERS staff
cannot provide financial planning advice, including whether to leave your money in your IAP account or to take distributions if you are no longer working for a PERS-participating employer. To learn about how your IAP is invested, visit
Oregon.gov/IAP.
If you are an OPSRP member who previously withdrew your IAP account …
… you may have a remaining IAP balance, as indicated on the IAP statement you received. You can request distribution of the additional IAP amount by submitting all of the following forms:
PERS is analyzing your account …
… because your employer may have submitted incomplete or inaccurate information. When potential omissions or errors surface, PERS must review your eligibility and membership status. For example, PERS may need to check your employment dates with your PERS-participating employer(s) to see if you are correctly classified as a Tier One/Tier Two or OPSRP member.
The goal of these reviews is to ensure the accuracy of your account and membership information so that we can help you avoid confusion about what your retirement benefits are and help you avoid any surprises when you apply for retirement.
You can also review pension information through
Online Member Services (OMS).
For more information, contact Member Services via
phone or
email.