What if I quit and go to work for another PMRS municipality?
If you terminate employment with one PMRS municipality and, within one year, begin working for another PMRS municipality, you may transfer your credited service and monies to your new employer's pension plan. To do this, please complete a Portability form and mail it to PMRS. Your employer should also have this form.
What if I terminate employment and am not eligible for a monthly retirement benefit?
If you are not eligible for a benefit, you will receive a refund of your personal contributions (if any) and credited interest. Note: Interest will not be credited on your account after the date of termination. You and your employer must complete an Application for Return of Contributions. Processing usually takes 30 days from the time we receive the form until the check is mailed from our office.
Important: By withdrawing your contributions and interest, you forfeit the right to any benefit funded by your employer's contributions. If you are unsure of benefit eligibility, please refer to the benefit summary brochure that was previously provided to you, or contact your employer or PMRS.
Can I transfer my member's account to an Individual Retirement Account (IRA)?
Yes, you can roll over the taxable portion to an IRA if the amount is greater than $200.00. If you do not want to roll over the taxable portion of the withdrawal payment, PMRS must withhold 20% of the payment for federal taxes. However, if your personal contributions have already been taxed, no additional taxes are withheld from your personal contributions. Rollovers may occur if you are not eligible for a retirement benefit or if your plan permits a partial lump sum withdrawal upon retirement.
What if I become disabled, either on or off the job?
If you become disabled and are unable to perform gainful employment, please contact your employer or PMRS for benefit eligibility and for the appropriate claim forms.
What if I die while actively employed?
If an employee dies while actively employed, the employer or beneficiary should contact PMRS.
What do I do if I am eligible to vest and quit my job but not eligible to retire?
Within 90 days of termination of employment, you must complete an Application for Retirement Benefits or an Application for Retirement Benefits for Plans with Automatic Spouse's Death Benefits form. When you reach normal retirement age, PMRS will begin paying you a monthly benefit.
Important: If you do not file an application to vest your benefit within 90 days of termination, you will forfeit your right to vest your benefit.