Separating Employment
Separating Employment
If you terminate employment in a job covered by OCERS prior to attaining retirement age, you have options you should be aware of. You may leave your member contributions on deposit with the System and file an application for retirement when you attain retirement age. This is called a “Deferred Retirement Allowance.” If you leave your money on deposit with OCERS your fund will continue to earn interest.
You may also choose not to receive a retirement from OCERS and withdraw your member contributions at any time (unless you have entered a reciprocal system).
Withdrawing Your Contributions
In lieu of a deferred allowance, you may withdraw your member contributions with interest upon your termination. However, if you withdraw your contributions, you will no longer be eligible for any benefits from the System (including any disability benefits you might have been eligible to receive due to an illness or injury that occurred while you were employed under a position covered by OCERS). You need to be aware that any contributions you withdraw from the System may be subject to state and federal income taxes, as well as to excise taxes for early
Deferred Retirement Allowance
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.
Deferred Member Options
If you terminate employment in a job covered by OCERS prior to attaining retirement age, you have options you should be aware of. You may leave your member contributions on deposit with the System and file an application for retirement when you attain retirement age. This is called a “Deferred Retirement Allowance.” If you leave your money on deposit with OCERS your fund will continue to earn interest.
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