If you resign prior to becoming eligible for retirement, you may receive a refund of your contributions and interest, if applicable. You may also choose to defer taxes on your refund by having the Retirement Department transfer your funds directly into an Individual Retirement Account (IRA) or other employer’s plan that will accept the contributions. The company’s contribution is never included in a refund or direct transfer.
If you have at least five (5) years of service, you may elect to leave your contributions in the system, and you will receive a lifetime benefit with annual cost- of-living adjustments beginning when you turn 65.
If you later return to work in a position covered by the same retirement system after previously withdrawing your contribution, you may buy back your prior service. You may also be able to purchase prior service from another retirement system. Contact the Retirement Department for details. If you leave your contributions in the system, and later return to work in a position covered by the same retirement system, you must continue in the same plan you chose during your original employment.