Get Papsrs 2014-2024

You are responsible for paying the 10% tax on early distributions directly to the IRS. PSERS does not deduct the tax on early distribution from your lump-sum payment. (See IRS Form 5329.) To avoid this additional tax, you may choose to roll over your refund to an IRA or other eligible retirement plan.

If you are a Class T-D member, you will receive an annual retirement benefit based on a 2.5% multiplier. The service eligible for this higher multiplier is school service.

The law mandates that all service and benefits payable to a PSERS member be forfeited if the member is found guilty of, or enters a plea of guilty or nolo contendere to, any crime identified in the Forfeiture Act, when the crime is committed through the member's position as a public employee or official or when the ...

THE CONTEXT: After the $70 billion fund botched a crucial financial calculation in 2020, exaggerating investment returns, the FBI launched an investigation, the fund's board began its own, and 100,000 public school employees suddenly faced paying more into the system.

A refund is your only option if you terminate from all school service and you are not vested. You are eligible only for a refund if you are not vested. For vesting requirements, refer to "Becoming Vested." To request the application to receive a refund of your account, please contact PSERS directly at 1.888. 773.7748.

Any premium payments made with pre-tax or non-taxed funds are not eligible for Premium Assistance. As a reimbursement, Premium Assistance cannot exceed the retiree's actual out-of-pocket premium expense and is not treated as taxable income.

You must complete an Application for Refund (PSRS-59) to receive a refund of your DB contributions and interest. If you are a Multiple Service member (have combined your SERS and PSERS accounts), you must apply separately to receive a refund from both SERS and PSERS.

Age 65 with at least three (3) years of credited service, or any age/service combination that totals 92 (“Rule of 92”) with a minimum of 35 years of service.