There are several different provisions that allow a distribution from your OSGP account while you are still employed:
• | De minimis—You may take a one-time withdrawal of your account if you have not contributed for at least two years and your account balance is $5,000 or less. If you use this provision, you may not contribute for at least six months following the distribution. Federal and state taxes may apply. A 1099R form will be sent to you in January of the year following the distribution. Click the Form button if you want to take a De Minimis distribution. |
• | Loans—If eligible, you may be able to borrow from your account up to 50 percent of your account balance up to $50,000. The minimum loan allowed is $1000. Loan repayments must be made through payroll deduction on an after-tax basis. Interest is prime plus 1 percent and is paid back to you. For more information about loans, review the brochure at http://www.oregon.gov/PERS/OSGP/docs/loan_program.pdf. |
• | Unforeseeable emergency withdrawals—You may be eligible for a an emergency withdrawal if you qualify. The emergency must be a severe financial hardship resulting from a sudden and unexpected illness or accident to you or your beneficiary, your beneficiary’s spouse, your dependent or your beneficiary’s dependent; as a result of a loss of your property or your beneficiary’s property because of casualty; or other similar extraordinary or unforeseeable circumstances arising from events beyond your control or your beneficiary's control. Click the Form button if you want to make an unforeseeable emergency withdrawal. |
• | Distributions from rollovers—If you have rolled funds in from other types of eligible plans (401(a), 401(k), 403(b), or pre-tax IRAs), you may take a distribution from those funds at any time. Call OSGP at 503-378-3730 for the necessary form. |
• | Distribution for participant over age 70½—If you are still employed and have reached the age of 70½, you have the option of taking a required minimum distribution (RMD). |
• | Military distribution—A participant is treated as having been severed from employment during any period the participant is performing service in the uniformed services while on active duty for a period of more than 30 days for the purposes of the limitation on in-service distributions. For purposes of this rule, "uniformed services" has the same meaning as given in OAR 459-050-0072. This section applies to distributions made on or after January 1, 2009. |
• | Trustee-to-trustee transfer to purchase service time—You can use your OSGP funds to restore previously forfeited creditable service time or purchase retirement credit at PERS. You must provide the Trustee to Trustee Transfer to PERS for Purchase(s) form as well as a copy of your signed purchase agreement indicating that you are eligible to purchase the time and documenting the cost of the time. Click the Form button below to access the Trustee-to-Trustee Transfer to PERS for Purchase(s) form. Click the Form button below to access the Prior Service Purchase Transfer to Oregon Public Employees Retirement System (PERS) form. For more information on eligible purchases, go to http://www.oregon.gov/pers/mem/docs/publications/voluntary_purchases.pdf. |