If you elect within 60 days of the receipt of the balance of your refund to roll it over to another qualified retirement plan or IRA, you can make up the 20 percent withholding out of your own pocket. PERS cannot reimburse the amount that was withheld. You may get the 20 percent back as a tax refund when you report the rollover on your tax return. Your employer must submit a Notice of Separation from PERS-Covered Employment form. PERS can take action only after all these documents are received.
Processing takes a minimum of two weeks.
Refund checks are mailed presorted, first class from Salem on Fridays. They cannot be picked up in person. For more information on direct-transfer rollovers, call the PERS Customer Service Center and request Questions and Answers about Thinking About Refunding . Your employer can forward the separation form only after you are no longer working in a qualifying position and after you have received your final paycheck. An IRS form 1099-R will be sent to you in January of the next year.