Updated on October 27, 2015
- How much do I pay?
- How can I obtain the contribution account balances for my account?
- How can I obtain the same information for my spouse's account?
- Can I borrow money from my contribution account balance in an emergency?
- What are my options regarding my contribution account balance if I terminate my position?
How much do I pay?
Pre-tax employee contribution:
- 8.65% of base salary each pay period
contributions are taken up to the maximum salary allowable under the IRS 401(a)(17) limits for the year.
How can I obtain the contribution account balances for my account?
Your contribution account balance and any information related to your account is available to you upon proper identification.
How can I obtain the same information for my spouse's account?
Administrative regulations do not allow us to release information regarding personal or financial data to anyone other than the member without the member's prior written authorization unless the inquiring party has a subpoena or a court order to securethe information. We are allowed to release the information to the member's employer, former employer, or other authorized state agency.
A member's spouse or legal counsel is NOT entitled to the member's information without a properly executed release.
Can I borrow money from my contribution account balance in an emergency?
No! Your account balance is not available to you until you are terminated from employment. Layoff or leave without pay status is not termination for purposes of obtaining a refund.
What are my options regarding my contribution account balance if I terminate my position?
You always have the option of leaving the money in your account. If you are a vested member intending to retire in the future, or are a nonvested member and intend to become reemployed in a covered position in the future, it may be wise to do so.
If you refund your account, you become a former member and forfeit any rights you had as a member. If you refund your account, you must take a full refund. You cannot obtain a partial refund.
To obtain a refund of your contribution account balance, complete the following form:
- Refund Election form [PDF 142K]
If you are nonvested (less than eight paid years of service) or single, completing the form is sufficient. If you are married, your spouse must consent to the refund on a form provided by the Retirement and Benefits Division. This form must be notarized. If the rights to your refund are subject to a Qualified Domestic Relations Order (QDRO), you must also provide the notarized consent of each person entitled under the order.