After receiving a refund of your member account balance
The dollar value of your PERS account as of a given date. This account consists of all contributions and earnings received as of December 31, 2003, plus any earnings received after December 31, 2003., PERS pays you a benefit based on your employer’s contribution, as in Option 2.
Note: You must provide verification of your beneficiary’s age. Your beneficiary must be a person (i.e., not your estate or a charity). The benefit reduction is based upon the age difference between you and your beneficiary. For example, if your beneficiary is a grandchild, your benefit will be substantially lower than if your beneficiary is someone closer to your age because benefits will probably be payable for a longer period.