Status of a PERS member who has been an active member of the system in each of five calendar years. in those accounts.
You will receive the sum of the employee IAP account and optional employer IAP account to the extent you are vested Status of a PERS member who has been an active member of the system in each of five calendar years. in those accounts.
You can elect to receive a one-time lump-sum payment or in equal payments over 5 years, 10 years, 15 years, 20 years, or your anticipated life span. If you elect to receive equal payments, you may elect to receive those payments monthly, quarterly, or annually. PERS will adjust installment payments on an annual basis to reflect investment gains or losses on the remaining balance.
If your monthly or quarterly installment payment would be less than $200 at the time of your retirement, the frequency of installment payments will be decreased until either the periodic payment is at least $200 or annual payments are required. For example: If the amount of your benefit payment each month would be less than $200, PERS will mail your benefit payment quarterly; if the amount of your benefit payment each quarter would be less than $200, PERS will mail your benefit payments annually. Installment payments will not be made less frequently than annually.
PERS will adjust the payout period to comply with Internal Revenue Code (IRC) minimum distribution requirements in the event a shorter payout period is required.
If you elect IAP installment payments over five years, you may elect to directly roll over any portion of your IAP account into an eligible retirement plan.
Retirement payments are mailed pre-sorted first class on the last working day of each month and cannot be picked up in person. You can also have your benefit check automatically deposited.