Leaving Employment
& Withdrawals

Are You Vested? If not, are you considering a withdrawal?

If your answer is yes, you're guaranteed a lifetime retirement benefit! So you probably don't want to withdraw. Vesting is different for different types of members. Remember, you vest with:

• KPERS 1, KPERS 2, KPERS 3: 5 years of service
• KP&F: 15 years for Tier II, 20 years for Tier I
• Judges: Immediately

If You're Vested

You may choose to withdraw. But if you leave your money with KPERS, you're guaranteed a lifetime monthly benefit when you're eligible to retire. Your account will continue to earn interest.

If You're Not Vested

You'll need to withdraw your money within 5 years of ending employment. Your account earns interest for 5 years (2 years for KPERS 3 members).

There's a 31-day waiting period after you end employment before you can withdraw. When it's time, submit the withdrawal form and we'll send your refund within 4-6 weeks. The form tells you about your options on how to receive your money.

Do You Really Want to Withdraw? Sometimes You Can't Withdraw

Should You Withdraw?

Often, your vested benefit is more valuable than the amount of your actual account balance, especially if you have a lot of service. Keep your money in KPERS and apply for retirement when you become eligible. Your account will continue to earn interest in the meantime, and you can withdraw any time if you change your mind.

If You Said Yes

You can submit a withdrawal form after 31 days. This form tells you about your options on how to receive your money. Hint... a rollover is probably your best bet to continue saving efforts, keep from paying taxes right away and give your money time to grow.

You can expect your refund within 4-6 weeks.

Important!
If you withdraw, you're giving up all Retirement System rights benefits and service. Employer contributions made on your behalf stay with the Retirement System.

Sometimes You Can't Withdraw

If any of these situations apply to you, your employer can best explain your options.

• Leave of absence
• Military Service
• Move to a non-covered position at a KPERS or KP&F employer

A Note for Correctional Officers: When you leave employment, you become a regular inactive member. You'll no longer have correctional officer retirement eligibility. Regular KPERS age and service requirements will apply when you retire.

Update Your Beneficiary

It’s important to keep your beneficiary designation up to date, even if you're not actively working in a KPERS role. Your beneficiary will receive your contributions and interest. Your spouse can receive a monthly benefit if you meet the criteria. You can update your beneficiaries in your online account or submit a beneficiary form

Review Your Life Insurance

Your life insurance ends when you leave KPERS-covered employment. You can continue some or all of your current coverage. If you don't want to keep your insurance, there's nothing you need to do.

You have 60 days after you end employment to submit your form.

How much coverage can I keep?

That depends on your current coverage. All KPERS members* have basic life insurance equal to 150% of their annual salary. You may also have life insurance. You can choose to covert or port the total amount of your combined coverage, or any lesser amount.

*Note: KP&F members do not have basic life insurance coverage. KPERS members moving to a Board of Regents position keep their life insurance coverage.

You have 2 options:

• Convert your coverage to an individual whole life insurance policy
• Port your coverage to an individual term life insurance policy
• Conversion Calculator

Members leaving employment for medical reasons

• Optional group life insurance continuation form

Questions? Talk with your employer or The Standard (toll-free 1-844-289-2306 or [email protected]).

Update/Review Your Contact Info

Submit contact info online or by paper

While you're working, we connect with you through your employer. But when you leave employment, we need to go to you. Do yourself (and us) a favor... give us your contact info. Believe it or not. we probably don't have it. We'll send you things like letters about your membership and your annual statement.

Login to your account | Download the address form