If you leave your job and terminate all employment covered by one or more of the retirement systems administered by PEBA before you are eligible to retire, you have two options concerning your contributions:
- Request a refund of your employee contributions plus the interest earned on your account; or
- Leave your funds in your account.
Requesting a refund
If you have terminated all employment covered and wish to receive a refund, you must submit complete a Refund Request (Form 4101). You may submit your refund request immediately upon termination; however, by law, your refund cannot be paid sooner than 90 days after your termination, and may not be paid later than six months after the date of your request. If you receive a refund, you forfeit your rights to any future service retirement or disability benefit.
Leaving your funds in your account
When you leave your money in your account, you retain your years of service credit, which may be added to any future service you may accrue should you later become employed in a position covered by one of the correlated retirement systems administered by PEBA. Your account will continue to earn interest until it becomes inactive. An account is considered inactive when no contributions have been made to the account in the preceding fiscal year and no other active, correlated system or State ORP account exists. You may apply for a refund at a later date or apply for a service retirement benefit upon reaching eligibility.
As an inactive member, it is your responsibility to keep PEBA informed of your current address, as well as any name or beneficiary changes, using Member Access. You may also view and print your retirement member statement.