Are you thinking of requesting a refund of your PEERS membership? Taking a refund may be right for you. But it is important to understand the implications of this decision, as well as the benefits of retaining your PEERS membership.
Vesting Makes All the Difference
If you are vested (have five or more years of PEERS service) and you take a refund, you forfeit the future retirement benefits you have earned. When you take a refund, you forfeit your PEERS service, your membership ends, and you lose the right to receive future retirement benefits. This can greatly impact your income during retirement. You also give up the potential financial protection your beneficiaries may receive from PEERS after your death. Learn more »
Consider: In most cases, the benefits our members receive as retirees greatly exceed the amount they would receive in a refund.
Once 30 days have passed since you ended all PEERS-covered employment, you can request a refund, unless you are:
- Under an agreement for future employment with any PEERS-covered employer
- On a leave of absence
- Finishing a school year with one PEERS-covered employer and starting the next school year with another
How much is a refund?
- All your contributions
- Payments to purchase or reinstate service
- Interest you have earned as of the previous June 30
Find out how much this is by logging in, or by referring to your last annual Member Statement.
A refund does not include employer contributions. Partial refunds or loans are not available.
How do I request a refund?
Contact us for a Refund Application and submit the application at least 30 days after your last day of covered employment.
When will I get my refund?
Payment can take up to 60 days, but depends on whether PEERS must verify your current-year employment and contributions with your employer. If you earn a full year of service during your last year, the earliest possible refund date is the end of July.
Remember the taxes
Careful consideration should be given to the potential tax consequences of a refund. If you request a refund, detailed tax information and payment options are provided. You can defer these taxes with a rollover.