I am age 37 and I am leaving CSU. Am I required to move my contributions out of CalPERS since I am not yet age 50?
Answer. No. Any employee, regardless of age or amount of service credit, may leave their contributions on file with CalPERS and they will continue to earn interest. The member may elect to take a cash disbursement, subject to tax and possible penalties for early withdrawal; rollover their CalPERS contributions to either another employer’s qualified retirement plan that accepts rollovers or to an individual retirement account (IRA); or may retire once they attain age 50 or greater so long as they have five or more years of CalPERS-credited service. However, if a member’s retirement date is more than 120 days after separation from employment with the CSU, the member will not be eligible for sick leave service credit nor the health benefits as part of the retirement.
Related Questions
- I will reach State Pension age after 6 April 2010. Do I still need to have credits / contributions for at least 25% of my working life to qualify for any basic State Pension?
- I am age 37 and must leave the CSU s employ. Am I required to move my contributions out of CalPERS since I am not yet age 50?
- I am age 37 and I am leaving CSU. Am I required to move my contributions out of CalPERS since I am not yet age 50?
