If you leave your City job, you have several choices when it comes to your COAERS membership.
Option 1: Discontinue your membership and refund your contributions
Submit a Refund with one of these choices:
• Receive a lump-sum payment
• Roll over all or a portion of your account
You should receive your refunded contributions 60-90 days after you submit your Refund Application from our Refund Packet. Before we can release your funds, COAERS must receive proper documentation, your employment status with the City must be “terminated” and your final paycheck issued. If you decide to obtain a refund of your deposits and terminate your COAERS membership, complete and sign the documents in the presences of a Notary Public. For your convenience, COAERS offers Notary services at our office free of charge.
Option 2: Keep your contribution in COAERS and retain your membership
You can leave your contributions on deposit and retain your membership, service credit and your group status. Leaving your money in the COAERS system also qualifies you for death benefits. No action is necessary on your part. You will want to keep your address and beneficiaries updated.
As a vested member (5+ years of service), you can retain your COAERS membership, service credit and, if you were a COAERS member prior to January 1, 2012, your Group A status and corresponding eligibility requirements. Your contributions are credited with interest annually upon approval by the Board. If you return to work with the City, your previously earned service will be used in determining your retirement benefits. In addition, vested members have access to health, dental, and vision insurance through the City upon retirement. Death benefits are also provided upon the death of a vested or retired member.
You do have certain responsibilities if you keep your COAERS membership after the termination of your employment. You are solely responsible for timely and properly applying for beneifts. COAERS does not pay benefits retroactively. Also, you are responsible for notifying COAERS of your proportionate time in another Texas retirement system which participates int he Proportionate Retirement Program and keeping that information current with COAERS. If you don't keep this information current, you may lose benefits. You are also responsible for keeping your address, contact information, and beneficiaries current with COAERS. Contact us regularly to keep your account updated and discuss your eligibility for benefits.