If you are reading this section of the Oregon PERS Resource Center, you are probably not eligible to receive PERS retirement benefits. That’s the bad news. The good news is that you may be able to receive 150% of your member account balance tax-free, and retirement benefits rivaling those offered by PERS! OregonPERS FYI can help you maximize your withdrawal from PERS by following our four easy steps.

1. Am I eligible to withdraw my account from PERS?
You can withdraw your member account balance if you meet two criteria: a) You have stopped working for a PERS employer; and b) 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).

2. What Can I Withdraw?
You can withdraw between 100% and 150% of your member account balance. This 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) plus earnings. Your employer contributions are not part of your member account balance and cannot be withdrawn.

3. Am I eligible to receive a 50% withdrawal bonus?
Effective July 1, 2004 through June 30, 2006, you may be eligible to withdraw 150% of your member account balance if you meet the following criteria: a) you must have been an inactive member on January 1, 2000, and have remained inactive; and b) you must have made contributions to your member account 5 calendar years or more.

4. How can I withdraw my member account tax free, and receive retirement benefits rivaling those offered by PERS?
By rolling your PERS retirement benefit into a qualified retirement plan such as an IRA or an annuity, you can receive retirement benefits rivaling those offered by PERS -- including minimum guaranteed living income benefits, withdrawal benefits, and death benefits.