At retirement, you may receive the balance in your IAP account as a lump-sum payment or in installments over 5 years, 10 years, 15 years, 20 years, or your anticipated life span. When you elect an installment payment, you must also select a frequency at which you would like to receive payments. The frequency options are monthly, quarterly, and annually. The diagram below shows how PERS will determine which payment method to use when paying you benefits from your IAP account if the frequency you select doesn’t meet minimum payment requirements.
You may elect to roll over any portion of your IAP account lump-sum payment or 5-year installment distributions. If the distribution is at least $200, you may elect to roll over the entire distribution. If you choose to have a portion of your IAP installment or lump-sum payment paid directly to you and a portion rolled over, the portion rolled over must be at least $500. If you elect a 10-year, 15-year, 20-year, or anticipated life span payout period, none of the distributions will be eligible for rollover.
If you die before receiving all your installment payments, your beneficiary will receive the remaining amount in a lump-sum payment.