When you retire, if you have participated in the Variable Annuity Program and you have not already made a one-time variable transfer, you can do either of the following: (1) within 60 days after your first benefit payment, transfer all the money in your variable account into your regular account or (2) continue to participate in the Variable Annuity Program. If you choose to remain in the program, the variable annuity portion of your benefit will be valued on a 12-month period ending October 31, increasing or decreasing your monthly benefit annually beginning with your February 1 payment.
Your decision to continue to participate in the Variable Annuity Program or not cannot be changed once 60 days after the date of your first benefit payment have elapsed.
You may not continue to participate in the Variable Annuity Program if you elect a lump-sum benefit option at retirement. Under those options, you receive a lump-sum distribution of your entire member account balance, so no funds remain in your variable account.
Variable units are assigned in January for retirement benefits established through October 31 of the prior year. To request the number of variable units assigned to your retirement benefit, write to:
PERS
Customer Service Center
PO Box 23700
Tigard, OR 97281-3700