Member-Directed Plan Refunding from the Member-Directed Plan
As a member of OPERS, you have options if you decide to leave public employment: you can refund your contributions or leave your account on deposit with OPERS. Both options will impact your status with OPERS.
How Your Refund is Calculated in the Member-Directed Plan
If you refund your Member-Directed Plan account, you will receive the contributions you’ve made to OPERS, plus any corresponding investment earnings or losses.
You may also receive the vested portion of the employer contributions, plus any investment gains or losses, depending on the number of years you have attained in the plan. (See accompanying table)
Any non-vested employer contributions are forfeited when you refund.
Retiree Medical Account
When you refund your account (or begin receiving a retirement benefit), you become eligible to use the vested funds in your Retiree Medical Account for the reimbursement of qualified health care expenses.
The amount in your retiree medical account you are entitled to use is based on your years of participation in the Member-Directed Plan and your date of hire or plan change effective date.
Leaving your Account on Deposit in the Member-Directed Plan
You are not obligated to refund your contributions when you terminate your OPERS-covered job.
When you terminate public employment, you may leave your account on deposit with OPERS until:
- You choose to take a refund of your account
- You receive a retirement benefit
- You attain the Required Minimum Distribution age, at which time you must take a refund or begin receiving a retirement benefit (if eligible)
- Or until your death, at which time your money with be paid to your beneficiaries and/or dependents (see the Survivor Benefits leaflet for more detail)
Things to consider when leaving your account on deposit with OPERS
- You can continue to direct your individual account in the investment options available to Member-Directed Plan participants. Your account will continue to be subject to investment gains or losses.
- If you leave your account on deposit with OPERS, you will continue to be charged a monthly administrative fee of $6. This fee is subject to change. The OPERS Board of Trustees reviews the fees and will make adjustments as necessary.
IMPORTANT INFORMATION ABOUT YOUR INVESTMENT ACCOUNT:
Your account balance remains subject to daily gains and losses associated with the specific investment options you have chosen until your balance is liquidated. If you would like to make a change to your investment options(s) between now and the time your account balance is liquidated, please visit opers.org and log into your online account or call OPERS to manage your defined contribution account.
OPERS cannot guarantee the date when your investment account balance will be liquidated. While OPERS and the retirement system’s third-party administrator for the Member-Directed Plan follow standard procedures to process retirement/refund distribution, unforeseen circumstances can occur that cause delays in processing.
Returning to an OPERS-covered Position in the Member-Directed Plan
Returning after taking a refund
You cannot restore or purchase refunded Member-Directed Plan participation in any OPERS plan.
Returning after leaving your account on deposit
If you don't take a refund – you will pick up right where you left off when you return to OPERS-covered service – and continue contributing to the Member-Directed Plan.
More information
This page contains specific information concerning refunding from the Member-Directed Plan. To learn more about refunding your OPERS account, visit the Refunds page.
Your account value in the Member-Directed Plan or the defined contribution portion of your Combined Plan is not a guaranteed amount. It is dependent on the performance of the investment options you select.