If you leave PSRS/PEERS-covered employment before you are vested (with fewer than five years of eligible service) you can leave your contributions in your PSRS/PEERS membership.
If you do:
- You retain your membership.
- Your funds continue to accrue interest for five years after you end covered employment.
- If you do not return to covered employment or purchase service to attain vested status within five school years, your membership terminates. We will let you know when this happens, and you can take a refund at that time.
If you are not vested and not currently working in PSRS/PEERS-covered employment, but think you may return, it may be to your advantage to leave your funds with PSRS/PEERS and earn interest on them. When you return, your membership and service will simply pick up where you left off. If you don’t return, you can take a refund at any time.
In the event that you return to covered employment after taking a refund, you can buy back, or reinstate, all or any part of the service you forfeited.