One-Time Variable Transfer

With the exception of some judge members, if you participated in the Variable Annuity Program as a Tier One member A PERS member who began his or her six-month waiting period before January 1, 1996. or Tier Two member A PERS member who began his or her six-month waiting period on or after January 1, 1996, but before August 29, 2003. 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:

be a police officer or firefighter who has attained age 45 on or before December 31 of the year you submit your transfer request,
be other than a police officer or firefighter who is an active or inactive member and has attained age 50 on or before December 31 of the year you submit your transfer request, or
have completed 25 or more years of creditable service Any period of time in which a participating public employer pays an active member a salary and the active member or the employer on the member's behalf pays contributions to PERS. For purposes of computing years of creditable service, full months and major fractions of a month are considered to be one-twelfth of a year and are added to all full years. One month of creditable service is earned for each major fraction of a month served. Creditable service includes all retirement credit received by a member. on or before December 31 of the year you submit your transfer request.

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.