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I have less than five years of Creditable Service with COA ERS and am leaving City employment.
What options do I have for my funds?
If you have less than five years of Creditable Service with COA ERS and do not have or anticipate proportionate service in a participating system (see Proportionate Service), you may request to receive your funds by a refund being paid directly to you or by rolling your funds over to a qualified retirement plan that accepts rollovers. Withdrawal of your funds will forfeit your rights to any future benefits with COA ERS. You can go to our website or come to the Retirement Office to get a “Designation of Retirement Deposits” form. This form includes the required IRS Distribution Tax Notice which you should read and understand before making a decision on your retirement plan benefits. It is mandatory that 20% tax withholding be made on a refund being 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
The Frequently Asked Questions document is intended to provide general information to Members. Member specific questions should be directed in writing to the COA ERS Staff. If there is any difference between the information provided in this document and the law or policies that govern COA ERS, the law and policies will govern.
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