If you are a Tier 3 member and leave public employment with at least five, but less than ten, years of credited service, you may choose to:
- End your membership and withdraw your accumulated contributions (with interest compounded at 5 percent per year); or
- Leave your contributions in your account and qualify for a retirement benefit when you are 55.
To help you decide which would be more beneficial, project your pension using the “vested retirement” choice. Or, contact our Call Center to request a benefit projection. This is especially helpful if you have an outstanding loan balance, because you will receive a projection including the amount your benefit would be reduced if you choose not to pay off the loan balance.
If you are a Tier 5 member who leaves public employment with less than ten years of credited service, you may end your membership and withdraw your accumulated contributions (with interest compounded at 5 percent per year).
If you choose to withdraw, or you do not qualify for a retirement benefit, you should file the Withdrawal Application (RS5014) no earlier than 15 days after you leave public employment. If you do qualify for a vested retirement benefit and you do not withdraw your membership, make sure to apply for a retirement benefit when you reach 55.
Once you have ten or more years of credited service, you cannot withdraw from the Retirement System.