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re: What can I do with state retirement when leaving for private?
Posted on 1/30/15 at 1:51 pm to Layabout
Posted on 1/30/15 at 1:51 pm to Layabout
They've more than likely got a limit on the amount of time you can just leave it sitting there.
I don't work for the state, but our agency gets to participate in state retirement. I left the first time right around 2 years and cashed that out. Wasn't much, but the thing I do regret is the service credit that I lost by not leaving it. I've now been back for 7 and would only be one year, instead of three away from vesting if I had left it alone.
BUT...it wasn't a lot of money for me, and I came back at 25. Still could retire with full benefits at 50.
I don't work for the state, but our agency gets to participate in state retirement. I left the first time right around 2 years and cashed that out. Wasn't much, but the thing I do regret is the service credit that I lost by not leaving it. I've now been back for 7 and would only be one year, instead of three away from vesting if I had left it alone.
BUT...it wasn't a lot of money for me, and I came back at 25. Still could retire with full benefits at 50.
1
Posted on 1/30/15 at 2:16 pm to AUjim
quote:
They've more than likely got a limit on the amount of time you can just leave it sitting there.
There is no time limit but the money earns no interest while it sits there. Leaving it in does preserve your service credit. If you simply withdraw the money instead of rolling it over, you will owe tax on it plus a 10% penalty if you're under 59-1/2.
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