Provider PERS. Plan Information PERS is a defined benefit plan that is designed to provide a monthly retirement benefit to employees at time of retirement. Menu Oregon. Agency Main Content.
Use the PERS 2 formula to calculate your monthly benefit. If you leave the money in your account it will continue to accrue interest. Your service credit will remain intact, so should you return to work at UW or another state agency , you can earn more service credit.
Your other option is to withdraw the funds that you have contributed plus interest. There are, however, Internal Revenue Service tax implications to withdrawing your contributions, so check with a tax advisor before withdrawing.
In most cases, you can transfer your funds to a qualified retirement account, such as an IRA, without facing a tax penalty. You also have the option to retire earlier, but your defined benefit will be reduced.
To retire early, you must be at least 55 and have 20 or more years of service credit. This would include using any employer sponsored deferred compensation plans in which you may participate. Contact one of our offices and request an agreement for a purchase of service.
We will confirm how you plan to pay for the purchase at that time. An agreement will be mailed to you within business days. Your agreement will include specific instructions and the terms of the contract. You will have 60 days to activate the agreement by signing and returning it to our office. If you request a rollover agreement, the agreement will include an additional form that you must provide to your tax deferred administrator. If you request a payroll deduction, the agreement will include a form that you must provide to your agency payroll office.
Once your purchase is paid in full, you will receive written confirmation and the service credit will be added to your account.
The first step is to contact PERS and request a payoff amount. PERS will calculate the payoff amount, including interest, and provide the amount to you in writing. You will have several options for paying off the balance due; lump-sum payment or with a direct rollover.
If you have been paying for your purchase through a payroll deduction, you will be responsible for notifying your payroll office to stop the deduction. PERS representatives are available to discuss how a payoff works and the paperwork required. If you die as an active member with at least 2 years of service, your survivors are paid monthly survivor benefits. The amount of the benefit is based on your years of service at the time of your death. Survivors include a spouse or registered domestic partner, designated survivor beneficiary with or without additional payees, and dependent children who are under the age of 18 at the time or your death.
A lifetime benefit is paid to the spouse or registered domestic partner or survivor beneficiary with or without additional payees. Dependent children are paid their benefit until they reach age 18 or 23 if they remain unmarried, full-time students. If you die as an active member, PERS statute determines the eligibility of benefits payable to your survivors. Your spouse or registered domestic partner is first in line to receive any benefit available from your account as well as any dependent children.
If you are not married and have no registered domestic partner at the time of your death, PERS will refer to the Survivor Beneficiary Designation form on file and pay survivor benefits based on your designations.
Only children who are the progeny or biological offspring, or children who have been legally adopted by the deceased member are eligible for survivor benefits. If you have at least 5 years of service, you may apply for a Disability Retirement Benefit as long as you are still employed with your Nevada public employer at the time you submit your retirement application to the PERS office.
We strongly recommend you read our Disability Retirement Guide. We also recommend you contact one of our offices to request an estimate of benefits and the disability retirement packet. Frequently Asked Questions. Retiree Questions When are monthly benefit payments distributed? Currently, Alternate Payee's may get their account information by contacting one of our offices. Owner is the title used in the account validation or setup process to describe the retiree.
Active Member Questions How is my benefit calculated when I retire? Please contact our office and speak with a PERS representative who will initiate your request.
There are no statutory provisions for members to borrow against their retirement accounts. Please contact one of our offices and we can calculate the date for you. Nevada does not have reciprocity rights with any other state.
Refund of Contributions Several years ago I took a refund of my personal contributions, how do I pay this back and restore the service credit? Purchasing Service Can I purchase service?
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