You will have several decisions to make regarding your SERS pension when you leave state employment. Generally, if you entered SERS membership: On or After Jan. 1, 2011, you are eligible for monthly pension payments, or “vested” in the system, after working 10 years. If you have already reached SERS retirement age or the age at which you are eligible for a pension that is not reduced for early retirement -- age 65, or 55, depending on your class of service -- you are eligible for monthly pension payments after working three years. |
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Before Jan. 1, 2011, you are eligible for monthly pension payments, or “vested” in the system, after working five years. If you have already reached SERS normal retirement age or the age at which you are eligible for a pension that is not reduced for early retirement – age 60 or 50 depending on your class of service – you are eligible for monthly pension payments after working three years.
If You Aren’t Eligible for Monthly Pension Payments
You have two choices:
1. You can choose to do nothing. Your contributions remain in the SERS fund and they will stop earning interest 90 days after your employment termination date. In addition, your total service credited toward your pension will remain on your SERS record and will count toward vesting should you ever return to work for a SERS-participating employer.
2. You can request a refund of the contributions you made toward your pension and the interest earned on those contributions while you were working for a SERS employer. Contact a SERS Pension Specialist at ra-SERSretc@pa.gov or by calling 1.800.633.5461 to request a refund application. A refund removes all service credit from your SERS record. If you return to work for a SERS-participating employer, you will begin accruing service credit from zero. You will have the ability to reinstate this time if you ever return to work for a SERS employer, while you are an active contributing member of the pension system.
If You Are Eligible for Monthly Pension Payments
You have two choices:
1. You can apply for your pension now. If you haven’t reached SERS retirement age, your benefit will be reduced for early retirement. The further you are from SERS retirement age, the greater the reduction.
2. You can delay applying for your pension until you are older. Your contributions will remain in the SERS fund and continue to accrue interest until you choose to apply for your pension. You will not earn service credits unless you return to work for a SERS-participating employer; however, your pension will increase in value as you approach SERS retirement age. SERS retirement age is 65, 60, 55, or 50, depending on your class of service.
If you choose to delay your application for your pension, remember that you must submit it within seven years after reaching SERS retirement age or you waive your right to monthly payments. If you waive your right to monthly payments, you will only be eligible for a refund of your contributions and interest.
