The correct answer to this question is usually dependent on three things: (i) whether you anticipate a return to employment covered by either the State or Local Governmental Retirement Systems; (ii) whether you have accumulated five years of retirement service credit; and (iii) your age.

Not necessarily, although that’s what most plans require. If your employer terminates your retirement plan or if you become disabled, you may be given an opportunity to take a distribution. Also, some profit-sharing plans permit you to draw on your retirement plan money after a fixed number of years, or upon reaching a certain age, such as 59-1/2 or the plan’s designated retirement age.

Upon termination of employment the member may withdraw all contributions and refundable interest.

If you're unemployed, state your reason for leaving in a positive context: "I managed to survive two rounds of corporate downsizing, but the third round was a 20 percent reduction in the workforce, which included me." If you are employed, focus on what you want in your next job: "After two years, I made the decision to look for a company that is team-focused, where I can add my experience."

Vested members under age 55. Vested members have earned the right to a pension from the Plan. If you are vested and leave the Plan before age 55, you may take a deferred pension or transfer the commuted value of your pension to another retirement arrangement such as a locked-in retirement account (a "locked-in RRSP") or another employer's pension plan. Vested members, age 55 or older.

No. There are no provisions for an emergency withdrawal of funds from your ACERA account. Internal Revenue Service regulations and ACERA plan provisions prohibit the withdrawal of funds except when a member terminates employment.

Lack of challenge, focus on the limitations etc. Point out your ambition to prove your worth confidently.

If you are mandated to contribute to Social Security there is a provision that allows you to opt out of the retirement system and take a refund. If not, you must actually terminate employment before you are eligible to withdraw your contributions. You must fill out a refund form and mail it to our office, if everything is correct and in order you will receive a check 90 days after your date of termination.

You can direct contributions to two investment companies, TIAA-CREF and/or Fidelity Investments These two investment companies offer a full range of diversified aggressive to conservative investment funds. Voluntary (unmatched) or Supplemental contributions may be directed by employees enrolling in the plan for the first time to the Group Supplemental Retirement Annuity (GSRA) contract offered by TIAA-CREF. Voluntary Contributions may also be directed to any Fidelity mutual fund.

The IRS takes the position that the money you contribute to the Retirement Plan is to be used as income after you retire. While the IRS encourages your participation by allowing you to make Contributions and receive associated earnings on a taxed-deferred basis, there are restrictions on when you may access accumulated funds.

A Change of Beneficiary form must be completed and notarized. This form can be obtained and notarized in the Benefits unit.

No, at this time, no loan provisions are allowed with the State Retirement Systems. However, there may be loan provisions through supplemental retirement plans such as 401(k) and 403(b).

No. Employee contribution rates are set by law. Since your retirement benefits are calculated according to a formula, increasing your contributions will not increase your retirement allowance. If you wish to increase your retirement savings, ask your department payroll clerk about enrolling in the deferred compensation plans offered by the County. The deferred compensation plan is not connected with ACERA in any way.

No. Retirement contributions rates are based on your age at entrance into the retirement system. However, if you wish to increase your retirement savings, contact Risk Management (County) or your Personnel department (districts) for information about enrolling in the deferred compensation plans they may offer. Please keep in mind that these alternative plans are not affiliated with StanCERA in any way.

Federal income tax withholding at the rate of 20% will be deducted from the taxable portion of your distribution unless you elect a direct rollover into an IRA or another employers eligible retirement plan. Please be advised that you may also be subject to a special tax at year-end for withdrawals of retirement savings if you withdraw before the age of 59. For tax advice, consult your tax accountant or financial advisor. ACERA Staff is not qualified to provide tax advice.

You may not withdraw pension contributions if you are vested. However, if you are not vested and have Employee Contributions (including UV & HP plus any interest accrued) in the Pension Plan, you may withdraw these contributions plus interest if you leave the Industry for a minimum of three months or if you have a Break in Service. The withdrawal requires submission of a completed Withdrawal form to the Plan Office. Under certain circumstances you may withdraw UV & HP even if you are vested.

Yes. Receiving a lump sum or other distribution from your pension plan may affect your ability to receive unemployment compensation. You should check with your state unemployment office. In addition, receiving money from your pension plan may result in additional income tax. You can defer these taxes, however, if you keep the money in your plan or if you roll over the money into a qualified pension plan or Individual Retirement Account (IRA).

If you were on a full-time temporary position and are being converted to a full-time permanent position, DFAS-Charleston will send you a letter with a form to elect a repayment plan. If you were not employed or were part time or intermittent and are being converted to a full time permanent position, the retro payments will be deducted from any back pay you are owed. This aspect is the responsibility of our payroll office and you must work with them directly.

employee will pay income tax on contributions and earnings only when they are distributed from the plan. Contributions will not be included in an employee's income reported to the federal, state, or local governments for income tax purposes when they are made to a plan. However, the employee and Indiana University must pay employment taxes (i.e., Social Security taxes) on contributions when they are made to the plan.