The following answers are directly from the Public Employees Retirement System Website at: http://www.pers.state.or.us 31. What will happen to my PERS account if Im laid off?
You can leave your money in your PERS account for up to 5 years if you are not vested and until retirement if you are vested. “Vesting” means you cannot lose your benefit rights, even if you stop working in a covered position. You are vested if you meet either of the following conditions and do not withdraw your member account: 1) you have made contributions in any part of five calendar years (you do not need to work the entire first or last year). Eligible prior service credit granted by agreement between your employer and PERS may count for all or part of the five calendar years; or b) you are or were at least 50 years old while working in a covered position (45 in the case of police and fire). Once vested, you can remain a PERS member and draw benefits at retirement age even if you leave covered employment in the interim, unless you withdraw your account. Your account will continue to accrue interest. If you leave covered employment without being vested and do not return to covered
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