Retiree FAQs

If you quit working for all IPERS-covered employers, you can apply for a refund. However, you should consider your alternatives carefully, including leaving your money at IPERS or rolling over your account to another retirement plan.

You can use the IPERS benefit estimator in My Account, or call IPERS to learn more about the benefits you've earned.

Vested Regular members can start drawing monthly payments as early as age 55 (earlier if vested and receiving Social Security disability or Railroad Retirement disability payments). Your benefits may be reduced for early retirement.

You must apply for payments and terminate employment with all IPERS-covered employers, unless you are over age 70.

All of the following types of employment count toward retirement:

• Pre-1946 service for those who qualify under the pre-1946 provision.
• Prior service credit based upon service between January 1, 1946, and July 4, 1953, for those who have a prior service investment.
• Membership service credited after July 4, 1953.
• Active service in the Armed Forces of the United States if you were in covered employment immediately before entry into the Armed Forces and return to covered employment within 12 months after your release from active duty.
• Authorized leaves of absence not exceeding 12 months prior to July 1, 1998.
• Additional service credits acquired through a service purchase.
• Certain leaves taken under the Family and Medical Leave Act (FMLA).

If your new employer provides IPERS benefits, your membership in IPERS continues automatically.

If your new job is not covered by IPERS, you may leave your money at IPERS, roll over your money to another retirement plan or take a refund.

If you are a vested member or plan to return to work in a job covered by IPERS, it may be best to leave your money at IPERS.

Read more about the alternatives available to you and the consequences of your decision.

The Rule of 88 is when a member is age 55 or older, and the sum of the member’s age at the last birthday and years of service equals or exceeds 88.

The Rule of 62/20 is when a member is age 62 and has at least 20 years of service.

A member can reach normal retirement age by meeting either of these rules, or by reaching age 65.

A member who retires before normal retirement age has an early-retirement reduction applied to his or her benefit.

Yes, it is available when you log in to My Account. You will see an estimate of your refund amount with the application.

If you prefer not to log in to access the form, call IPERS to request your personalized refund application.

For members who are age 65 and over, there is no IPERS earning limit. For members under age 65, the earnings limit is $30,000 or the current Social Security limit, whichever is higher. A member’s IPERS benefit will be reduced by 50 cents for each dollar the member earns over the earnings limit for the remainder of the calendar year. The earnings limit is determined annually, using the calendar year. The limitation on earnings does not apply to members who are elected to public office.

A member returning to work in an IPERS-covered job will again start contributing to IPERS and accrue service credits. However, the member cannot receive any additional benefits until the member again terminates employment and completes another bona fide retirement period.

Whether you are just starting your public service career or are thinking about retirement, IPERS has information specific to your circumstances.

• IPERS representatives travel throughout the state meeting with members individually and presenting information in a group setting. 
• IPERS holds presentations at the IPERS office, hosts webinars and posts recorded webinars on various topics. 
• Call an IPERS representative or email us with your questions.

Yes. If you later return to covered employment, you are enrolled in IPERS as a new member without credit for any service before the refund.

It is possible to restore the previous time by purchasing service once you become a vested member and are ready to retire. However, buying back service can be expensive so it is important to consider that before deciding to take a refund.

Yes. Members do not begin to receive IPERS benefits automatically, even if the member meets all the qualifications to begin drawing his or her pension.
 
A member must submit a completed application, and the member decides when to do this. However, IRS laws require if a member reaches age 72 and has terminated employment, the member must start receiving benefits.