Get Form 5tr

Return of Remaining Contributions Option 1 Upon your death, provides a lump-sum payout of any remaining member contributions in your account to one or more named beneficiaries. It takes about 10 years of retirement to totally deplete your contributions, but your monthly benefit continues.

You have 8 years of membership service to be vested. You have 8 years of membership service to be vested. You can retire with 25 years of creditable service at any age or age 60 and vested.

Members should fill out and submit Form 5 (Withdrawing Your Retirement Service Credit and Contributions) to the Retirement Systems Division. After your Form 5 is processed, you will receive a paper check by mail unless you request that your contributions be rolled into another type of retirement account.

The Contributory Death Benefit is an optional benefit, administered by the NC Retirement Systems Division that provides a one-time death benefit of up to $10,000. It is offered when you first retire. Retirees who choose to participate pay a monthly contribution (premium).

A vested employee who terminates employment may elect to leave his or her contributions with TSERS and receive a retirement benefit starting at age 50 with at least 20 years of creditable service or, otherwise, at age 60.

You become vested once you have completed a minimum of five years of retirement service credit with the Retirement System.

Refund beneficiary means an individual who has been designated to be paid Accumulated Participant Contributions in the event of the death of a Participant or Former Participant, or a residual refund of unexpended Accumulated Participant Contributions in the event of the death of a Retired Participant or Survivor ...

Unfortunately, pensions aren't portable like other retirement accounts. You can't simply transfer your account from one state to another, and you will likely lose service time. However, you may be able to retain at least some of your benefits depending on whether you're vested.

Half of traditional state and local plans provide benefits that replace at least 46 percent of the final year's salary for employees who retire with 25 years of service. Retirement eligibility is usually tied to age and years of service. For age-25 hires, half of plans offer full benefits at age 55 or older.