Before you take a withdrawal...
You do not have to withdraw your money from your retirement account when you leave state employment. Consider the following before you decide:
- Your money continues to earn 5% interest each year.
- ERS is required by law to withhold 20% from your withdrawal of your retirement account paid directly to you.
- You must withdraw all of your money.
- You are cancelling your ERS membership and service credit.
- You can buy your withdrawn service credit back one month at a time if you return to state service (with a 10% penalty interest for fiscal year).
- Direct deposit is not an option. Your check will be mailed to the address you provide.
You must be off state payroll for 30 days before you can receive the withdrawal of your retirement money. Your payment can be paid to you, paid in a direct rollover, or split the payment between you and direct roll over.
Review the frequently asked questions about taking a withdrawal.
