One-Time Variable Transfer

With the exception of some judge members, if you participated in the Variable Annuity Program as a Tier One memberClosed or Tier Two memberClosed on or after January 1, 1982, you may elect a one-time variable transfer (OVT) to transfer the balance of your variable account to your regular account. You must request your OVT before retirement and meet the eligibility requirements. The transfer becomes effective January 1 following the year in which PERS receives your request.

To be eligible to transfer your variable account to your regular account, you must:

To apply for an OVT, complete the One-Time Variable Election: Active or Inactive Members form (available by clicking the Form button) and return it to PERS.

The types of investments in your regular account are more diversified than those in your variable account. The variable account is invested totally in stocks, while the regular account is invested in fixed-income securities (mortgages, corporate bonds, etc.) and stocks. Transferring your variable account to your regular account is a way to move your variable account into a more conservative group of investments.

The election to transfer is irrevocable as of the effective date of the transfer. You may only cancel your OVT request if you submit written revocation of the OVT election to PERS on or before December 31.

 

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