Can I terminate my Penn State employment and qualify for future retirement benefits from either plan if my contributions are not withdrawn?
Yes. TIAA-CREF has immediate vesting rights and the annuity payments may commence at any age provided once you have terminated your employment with Penn State. SERS vesting requires 5 or more years of credited service. If you have met the 5-year vesting requirement, you will receive an SERS retirement annuity. The annuity can begin at age 60 or at any time after which you would have had 35 years of service in SERS. If you do not qualify under these provisions, early retirement provisions will apply.
Related Questions
- Can I terminate my Penn State employment and qualify for future retirement benefits from either plan if my contributions are not withdrawn?
- May an employer sponsoring a 403(b) plan freeze (i.e., cease future contributions) the plan?
- Are employer contributions to a SIMPLE plan subject to employment taxes?
