Work in Education? Things Add Up a Little Differently!
By Pamela Foust, Strategic Communications
ASRS rules are a little different for teachers and school staff, who are generally 9-month employees, compared to our public service members who work a 12-month schedule. We often get questions from educational employees about how they accrue service, the impact of working summer school, or switching employment to a different school or district.
If you're planning to stop working for an ASRS employer, you may wonder what to do with your ASRS account. Options include rolling it into another qualifying retirement account, leaving it with the ASRS so you can take a retirement benefit in the future, or a cash refund.
This infographic helps give a clearer picture of what deductions and taxes you can expect when taking a cash refund.
Note: refunding your ASRS account is only an option for those who have ended employment with all ASRS employers. Under state law, active, contributing ASRS members are not allowed to withdraw, refund, or borrow against their ASRS account.
Did you know you have choices when it comes to how you'd like to take your pension benefit when you retire? You can choose to maximize your monthly benefit amount, or take a reduced benefit that allows you to leave a monthly benefit to a beneficiary for the rest of their life.
