Early Withdrawal Penalty

If you withdraw or begin receiving your benefits before reaching age 59 ½, you may be subject to an extra tax equal to 10 percent of the taxable portion of the payment. The additional 10 percent tax may not apply to your payment if:

you receive your IAP benefits under the Anticipated Life Span option or
you separate from service with all PERS-participating employers after you reach age 55 (age 50 for P & F).