There are several important factors to consider when deciding whether to withdraw your member account(s):
- Your Tier One, Tier Two, Individual Account Program (IAP), and Employee Pension Stability Account (EPSA)
disbursement is based on the account balance at the time PERS processes the payment, not the date you select
to withdraw.
- Tier Two, EPSA, 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, EPSA, and IAP accounts have no guaranteed rate of return.
- OPSRP pension plan members who withdraw their IAP and EPSA will completely cancel membership in OPSRP,
including forfeiting all accumulated retirement or service credit and potential retirement benefits. Read
the OPSRP withdrawals FAQs webpage for more information.
Tier One, Tier Two, and OPSRP members may have a number of account balances eligible for withdrawal. For OPSRP,
these are your EPSA and IAP balances. For Tier One/Tier Two, these are your EPSA, IAP, and Tier One/Tier Two
balances. You may withdraw these if you:
- Have stopped working for all PERS-participating employers and/or all control groups under a
PERS-participating employer.
- Are not yet eligible for service retirement.
AND
- Submit a completed
Tier One/Tier
Two or
OPSRP member
withdrawal application.
For all withdrawals:
You must have a bona-fide separation period:
- For this period, 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. For example, if you terminate any day in February and remain
separated all of March, your bona-fide separation period is fulfilled.
- PERS will not issue a withdrawal check until you have completed the bona-fide separation period.
You cannot be employed by a PERS employer when PERS receives your completed withdrawal
application.
- If an incomplete application is received, PERS will contact you with instructions to complete your
application. You cannot be employed by a PERS employer when PERS receives your correct and
complete withdrawal application.
If PERS issues a withdrawal and later discovers the above criteria were not met, you must return the withdrawn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, EPSA, and IAP account(s).
The amount of your withdrawal(s) will be the total of your Tier One/Tier Two, EPSA, and IAP account balance(s)
at the time of withdrawal. Withdrawals do not include any Tier One/Tier Two employer match of dollars. By
withdrawing your account(s), you forfeit all membership rights and future benefits provided by PERS.
The
Tier One/Tier
Two or
OPSRP member withdrawal
application packet can be mailed or faxed to PERS. If faxing, keep the original application and the fax
confirmation receipt for your records. Most applications will be processed within 120 days from your effective
withdrawal date, which is the later of:
- The first day of the calendar month in which PERS receives your
completed withdrawal application.
OR
- The first day of the second calendar month following the calendar month in which you terminated employment
with all PERS employers.
Note: 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) or submitting an incomplete application could cause
delays.