I have five or more years of Creditable Service with COA ERS and am leaving City employment.
What options do I have for my funds?

Members with five years of Creditable Service are considered vested Members (see Creditable Service/Membership). Your COA ERS benefit may be your most valuable financial asset. It is not just the amount of your contributions to the retirement plan. As a vested Member, if you retain your deposits in the System, you may apply for a benefit option upon retirement that will require COA ERS to provide you an annuity payment every month for the rest of your life. If you elect a retirement benefit with a survivor option, upon your death, your eligible beneficiary will continue to receive a retirement benefit. You can go to our website or come to the Retirement Office to get a “Designation of Retirement Deposits” form to request that your deposits be retained in the System. Your deposits will remain in the System until retirement eligibility is reached (see Retirement) and you have applied to receive a monthly annuity. Deposits will continue to earn interest until the monthly annuity begins. You can withdraw your funds at any time, however, withdrawal will forfeit your vested status and the retirement benefit. It is the Member’s responsibility to read and understand the form, including the required IRS Distribution Tax Notice, before making a decision on retirement plan benefits. It is mandatory that 20% tax withholding be made on a refund paid directly to a Member. In addition, funds not rolled over to another qualified plan may be subject to IRS penalty for early withdrawal.

Creditable Service/Membership  |  Contributions   |  Proportionate Service   |  Service Purchases
Retirement   |  Lump-Sum Payments   |  Retirees Working for the City of Austin   |  Retiree Health Insurance
Leaving City Employment   |  Other Information