Oregon PERS Members: Understand your retirement payout options

Whether you are employed, leaving employment or plan to retire soon from an Oregon Public Employees' Retirement System (PERS) employer, this resource information may be helpful in determining the best payment option for your retirement benefits.

I am employed by an Oregon PERS employer and would like to make sense of my retirement withdrawal options.

How can I withdraw my member account tax free, and receive retirement benefits compared to those offered by PERS?

I want my spouse (or beneficiary) to continue receiving my PERS income if I pass away.

I want to maximize my PERS retirement income when I retire.

How much income can I expect from my PERS retirment


I am employed by an Oregon PERS employer and would like to make sense of my retirement withdrawal options.

What are my Oregon PERS Withdrawal Options:
When can I withdraw from my PERS account?

You can withdraw your member account balance if you meet two criteria:

1. You have stopped working for a PERS employer (withdrawal could be subject to taxes and IRS penalty).
   
   
2. You are not eligible for PERS retirement benefits (this usually means you are less than 55 years of age and have less than 30 years of creditable service).

If I meet the criteria - What can I withdraw?

You can withdraw between 100% and 150% of your member account balance. Your employer contributions are not part of your member account balance and cannot be withdrawn. This withdrawal amount is equivalent to the total of your employee contributions paid through December 31, 2003 (whether paid by you or on your behalf by your employer).


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How can I withdraw my member account tax free, and receive retirement benefits compared to those offered by PERS?

PERS will allow you to take some and/or all of your retirement account and deposit it into an IRA, annuity, or another qualified retirement plan. Such plans may give you a higher monthly benefit than what PERS is offering. Furthermore, qualified retirement plans such as annuities offer many additional plans to protect your beneficiary.

By moving your PERS retirement benefit into a qualified retirement plan such as an IRA or an annuity, you can receive retirement benefits compared those offered by PERS. These plans include the minimum guaranteed income benefits, living benefits, and death benefits.

Call one of our experts toll-free at (888) 535-4131 to speak about your PERS options. Or, click here for our complete contact information.


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I want my spouse (or beneficiary) to continue receiving my PERS income if I pass away.

This guarantees you a monthly payment until you pass away, and then provides payment(s) to a surviving beneficiary, such as a spouse. Since this benefit covers you and a beneficiary, the monthly payment tends to be less than if you were covered alone.
The following is a list of optional plans available to protect your beneficiary:

1. when you pass away, your beneficiary continues to receive the same monthly benefit until their death;
   
   
2. when you pass away, your beneficiary continues to receive 50% of the same monthly benefit until they pass away;
   
   
3. when you pass away, your beneficiary receives the remaining balance in your account in a lump sum;
   
   
4. if you pass away prior to receiving 180 monthly payments, your beneficiary receives the remaining 180 payments.

The above options deserve careful consideration since the one you choose depends on how much money you will need when you retire, and how much your beneficiary would need if (s)he outlives you.

If you are not sure how much money you or your beneficiary would need, contact a Got Annuities LLC expert toll-free at (888) 535-4131, or click here for our complete contact information.


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I want to maximize my PERS retirement income when I retire.

This option guarantees you monthly payments until you pass away, but is it not designed to provide a beneficiary with guaranteed payments over their lifetime. All income will stop when you pass away and your beneficiary receives nothing. Your monthly income will be higher than options that provide for a beneficiary (i.e. spouse).

Ask an expert at Got Annuities LLC for options on how to maximize your monthly PERS payments and still provide an income for your beneficiary..... call toll-free at (888) 535-4131. Or, click here for our complete contact information.


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How much income can I expect from my PERS retirement?

Calculate your estimated PERS retirement benefit
Determine the estimated monthly payment you will receive based on your personal account information:

Let me calculate this benefit myself	>>  Option 1   (employed prior of January 1, 1996)
	>>  Option 2   (employed after January 1, 1996)

These are estimates only and PERS is not bound by figures produced by this program.

Am I eligible to receive a 50% withdrawal bonus?

You may be eligible to withdraw 150% of your member account balance after July 1, 2004 through June 30, 2006, if:

1. You have been an inactive member since January 1, 2000, and have remained continually inactive since that date.
   
   
2. You were active prior to January 1, 2000 and contributed to your member account for 5 calendar years or more.

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