Loans and refunds

Donna M. Mueller, IPERS CEO

November 18, 2008

Although more people have begun asking for loans and refunds from IPERS as the economy has faltered, IPERS does not provide loans or allow hardship withdrawals of contributions.

IPERS is a defined benefit, or traditional, pension plan. While the money you contribute to IPERS, plus interest, is always earmarked for you, the IRS and state law specify that your contributions are to help pay for your future retirement. You can withdraw your money from IPERS only when you quit working for an IPERS-covered employer. (Even then, this may not be the best decision for you. Be sure to read Leaving IPERS-Covered Employment Before Retirement before deciding.) These laws may make it harder for some members now, but I hope they will be thankful that they kept their money in IPERS when they reach retirement age.