Terminating Employment Before Eligible to Retire

Deferred Retirement


Leaving your contributions and interest on deposit with MCERA so that you can begin receiving a pension in the future. (Available only if you are fully vested with at least five years of service credit.)

Deferred Retirement with Reciprocity


Leaving your contributions and interest on deposit with MCERA because you are going to work for a county or agency that has a reciprocal arrangement with MCERA and you want the two retirement systems to be linked. If you choose deferred retirement with reciprocity, your MCERA contributions and interest will have to remain on deposit with MCERA for as long as you remain employed in a reciprocal arrangement

A Rollover


Withdrawing your contributions and the interest credited on them by having the tax-deferred portion rolled over directly to an IRA or a new employer's plan, and having any after-tax portion made payable to you.

A Lump-Sum Refund (Payable to You)


taking payment of all of your contributions and the interest credited on them. Federal tax withholding of 20% will be deducted from the gross.

Leaving Contributions on Deposit


If you have less than five years of service credit you may leave your contributions on deposit so they may continue to accumulate interest. You may request a refund of your accumulated contributions at any time.

Selecting a rollover or refund option will end your membership in MCERA and thus any eligibility for future retirement or disability retirement benefits. You can avoid mandatory withholding of 20% for federal income taxes by selecting the rollover option. If you choose this option, the portion of your contribution account eligible will be rolled over directly to an IRA or other qualified plan.