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
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.
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.