How do I cash out my APERS retirement?

How do I cash out my APERS retirement?

Members frequently ask if they can withdraw from, add to, or borrow against their retirement accounts. The answer to all of these is “no.” The only way you can get money from APERS is to retire or to terminate your covered employment.

Where can I find my APERS ID?

For retired members, you can find your APERS ID on your Explanation of Benefits Statements (EOB). If you cannot locate your APERS ID on one of these documents, you can call us and we will provide it. Dial (501) 682-7800 in Pulaski County or (800) 682-7377 toll free statewide.

How does APERS retirement work?

APERS’ mission is to provide income to retired members, to survivors and to disabled members of the system. To this end, the system prudently invests all contributions received, monitors reporting by participating employers, maintains records and disburses monthly benefit checks to all those entitled.

When can Arkansas state employees retire?

Normal Retirement: Age 65 or more with at least 5 years of service (except for certain General Assembly members who must have at least ten years of service); Any age with 28 years of service; or. Age 60 or more with 20 years of service (contributory members prior to 07/01/2005)

How long does it take to get your retirement refund check?

Typically, the time it takes to receive a 401(k) disbursement check is two to four weeks. Your 401(k) administrator will need time to process your request; then, it will take time for the check to travel through the mail system.

Is the drop program worth it?

The number one benefit of a DROP for employers is that it allows them to keep employees working longer. In fields such as law enforcement and education, being able to keep the workforce stable is a definite advantage. Employers: Keep employees working longer, especially in fields such as law enforcement and education.

What is an MSS account?

The PSERS Member Self-Service (MSS) Portal offers you secure, convenient, 24/7 access to your pension account information. With the MSS Portal, you can conduct many pension plan-related transactions online instead of filling out paper forms or contacting PSERS staff.

What are the benefits of working for the state of Arkansas?

When you work for the State of Arkansas, you have access to health and dental benefits, retirement plans, life insurance, disability coverage, paid leave, wellness programs and much more. If you are looking for a rewarding job opportunity and excellent benefits, join our talent community and apply today!

How many years do you have to teach in Arkansas to retire?

New teachers starting out in Arkansas can retire with their full benefits when they reach 60 years of age and have accrued at least 5 years of service. Teachers with at least 28 years of service can retire with their benefits at any age.

How do I apply for early retirement?

Call 1-800-772-1213 (TTY 1-800-325-0778) from 8:00 a.m. to 7:00 p.m., Monday through Friday, to apply by phone.

How many years do you have to teach to retire in Arkansas?

How much do Arkansas teachers get in retirement?

$22,728 is the 25th percentile. Salaries below this are outliers. $50,910 is the 75th percentile.

Do you pay taxes on drop money?

Receive the funds as a lump sum payment. However, it’s important to realize that if you take your DROP account as a lump sum, it will be taxed at a rate of 22% (20% federal, 2% state). When you’re talking about large sums of money, 22% is significant.

Can you take your pension lump sum at 55?

Can I withdraw my tax-free lump sum before age 55? In normal circumstances, no you can’t withdraw any of your pension before the age of 55 – without paying a huge tax penalty. Any pension savings withdrawn before the age of 55 are subject to a huge 55% tax.

How is the UN pension calculated?

Pensions are calculated on the basis of the staff member’s final average remuneration, defined as the average of pensionable remuneration for the highest 36 months of the last five years of service. Benefits accumulation rates vary according to the date on which the staff member joined the Fund.

What is PSERS ID?

​If you are new to PSERS, your PSERS ID is printed on the materials in your Welcome Packet. Otherwise, look for your PSERS ID in the top corner of any recent PSERS correspondence mailed to your home. You can also connect with PSERS at [email protected] or 1.888. 773.7748 to have your ID mailed to you.

How often do Arkansas state employees get paid?

every other Friday
Please contact your HR or payroll analyst for W-4 changes. When do I get paid? State employees are paid every other Friday. You can view your paycheck by logging onto ease.arkansas.gov.

What insurance do Arkansas state employees have?

We value our employees and offer a wide variety of competitive benefits and pay. When you work for the State of Arkansas, you have access to health and dental benefits, retirement plans, life insurance, disability coverage, paid leave, wellness programs and much more.