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 Designation of Retirement Deposits form 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 Designation of Deposits Form. 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.
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.