There are several important factors to consider when deciding whether to withdraw your member account(s):
- Your Tier One, Tier Two, 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-covered employers and/or all control groups under a PERS-covered
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, you cannot return to work until April 1.
You cannot be employed by a PERS employer at the time you request your withdrawal. PERS will not issue a
withdrawal check until you have completed the bona-fide separation period. 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discovers the above criteria were not met, you must return the withdrawn amount(s) for redeposit into your Tier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 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) could cause delays.