Some members do not qualify for a retirement allowance when they terminate from employment.  They may not be old enough or have attained enough covered service.  OCERS’ Deferred Retirement Program allows them to leave their contributions on deposit and retire at a future date.

To qualify for a Deferred Retirement Allowance, you must leave your money on deposit with OCERS when you terminate employment.

During the deferred period you may change your mind at any time and withdraw your member contributions, (unless you entered a reciprocal system).  However, if you do so, you will no longer be considered a member of OCERS and you will relinquish any and all future benefits from OCERS based on the withdrawn service.

Eligibility for a Deferred Retirement Allowance For Plan Types A – T and W

If you had five years or more of service when you deferred, you will be eligible to begin receiving your Deferred Retirement Allowance when you are:

•  Age 50 or over and would have had 10 or more years of service had you remained a full-time employee*
  or
•  Any age and would have had 30 or more years of service had you remained a full-time employee*
  or
•  A part-time employee age 55 or older and would have had 5 years or more of Service Credit and at least 10 years of active employment with an employer covered by OCERS*
  or
• Age 70 or over, regardless of your years of service*

*Reciprocal service may be used to meet these requirements.

If you had less then five years of service when you terminated employment you can either wait until age 70 to receive a deferred retirement or withdraw your accumulated member contributions and interest and terminate your membership in OCERS.

  Available Brochure: Deferred Retirement

——————————————————-

For Plan Types U and V

If you had five years or more of service when you deferred, including reciprocal service, you will be eligible to begin receiving your Deferred Retirement Allowance when you are age 52 or over for Plan U and age 50 or over for Plan V.

If you had less than five years of service when you deferred you can either wait until age 70 to receive a deferred retirement allowance or receive a lump sum payment consisting of your accumulated member contributions and interest.

For a quick and easy estimate of your Deferred Retirement Allowance, click on the Benefits Calculator, or you can create your own personalized estimate by enrolling and logging into myOCERS.

Payments under a Deferred Retirement Allowance are not automatic, nor will you be guaranteed negotiated benefit enhancements.  You must apply for benefits before monthly payments can begin.

 For complete details about your OCERS membership and benefit plan, consult your Summary Plan Description.