Changing Retirement Options

You have the right to change some selections within 60 days following the date of your first actual benefit payment. The changes you can make are limited to option, beneficiary One or more persons, trusts, or organizations a member or participant names to receive plan benefits, if any, upon the death of the member or participant., variable participation after retirement, and the number or percentages of lump-sum installments. The change is retroactive to your effective date of retirement The first day of the month following the last day a member (1) worked, was on vacation, or was paid sick leave, or (2) the first of the month a member files his or her application for benefits, whichever is later..

You must repay PERS any overpaid benefits. If you chose to have a lump-sum option installment distributed to an IRA, you may need to return the money to have the new benefit calculated.

The PERS Board may deny you an election to change a beneficiary or benefit option if the denial is required to maintain PERS as a qualified plan under IRS requirements. As an example, if you are beyond the IRS minimum distribution age, you may not change your benefit or beneficiary after receiving your first benefit payment. The IRS minimum distribution ages are 70½ (if born before July 1, 1949), 72 (if born after June 30, 1949), or 73 (if born after December 31, 1950).