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LEAVING THE CITY

When a member terminates employment with the City and it not eligible to retire, they have three options regarding their pension; to maintain their vested status with five or more years of pension service, take a refund of their contributions or roll their contributions into another qualified retirement plan.

REFUND OF CONTRIBUTIONS

When you terminate, you may request a refund of your contributions to the Fund; however, your refund can not be processed until your termination is completed in WorkDay. If you take a refund, you will not be entitled to a retirement benefit nor will you be refunded the contributions made by the City on your behalf.

If you take a refund and return to work for the City within six years of your termination date, you may be able to re-pay or buy back your refunded contributions and reinstate your prior pension service. If you would like more information about the process of buying back contributions, please click here.

 

ROLLOVER YOUR CONTRIBUTIONS

Another option is to request your refund in the form of a rollover to another qualified plan such as a 401k, an IRA, an annuity plan or a qualified trust. By choosing to make a rollover, you can delay federal income tax payment on your pre-tax contributions.

Any refund of contributions is made without interest and less any benefit payments. If you made contributions before December 16, 1997, you will receive one check for your after-tax contributions made prior to December 16, 1997 and another for your pre-tax contributions made after December 16, 1997. You will pay current federal taxes only on a refund of pre-tax contributions.

If you are interested in splitting your refund between two qualified plans or you would like to rollover a portion and take a check for the remainder, please click here.

MAINTAINING YOUR PENSION

If you are a Tier A member and at least age 60 or a Tier B member and at least 65, you may begin receiving your monthly pension.

Tier A members under age 60 and Tier B members under age 65 who are vested with at least five years of pension service credit when you terminate, you have earned a deferred pension benefit and at age 60 for Tier A members or 65 for Tier B. Members are entitled to retirement benefits as long as you leave your contributions in the Fund.

As a former employee, it will be your responsibility to update your address with ERF to ensure there is no delay in your payments beginning when you reach age 60 if you a Tier A member or 65 if you are a Tier B member.

If you have at least 10 years of pension service credit when you terminate, you will be eligible for disability retirement benefits should you become totally and permanently disabled after leaving the City.

Request a Refund

REQUEST A REFUND

Click below to complete your refund application.

Please note that if you have more than 5 years of service or you are age 60 (Tier A) or age 65 (Tier B) or older, you must also complete the refund release form only available directly from the ERF office.

Refund Application

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