| Home >> Unclassified Plan >> Eligibility | |
| Retirement Eligibility | |
 |
|
|
As a member of the Unclassified Employees Retirement Plan, you are eligible to apply for
the balance in your account after termination of public
service. There is no minimum employment requirement to qualify for
this lump-sum payment. Contributions made to the Unclassified Plan are not
taxed. You do, however, pay taxes when funds are withdrawn. A 10-percent tax
penalty may be charged if you withdraw your money in a lump sum before you
reach age 59 1/2. Monthly benefits are taxable, but are not subject to the
10-percent penalty. MSRS provides you with tax information before you
decide to withdraw your funds. If you wish to collect monthly benefits, you may do so at age 55 or later, regardless of your length of service. Monthly benefits would be payable for your lifetime. If you are age 55 or older, you can apply for a portion of your account balance as a lump-sum and the remainder in lifetime, monthly benefits. |
|